Dream Industrial Real Estate Investment Trust (DIR-UN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-84.6%

CA$1.96

vs CA$12.71 price

Levered DCF

-CA$1.13

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.97

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.69×	13.12×	38.67×	4.48×	6.13×	11.14×	9.81×	6.22×
P/B	0.77×	0.72×	0.87×	0.71×	1.06×	1.17×	1.13×	0.99×
P/S	7.24×	7.33×	9×	8.55×	12.86×	9.43×	9×	5.05×
EV / EBITDA	26.17×	18.13×	40.04×	7.21×	8.29×	12.67×	10.01×	10.04×
Gross margin	72.6%	76.2%	76.7%	76.2%	75.2%	71.6%	71.2%	69.1%
Operating margin	66.8%	71.8%	68.5%	77.7%	80.1%	62.9%	64.3%	107.3%
Net margin	33.5%	55.7%	23.5%	191.0%	209.9%	84.8%	91.9%	81.4%
Current ratio	0.24×	0.14×	0.13×	0.31×	1.31×	1.48×	4.41×	0.17×
Debt / equity	0.65×	0.63×	0.62×	0.54×	0.59×	0.66×	0.65×	0.95×
Interest coverage	3.93×	4.43×	4.79×	8.34×	6.28×	3.22×	2.64×	4.24×
Dividend yield	3.9%	4.1%	3.4%	4.3%	2.8%	4.3%	3.1%	4.5%
Payout ratio	84.9%	54.0%	128.8%	19.3%	17.2%	48.2%	30.7%	27.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.5%	5.5%	2.3%	15.9%	17.4%	10.5%	11.5%	15.9%
Return on invested capital	4.0%	4.1%	4.0%	3.9%	3.7%	4.1%	4.2%	9.7%
Return on assets	2.0%	3.2%	1.3%	9.7%	10.0%	5.7%	6.2%	7.3%
Free cash flow yield	3.8%	4.4%	2.9%	2.2%	3.4%	5.8%	4.2%	6.5%
Earnings yield	4.6%	7.6%	2.6%	22.3%	16.3%	9.0%	10.2%	16.1%
Enterprise value	CA$6.8B	CA$6.3B	CA$6.8B	CA$5.5B	CA$5.6B	CA$3.2B	CA$2.3B	CA$1.9B
Net debt / EBITDA	11.93×	8.32×	16.55×	3.07×	2.79×	3.95×	2.46×	4.9×
Cash conversion cycle (days)	-283	-200	-241	-215	-360	-167	-156	-121