Dream Unlimited Corp. (DRM.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

-161.2%

-CA$10.53

vs CA$17.21 price

Levered DCF

-CA$96.20

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.94

Distress zone

Rating

C+

Overall 2 / 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	-42.89×	4.95×	-8.25×	6.59×	15.41×	6.31×	3.74×	3.89×
P/B	0.55×	0.62×	0.69×	0.7×	1.19×	0.72×	0.88×	0.67×
P/S	1.74×	1.49×	2.49×	3.15×	5.2×	2.89×	2.14×	2.18×
EV / EBITDA	37.02×	8.92×	39.92×	10.52×	18.86×	6.99×	3.23×	6.03×
Gross margin	38.8%	32.3%	32.4%	33.0%	28.0%	30.2%	63.8%	39.7%
Operating margin	26.7%	21.7%	29.5%	28.9%	41.1%	41.9%	66.9%	19.8%
Net margin	-4.0%	30.1%	-30.3%	47.8%	33.8%	45.8%	57.2%	56.2%
Current ratio	139.03×	4.32×	2.56×	4.13×	3.75×	6.55×	5.32×	7.59×
Debt / equity	1.32×	1.25×	1.3×	1.05×	0.93×	0.55×	0.51×	0.81×
Interest coverage	1.66×	1.78×	1.74×	2.01×	5.42×	6.48×	10.8×	2.67×
Dividend yield	3.4%	7.2%	2.2%	3.5%	0.8%	1.1%	0.9%	0.0%
Payout ratio	-147.2%	35.8%	-18.2%	23.3%	12.2%	7.0%	3.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.3%	12.5%	-8.3%	10.6%	7.7%	11.4%	23.5%	17.3%
Return on invested capital	3.1%	3.1%	3.3%	2.3%	3.7%	4.4%	10.1%	2.3%
Return on assets	-0.5%	4.8%	-3.0%	4.2%	3.2%	5.6%	11.0%	6.9%
Free cash flow yield	1.0%	-4.3%	-8.5%	-7.8%	-21.9%	-0.4%	19.8%	-14.5%
Earnings yield	-2.3%	20.2%	-12.1%	15.2%	6.5%	15.9%	26.7%	25.7%
Enterprise value	CA$2.7B	CA$2.7B	CA$2.7B	CA$2.7B	CA$3B	CA$1.6B	CA$1.6B	CA$1.6B
Net debt / EBITDA	25.84×	5.88×	25.8×	6.26×	8.05×	2.57×	0.67×	3.18×
Cash conversion cycle (days)	1,310	845	1,401	1,498	1,497	1,351	1,580	1,714