Download PDF

1. Company Snapshot

1.a. Company Description

Dream Unlimited Corp.formerly known as Dundee Realty Corporation is a real estate investment firm.The firm provides real estate asset management and advisory services including sourcing, acquiring, managing, and developing commercial and residential real estate primarily in Western Canada.


It invests in the real estate markets across the globe.The firm also seeks to invest in renewable energy infrastructure and power projects with a focus on wind, hydro, and solar in North American.Dream Unlimited Corp.


was founded in 1996 and is based in Toronto, Canada.

Show Full description

1.b. Last Insights on DRM

Dream Unlimited Corp.'s recent performance was negatively impacted by underlying issues despite strong earnings report. The company's robust earnings report failed to move the market, suggesting that investors may be concerned about the sustainability of its growth. Additionally, the earnings beat was driven by revenue growth of 61% in 2024, but this was largely due to a low base from the previous year, and the company's EPS lagged expectations. Furthermore, the company's insiders own 37% of shares, but retail investors control a similar percentage, implying that there may be a disconnect between management's vision and investor expectations."

1.c. Company Highlights

2. Dream Unlimited Corp.'s Q3 2025 Earnings: A Solid Performance Across Core Businesses

Dream Unlimited Corp.'s third-quarter 2025 results showcased a robust performance across its core operating businesses, with a net margin of $24.1 million, significantly up from $9.8 million in the prior year. The company's net earnings on a stand-alone basis stood at $27.4 million, including fair value adjustments on Dream Group unit holdings. Earnings per share (EPS) came in at $0.65, beating analyst estimates of $0.25. The Asset Management division generated revenue and net margin of $14.5 million and $11 million, respectively. The Western Canada Development segment reported revenue of $61.6 million and a net margin of $11.4 million, driven by 137 lot sales, 13 acre sales, and 34 housing occupancies.

Publication Date: Nov -20

📋 Highlights
  • Core Net Margin Growth: Net margin increased to $24.1M (Q3 2025) from $9.8M in prior year, reflecting improved operating performance.
  • Asset Management Strength: Generated $14.5M revenue and $11M net margin, with AUM of $10B (expected to exceed $30B by 2026).
  • Western Canada Development: Revenue reached $61.6M with $11.4M net margin, driven by 137 lot sales and 34 housing occupancies.
  • Presales Momentum: Sales commitments surged to $275M (up $71M QoQ), to be recognized between 2025–2027.
  • Liquidity Position: Ended quarter with $328M liquidity, minimal near-term debt maturities, and $8M spent on 1% share repurchases.

Segmental Performance

The company's income properties segment also demonstrated a strong performance, with revenue and net operating income (NOI) of $13.1 million and $6.5 million, respectively. The company's focus on its three major drivers - income properties, asset management, and Western Canada development - is yielding positive results. In asset management, Dream has over $10 billion in assets under management and is on track to exceed $30 billion by the end of 2026. Western Canada Development is witnessing strong sales, particularly at the Coopertown community in Regina and Alpine Park.

Growth Prospects and Land Presales

Dream has made significant progress in land presales commitments, with $275 million in sales commitments that will be recognized between 2025 and 2027, up $71 million from the last quarter. This bodes well for the company's growth prospects, particularly in Western Canada, where it has seen an uptick in presales. The company's income property margins are also increasing, with virtually all of its newly completed buildings over 90% leased.

Valuation and Outlook

With a P/E Ratio of 9.34 and an EV/EBITDA of 13.24, the stock appears to be reasonably valued. Analysts estimate revenue growth of 12.8% for next year, indicating a positive outlook. The company's strong financial capacity, assets, and people position it well to navigate any challenges. Dream's CEO, Michael Cooper, mentioned that the company is open to using the NCIB tool in the future, indicating a commitment to returning value to shareholders.

Asset Management Business Growth

Dream's asset management business has grown significantly, with AUM growth and FFO exceeding $40 million on an annual basis. The company also has future monetization opportunities, including a potential $37 million carry in industrial. While there are no immediate plans to spin out a separate vehicle, the company is open to ideas and hasn't ruled out this possibility in the future.

