Dream Unlimited Full Year 2024 Earnings: Revenues Beat Expectations, EPS Lags

Dream Unlimited (TSE:DRM) Full Year 2024 Results

Key Financial Results

• Revenue: CA$624.5m (up 61% from FY 2023).
• Net income: CA$187.9m (up from CA$117.1m loss in FY 2023).
• Profit margin: 30% (up from net loss in FY 2023).
• EPS: CA$4.46 (up from CA$2.74 loss in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Dream Unlimited Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) missed analyst estimates by 3.2%.

The primary driver behind last 12 months revenue was the Development segment contributing a total revenue of CA$403.3m (65% of total revenue). Notably, cost of sales worth CA$422.8m amounted to 68% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Sales & Marketing costs, amounting to CA$43.4m (65% of total expenses). Over the last 12 months, the company's earnings were enhanced by non-operating gains of CA$52.6m. Explore how DRM's revenue and expenses shape its earnings.

Looking ahead, revenue is expected to decline by 27% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Canada are expected to grow by 6.3%.

Performance of the Canadian Real Estate industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

Be aware that Dream Unlimited is showing 4 warning signs in our investment analysis and 2 of those are a bit concerning...

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