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Dream Unlimited Corp. (DRM.TO)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$47.43 - $141.06$75.02
Multi-Stage$56.51 - $61.90$59.16
Blended Fair Value$67.09
Current Price$20.64
Upside225.04%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS44.69%56.21%1.580.500.900.320.260.250.000.000.000.08
YoY Growth--215.70%-44.37%184.44%20.70%5.17%0.00%0.00%0.00%-100.00%337.66%
Dividend Yield--8.01%2.59%3.80%0.64%1.16%1.32%0.00%0.00%0.00%0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)81.32
(-) Cash Dividends Paid (M)68.97
(=) Cash Retained (M)12.35
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)16.2610.166.10
Cash Retained (M)12.3512.3512.35
(-) Cash Required (M)-16.26-10.16-6.10
(=) Excess Retained (M)-3.912.186.25
(/) Shares Outstanding (M)42.5942.5942.59
(=) Excess Retained per Share-0.090.050.15
LTM Dividend per Share1.621.621.62
(+) Excess Retained per Share-0.090.050.15
(=) Adjusted Dividend1.531.671.77
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate2.86%3.86%4.86%
Fair Value$47.43$75.02$141.06
Upside / Downside129.78%263.48%583.45%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)81.3284.4687.7291.1194.6398.28101.23
Payout Ratio84.81%85.85%86.89%87.93%88.96%90.00%92.50%
Projected Dividends (M)68.9772.5176.2280.1184.1888.4693.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate2.86%3.86%4.86%
Year 1 PV (M)67.6368.2968.95
Year 2 PV (M)66.3167.6168.92
Year 3 PV (M)65.0166.9368.88
Year 4 PV (M)63.7366.2468.83
Year 5 PV (M)62.4665.5568.77
PV of Terminal Value (M)2,081.592,184.762,291.98
Equity Value (M)2,406.732,519.372,636.31
Shares Outstanding (M)42.5942.5942.59
Fair Value$56.51$59.16$61.90
Upside / Downside173.79%186.61%199.91%

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