Dream Unlimited (TSE:DRM – Get Free Report) posted its earnings results on Wednesday. The company reported C$0.22 earnings per share (EPS) for the quarter, FiscalAI reports. The firm had revenue of C$112.19 million during the quarter. Dream Unlimited had a net margin of 1.87% and a return on equity of 0.61%.
Here are the key takeaways from Dream Unlimited’s conference call:
- Q3 standalone net margin rose to CAD 32.6 million from CAD 24.1 million a year earlier, while after-tax earnings were CAD 13.1 million. Management expects the fourth quarter to deliver the strongest margin of the year.
- Asset management had a strong quarter, with CAD 17.8 million in net margin, and AUM currently stands at CAD 31 billion, including Chancerygate. Management cited more than CAD 2 billion of expected industrial acquisitions for clients and expects the platform to continue growing.
- Income-property NOI increased to CAD 7.6 million from CAD 6.5 million, supported by apartment lease-up; the company has about 1,100 operating units and expects to deliver another 930 units during 2027. Western Canada development has secured CAD 100 million in fourth-quarter revenue through presales, though management’s forecast of roughly 30% annualized NOI growth over three years is an expectation, not a guarantee.
- Impact Trust remains a key area of uncertainty, with apartment-market weakness and slow progress at master-planned communities including Zibi and Brightwater. Dream says it is providing secured support and expects to outline a longer-term plan by year-end, but the assets still require further progress.
- Dream reported CAD 264 million of available corporate credit-facility liquidity and said it is comfortable with near-term refinancing needs, including about CAD 205 million of debt maturing in Q1 2027. Quayside financing documents are nearing completion, but final rate-locking and the planned start before year-end remain dependent on volatile interest rates and coordination among multiple parties.
Dream Unlimited Price Performance
Shares of TSE DRM traded up C$0.06 during mid-day trading on Wednesday, reaching C$17.72. 105,327 shares of the company traded hands, compared to its average volume of 37,059. Dream Unlimited has a fifty-two week low of C$16.02 and a fifty-two week high of C$22.66. The firm has a market cap of C$743.23 million, a PE ratio of 84.38 and a beta of 1.37. The stock has a fifty day simple moving average of C$17.20 and a 200-day simple moving average of C$18.89. The company has a debt-to-equity ratio of 145.27, a current ratio of 209.05 and a quick ratio of 0.67.
Dream Unlimited Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 30th were paid a dividend of $0.1750 per share. This represents a $0.70 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Tuesday, September 15th. Dream Unlimited’s dividend payout ratio (DPR) is currently 321.43%.
Wall Street Analyst Weigh In
Several analysts have weighed in on DRM shares. Scotia set a C$25.00 target price on Dream Unlimited and gave the company a “sector outperform” rating in a research note on Thursday, September 10th. Scotiabank upgraded Dream Unlimited to a “strong-buy” rating in a research report on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of C$28.00.
Dream Unlimited Company Profile
Dream is a leading real estate developer and has an established and successful asset management business, inclusive of $28 billion of assets under management (1) across three Toronto Stock Exchange (‘TSX’) listed trusts, our private asset management business and numerous partnerships. We develop land and housing in our master planned communities in Western Canada and hold a growing portfolio of income generating properties across Canada. Dream expects this area of our business to grow as investment properties under construction are completed and held for the long-term.
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