DREAM OFFICE REAL ESTATE INV (D-UN.CA) Stock Fundamental Analysis
TSX:D-UN - Toronto Stock Exchange - CA26153P2035 - REIT - Currency: CAD
Taking everything into account, D-UN scores 3 out of 10 in our fundamental rating. D-UN was compared to 37 industry peers in the Diversified REITs industry. Both the profitability and financial health of D-UN have multiple concerns. D-UN has a valuation in line with the averages, but it does not seem to be growing.
1. Profitability
1.1 Basic Checks
In the past year D-UN has reported negative net income.
In the past year D-UN had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: D-UN reported negative net income in multiple years.
In the past 5 years D-UN always reported a positive cash flow from operatings.
1.2 Ratios
Looking at the Return On Assets, with a value of -6.15%, D-UN is doing worse than 75.68% of the companies in the same industry.
The Return On Equity of D-UN (-14.38%) is worse than 67.57% of its industry peers.
D-UN has a worse Return On Invested Capital (1.99%) than 94.59% of its industry peers.
D-UN had an Average Return On Invested Capital over the past 3 years of 2.50%. This is below the industry average of 5.69%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -6.15% | ||
| ROE | -14.38% | ||
| ROIC | 1.99% |
ROA(3y)-1.63%
ROA(5y)1.26%
ROE(3y)-4%
ROE(5y)1.96%
ROIC(3y)2.5%
ROIC(5y)2.51%
1.3 Margins
Looking at the Operating Margin, with a value of 32.50%, D-UN is doing worse than 86.49% of the companies in the same industry.
In the last couple of years the Operating Margin of D-UN has declined.
Looking at the Gross Margin, with a value of 54.04%, D-UN is doing worse than 62.16% of the companies in the same industry.
D-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 32.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.04% |
OM growth 3Y-11.8%
OM growth 5Y-7.65%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.34%
GM growth 5Y-0.58%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), D-UN is destroying value.
D-UN has less shares outstanding than it did 1 year ago.
The number of shares outstanding for D-UN has been reduced compared to 5 years ago.
Compared to 1 year ago, D-UN has a worse debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of -0.23, we must say that D-UN is in the distress zone and has some risk of bankruptcy.
D-UN has a Altman-Z score of -0.23. This is amonst the worse of the industry: D-UN underperforms 81.08% of its industry peers.
The Debt to FCF ratio of D-UN is 17.63, which is on the high side as it means it would take D-UN, 17.63 years of fcf income to pay off all of its debts.
D-UN has a Debt to FCF ratio of 17.63. This is comparable to the rest of the industry: D-UN outperforms 51.35% of its industry peers.
A Debt/Equity ratio of 1.17 is on the high side and indicates that D-UN has dependencies on debt financing.
D-UN has a Debt to Equity ratio (1.17) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.17 | ||
| Debt/FCF | 17.63 | ||
| Altman-Z | -0.23 |
ROIC/WACC0.37
WACC5.35%
2.3 Liquidity
D-UN has a Current Ratio of 0.30. This is a bad value and indicates that D-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Current ratio value of 0.30, D-UN perfoms like the industry average, outperforming 54.05% of the companies in the same industry.
A Quick Ratio of 0.30 indicates that D-UN may have some problems paying its short term obligations.
With a Quick ratio value of 0.30, D-UN perfoms like the industry average, outperforming 56.76% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.3 | ||
| Quick Ratio | 0.3 |
3. Growth
3.1 Past
D-UN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -167.58%.
D-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 2.52%.
D-UN shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -3.05% yearly.
EPS 1Y (TTM)-167.58%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-380.73%
Revenue 1Y (TTM)2.52%
Revenue growth 3Y0.03%
Revenue growth 5Y-3.05%
Sales Q2Q%-1.17%
3.2 Future
The Earnings Per Share is expected to grow by 52.38% on average over the next years. This is a very strong growth
The Revenue is expected to decrease by -0.95% on average over the next years.
EPS Next Y126.71%
EPS Next 2Y52.38%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-3.59%
Revenue Next 2Y-0.95%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
D-UN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
The Price/Forward Earnings ratio is 11.50, which indicates a very decent valuation of D-UN.
