Financials Dream Office Real Estate Investment Trust

Equities

D.UN

CA26153P2035

Commercial REITs

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
19.11 CAD -0.42% Intraday chart for Dream Office Real Estate Investment Trust +0.74% -8.83%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,750 1,019 1,190 688.9 341.9 312.1 -
Enterprise Value (EV) 1 1,750 1,019 1,190 688.9 1,668 312.1 312.1
P/E ratio - - - - - - -
Yield 3.21% 5.05% 4.06% - 9.54% 5.89% 7.85%
Capitalization / Revenue 7.64 x 4.93 x 6.07 x 3.51 x 1.8 x 1.61 x 1.59 x
EV / Revenue 7.64 x 4.93 x 6.07 x 3.51 x 1.8 x 1.61 x 1.59 x
EV / EBITDA 10.9 x 7.43 x 9.27 x 5.39 x 2.91 x 3.37 x 3.16 x
EV / FCF -128 x 19.6 x - - - 10.1 x 22.3 x
FCF Yield -0.78% 5.09% - - - 9.93% 4.49%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 28,115 25,745 24,154 23,055 16,312 16,330 -
Reference price 2 62.26 39.60 49.26 29.88 20.96 19.11 19.11
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 229 206.6 195.9 196.3 190.4 193.7 196.7
EBITDA 1 160.7 137.2 128.4 127.9 117.6 92.6 98.9
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) 1 - - - - -77.15 26.1 21.7
Net income 1 - - - - -77.2 26.1 21.7
Net margin - - - - -40.53% 13.47% 11.03%
EPS - - - - - - -
Free Cash Flow 1 -13.64 51.93 - - - 31 14
FCF margin -5.96% 25.14% - - - 16% 7.12%
FCF Conversion (EBITDA) - 37.85% - - - 33.48% 14.16%
FCF Conversion (Net income) - - - - - 118.77% 64.52%
Dividend per Share 2 2.000 2.000 2.000 - 2.000 1.125 1.500
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - -
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 49.69 - - - - - - - - 47.68 48.1 48.1 48.2 48.5 48.7
EBITDA 1 - - 31.46 31.89 31.7 32.86 30.88 29.85 28.18 28.75 23.2 - - - -
EBIT - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 91.34 - - - - - 1.17 -49.82 13.75 -42.24 7.1 6.7 6.1 6.1 6.3
Net income 1 91.72 - - - - - 1.378 -49.71 13.56 -42.42 7.1 6.7 6.1 6.1 6.3
Net margin 184.58% - - - - - - - - -88.99% 14.76% 13.93% 12.66% 12.58% 12.94%
EPS - - - - - - - - - - - - - - -
Dividend per Share 2 0.5000 0.5001 0.5000 0.5000 0.5000 - 0.5000 0.5000 0.5000 0.5000 0.3767 0.2500 0.2500 0.2500 -
Announcement Date 11/4/21 2/17/22 5/5/22 8/4/22 11/3/22 2/16/23 5/4/23 8/3/23 11/9/23 2/15/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - 1,326 - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - 11.27 x - -
Free Cash Flow 1 -13.6 51.9 - - - 31 14
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 2/20/20 2/18/21 2/17/22 2/16/23 2/15/24 - -
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
HOLD
Number of Analysts
9
Last Close Price
19.11 CAD
Average target price
17.97 CAD
Spread / Average Target
-5.95%
Consensus

Quarterly revenue - Rate of surprise

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