3. NewsRoom

Card image cap

Dream Asset Management Boosts Stake in Dream Impact Trust to 40.2%

Nov -21

Source:

Card image cap

Dream Unlimited Corp.’s Interest in Dream Impact Trust Deemed to Have Increased

Nov -21

Source:

Card image cap

Dream Unlimited's (TSE:DRM) Solid Earnings May Rest On Weak Foundations

Nov -19

Source:

Card image cap

Dream Unlimited Corp. Announces Quarterly Class A Subordinate Voting Share and Class B Common Share Dividend

Nov -19

Source:

Card image cap

DREAM Unlimited Corp (DRUNF) Q3 2025 Earnings Call Highlights: Strong Net Margin Growth and ...

Nov -12

Source:

Card image cap

Dream Unlimited Corp. Reports Third Quarter Results

Nov -12

Source:

Card image cap

Dream Unlimited Corp. Q3 2025 Financial Results Release Date, Webcast and Conference Call

Oct -21

Source:

Card image cap

Dream Unlimited Corp. Renews Normal Course Issuer Bid and Announces Automatic Securities Purchase Plan

Sep -19

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.52%)

6. Segments

Recurring Income

Expected Growth: 5.77%

Dream Unlimited Corp.'s 5.77% recurring income growth is driven by increasing demand for its diversified portfolio of real estate assets, strategic acquisitions, and effective asset management. Additionally, the company's focus on rental income and fee-based services provides a stable source of revenue, contributing to its consistent growth.

Development

Expected Growth: 7.43%

Dream Unlimited Corp.'s 7.43% growth is driven by strategic land acquisitions, increasing demand for urban residential and commercial developments, and a strong pipeline of projects in high-growth markets. Additionally, the company's focus on mixed-use developments, rental properties, and recreational resorts contributes to its growth momentum.

7. Detailed Products

Land Development

Dream Unlimited Corp. develops and sells residential and commercial land to builders, developers, and individuals.

Real Estate Investment

The company invests in and manages a portfolio of income-generating properties, including office buildings, retail centers, and apartments.

Renewable Energy

Dream Unlimited Corp. develops and operates renewable energy projects, such as wind farms and solar parks.

Agriculture

The company owns and operates agricultural land, producing crops and livestock for sale to food processors and distributors.

Infrastructure Development

Dream Unlimited Corp. develops and operates infrastructure projects, such as roads, bridges, and public transportation systems.

8. Dream Unlimited Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Dream Unlimited Corp. operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's diversified portfolio of real estate assets and its ability to adapt to changing market conditions.

Bargaining Power Of Customers

Dream Unlimited Corp.'s customers have limited bargaining power due to the company's strong brand reputation and its ability to offer a unique value proposition to its customers.

Bargaining Power Of Suppliers

Dream Unlimited Corp. has a moderate level of dependence on its suppliers, but the company's diversified supply chain and long-term contracts mitigate the bargaining power of its suppliers.

Threat Of New Entrants

The threat of new entrants is high in the real estate industry, but Dream Unlimited Corp.'s established brand reputation, economies of scale, and regulatory barriers to entry mitigate the threat of new entrants.

Intensity Of Rivalry

The real estate industry is highly competitive, and Dream Unlimited Corp. faces intense rivalry from established players and new entrants, which can lead to pricing pressure and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 56.48%
Debt Cost 3.95%
Equity Weight 43.52%
Equity Cost 10.65%
WACC 6.86%
Leverage 129.80%

11. Quality Control: Dream Unlimited Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Melcor

A-Score: 6.6/10

Value: 6.5

Growth: 4.9

Quality: 4.9

Yield: 7.0

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
Dream Unlimited

A-Score: 5.7/10

Value: 7.5

Growth: 4.1

Quality: 4.9

Yield: 8.0

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Five Point Holdings

A-Score: 5.4/10

Value: 7.3

Growth: 7.0

Quality: 5.9

Yield: 0.0

Momentum: 8.5

Volatility: 3.7

1-Year Total Return ->

View Full Report
Stock-Card
Belpointe PREP

A-Score: 4.5/10

Value: 7.6

Growth: 3.4

Quality: 3.2

Yield: 0.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
American Realty Investors

A-Score: 4.3/10

Value: 8.2

Growth: 3.8

Quality: 4.8

Yield: 0.0

Momentum: 6.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Wall Financial

A-Score: 4.1/10

Value: 5.4

Growth: 4.2

Quality: 5.5

Yield: 4.0

Momentum: 1.0

Volatility: 4.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.35$

Current Price

17.35$

Potential

-0.00%

Expected Cash-Flows