Based on the Price/Forward Earnings ratio, D-UN is valued a bit cheaper than the industry average as 72.97% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 22.39. D-UN is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 11.5 |
4.2 Price Multiples
D-UN's Enterprise Value to EBITDA is on the same level as the industry average.
D-UN's Price/Free Cash Flow ratio is rather cheap when compared to the industry. D-UN is cheaper than 94.59% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 3.77 | ||
| EV/EBITDA | 23.87 |
4.3 Compensation for Growth
D-UN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as D-UN's earnings are expected to grow with 52.38% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y52.38%
EPS Next 3YN/A
5. Dividend
5.1 Amount
D-UN has a Yearly Dividend Yield of 6.98%, which is a nice return.
Compared to an average industry Dividend Yield of 7.94, D-UN has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.39, D-UN pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.98% |
5.2 History
The dividend of D-UN decreases each year by -4.93%.
D-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)-4.93%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
D-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-10.89%
EPS Next 2Y52.38%
EPS Next 3YN/A
TSX:D-UN (6/6/2025, 7:00:00 PM)
16.54
+0.91 (+5.82%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners2.06%
Inst Owner ChangeN/A
Ins Owners22.98%
Ins Owner ChangeN/A
Market Cap270.59M
Analysts49.41
Price Target17.4 (5.2%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.98% |
Yearly Dividend0.78
Dividend Growth(5Y)-4.93%
DP-10.89%
Div Incr Years0
Div Non Decr Years0
Ex-Date
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-9.31%
PT rev (3m)-12.54%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-2.5%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.16%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | 11.5 | ||
| P/S | 1.38 | ||
| P/FCF | 3.77 | ||
| P/OCF | 3.77 | ||
| P/B | 0.26 | ||
| P/tB | 0.26 | ||
| EV/EBITDA | 23.87 |
EPS(TTM)-7.77
EYN/A
EPS(NY)1.44
Fwd EY8.7%
FCF(TTM)4.39
FCFY26.56%
OCF(TTM)4.39
OCFY26.56%
SpS11.95
BVpS63.74
TBVpS63.74
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -6.15% | ||
| ROE | -14.38% | ||
| ROCE | 2.77% | ||
| ROIC | 1.99% | ||
| ROICexc | 2.01% | ||
| ROICexgc | 2.01% | ||
| OM | 32.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.04% | ||
| FCFM | 36.75% |
ROA(3y)-1.63%
ROA(5y)1.26%
ROE(3y)-4%
ROE(5y)1.96%
ROIC(3y)2.5%
ROIC(5y)2.51%
ROICexc(3y)2.51%
ROICexc(5y)2.53%
ROICexgc(3y)2.51%
ROICexgc(5y)2.53%
ROCE(3y)3.47%
ROCE(5y)3.49%
ROICexcg growth 3Y-1.86%
ROICexcg growth 5Y-7.02%
ROICexc growth 3Y-1.86%
ROICexc growth 5Y-7.01%
OM growth 3Y-11.8%
OM growth 5Y-7.65%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.34%
GM growth 5Y-0.58%
F-Score6
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.17 | ||
| Debt/FCF | 17.63 | ||
| Debt/EBITDA | 19.22 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 0.98 | ||
| Cash Conversion | 112.9% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.3 | ||
| Quick Ratio | 0.3 | ||
| Altman-Z | -0.23 |
F-Score6
WACC5.35%
ROIC/WACC0.37
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-167.58%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-380.73%
EPS Next Y126.71%
EPS Next 2Y52.38%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)2.52%
Revenue growth 3Y0.03%
Revenue growth 5Y-3.05%
Sales Q2Q%-1.17%
Revenue Next Year-3.59%
Revenue Next 2Y-0.95%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-30.19%
EBIT growth 3Y-11.78%
EBIT growth 5Y-10.47%
EBIT Next Year49.87%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y5.61%
FCF growth 3Y-8.92%
FCF growth 5Y-9.94%
OCF growth 1Y5.61%
OCF growth 3Y-8.92%
OCF growth 5Y-9.94%