Financials Dream Industrial Real Estate Investment Trust

Equities

DIR.UN

CA26153W1095

Commercial REITs

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
12.47 CAD +0.97% Intraday chart for Dream Industrial Real Estate Investment Trust +0.81% -10.67%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,761 2,008 3,990 2,996 3,810 3,423 -
Enterprise Value (EV) 1 1,761 2,008 3,990 5,326 3,810 6,230 3,423
P/E ratio - - - - - - -
Yield 5.33% 5.32% 4.06% 5.99% - 5.61% 5.61%
Capitalization / Revenue 9.01 x 8.51 x 13.8 x 8.11 x 8.71 x 7.33 x 6.71 x
EV / Revenue 9.01 x 8.51 x 13.8 x 14.4 x 8.71 x 13.3 x 6.71 x
EV / EBITDA 13.9 x 13.2 x 20.5 x 21.2 x 12.6 x 19 x 9.38 x
EV / FCF - 15.7 x 31.1 x 75.2 x - 479 x -39.3 x
FCF Yield - 6.37% 3.21% 1.33% - 0.21% -2.54%
Price to Book 1.28 x - - - - - -
Nbr of stocks (in thousands) 133,981 152,679 231,711 256,327 272,895 274,482 -
Reference price 2 13.14 13.15 17.22 11.69 13.96 12.47 12.47
Announcement Date 2/18/20 2/16/21 2/15/22 2/14/23 2/13/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 195.3 235.9 289.8 369.6 437.6 466.9 509.9
EBITDA 1 127 152 195.1 251.3 302 327.8 365
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) 1 - 208.8 - - 103.1 251.3 275.5
Net income 1 179.4 200.1 608.3 705.9 104.3 274.9 299.3
Net margin 91.86% 84.82% 209.91% 191% 23.83% 58.88% 58.69%
EPS - - - - - - -
Free Cash Flow 1 - 128 128.1 70.78 - 13 -87
FCF margin - 54.23% 44.21% 19.15% - 2.78% -17.06%
FCF Conversion (EBITDA) - 84.18% 65.68% 28.16% - 3.97% -
FCF Conversion (Net income) - 63.93% 21.06% 10.03% - 4.73% -
Dividend per Share 2 0.7000 0.7000 0.7000 0.7000 - 0.7000 0.7000
Announcement Date 2/18/20 2/16/21 2/15/22 2/14/23 2/13/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 - - - - - - 106.8 - - 110.9 117.4 117 117.5 118.5 124.3
EBITDA 1 53.26 53.78 58.34 61.37 64.58 67.04 73.89 74.9 76.45 76.8 78.64 - - - -
EBIT - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 - - - - - - - - - -13.17 61.7 62.9 63.6 63.2 66.5
Net income 1 - - - - - - -17.73 - - -8.817 61.5 62.7 63.4 63 66.3
Net margin - - - - - - -16.6% - - -7.95% 52.39% 53.59% 53.96% 53.16% 53.34%
EPS - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 11/2/21 2/15/22 5/3/22 8/2/22 11/2/22 2/14/23 5/2/23 8/1/23 11/7/23 2/13/24 - - - - -
1CAD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - 2,329 - 2,807 -
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - - 9.268 x - 8.565 x -
Free Cash Flow 1 - 128 128 70.8 - 13 -87
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share 10.30 - - - - - -
Cash Flow per Share - - - - - - -
Capex 11.4 7.13 - - - - -
Capex / Sales 5.84% 3.02% - - - - -
Announcement Date 2/18/20 2/16/21 2/15/22 2/14/23 2/13/24 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
12.47 CAD
Average target price
15.89 CAD
Spread / Average Target
+27.40%
Consensus

Quarterly revenue - Rate of surprise

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