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Dream Global Real Estate Investment Trust

DB:DRG
Snowflake Description

Undervalued with solid track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DRG
DB
CA$3B
Imp Market Cap
  1. Home
  2. DE
  3. Real Estate
Company description

Dream Global REIT is an owner and operator of a diversified high-quality portfolio of office and industrial properties located in key markets in Western Europe with a focus on Germany and the Netherlands. The last earnings update was 10 days ago. More info.


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DRG Share Price and Events
7 Day Returns
1.5%
DB:DRG
1.1%
DE REITs
-0.2%
DE Market
1 Year Returns
-1.8%
DB:DRG
-3%
DE REITs
-10.4%
DE Market
DRG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dream Global Real Estate Investment Trust (DRG) 1.5% -0.3% 5.6% -1.8% - -
DE REITs 1.1% 1.3% 10.3% -3% 1.6% 14.4%
DE Market -0.2% -2.1% 4.2% -10.4% 11.1% 10.6%
1 Year Return vs Industry and Market
  • DRG outperformed the REITs industry which returned -3% over the past year.
  • DRG outperformed the Market in Germany which returned -10.4% over the past year.

Value

 Is Dream Global Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dream Global Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dream Global Real Estate Investment Trust.

DB:DRG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:DRG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 26.5%) (81.08%))
0.889
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.889 * 5.96%)
5.53%

Discounted Cash Flow Calculation for DB:DRG using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Dream Global Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Dream Global Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

DB:DRG DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 5.53%)
2019 183.98 Analyst x3 174.35
2020 199.94 Analyst x4 179.55
2021 226.21 Analyst x1 192.50
2022 242.79 Est @ 7.33% 195.80
2023 255.41 Est @ 5.2% 195.19
2024 264.88 Est @ 3.71% 191.83
2025 271.94 Est @ 2.66% 186.63
2026 277.19 Est @ 1.93% 180.27
2027 281.13 Est @ 1.42% 173.26
2028 284.12 Est @ 1.06% 165.94
Present value of next 10 years cash flows CA$1,835.32
DB:DRG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$284.12 × (1 + 0.23%) ÷ (5.53% – 0.23%)
CA$5,375.91
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$5,375.91 ÷ (1 + 5.53%)10
CA$3,139.72
DB:DRG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$1,835.32 + CA$3,139.72
CA$4,975.04
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$4,975.04 / 193.53
CA$24.95
DB:DRG Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:DRG represents 0.64607x of TSX:DRG.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.64607x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 24.95 x 0.64607
€16.12
Value per share (EUR) From above. €16.12
Current discount Discount to share price of €9.12
= -1 x (€9.12 - €16.12) / €16.12
43.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Dream Global Real Estate Investment Trust is available for.
Intrinsic value
43%
Share price is €9.12 vs Future cash flow value of €16.12
Current Discount Checks
For Dream Global Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Dream Global Real Estate Investment Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Dream Global Real Estate Investment Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dream Global Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dream Global Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:DRG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$3.69
TSX:DRG.UN Share Price ** TSX (2019-05-17) in CAD CA$14.11
Europe REITs Industry PE Ratio Median Figure of 125 Publicly-Listed REITs Companies 12.37x
Germany Market PE Ratio Median Figure of 426 Publicly-Listed Companies 20.24x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dream Global Real Estate Investment Trust.

DB:DRG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:DRG.UN Share Price ÷ EPS (both in CAD)

= 14.11 ÷ 3.69

3.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Global Real Estate Investment Trust is good value based on earnings compared to the Europe REITs industry average.
  • Dream Global Real Estate Investment Trust is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Dream Global Real Estate Investment Trust's expected growth come at a high price?
Raw Data
DB:DRG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-19.3%per year
Europe REITs Industry PEG Ratio Median Figure of 63 Publicly-Listed REITs Companies -0.07x
Germany Market PEG Ratio Median Figure of 277 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

DB:DRG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 3.82x ÷ -19.3%

-0.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Global Real Estate Investment Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Dream Global Real Estate Investment Trust's assets?
Raw Data
DB:DRG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$15.20
TSX:DRG.UN Share Price * TSX (2019-05-17) in CAD CA$14.11
Europe REITs Industry PB Ratio Median Figure of 149 Publicly-Listed REITs Companies 0.99x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.79x
DB:DRG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:DRG.UN Share Price ÷ Book Value per Share (both in CAD)

= 14.11 ÷ 15.20

0.93x

* Primary Listing of Dream Global Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dream Global Real Estate Investment Trust is good value based on assets compared to the Europe REITs industry average.
X
Value checks
We assess Dream Global Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Dream Global Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Dream Global Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-19.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dream Global Real Estate Investment Trust expected to grow at an attractive rate?
  • Dream Global Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Dream Global Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Dream Global Real Estate Investment Trust's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:DRG Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:DRG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -19.3%
DB:DRG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.3%
Europe REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.2%
Europe REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:DRG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:DRG Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 470 318 1
2021-12-31 456 209 392 1
2020-12-31 428 208 295 3
2019-12-31 407 182 427 1
DB:DRG Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 428 146 714
2018-12-31 426 158 577
2018-09-30 414 155 477
2018-06-30 412 154 498
2018-03-31 365 135 344
2017-12-31 330 101 293
2017-09-30 268 75 204
2017-06-30 234 56 86
2017-03-31 240 56 136
2016-12-31 242 60 140
2016-09-30 243 65 147
2016-06-30 232 61 143

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dream Global Real Estate Investment Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Dream Global Real Estate Investment Trust's revenue is expected to grow by 3.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:DRG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Dream Global Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DRG Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31 0.94 0.94 0.94 1.00
2019-12-31 1.80 1.80 1.80 1.00
DB:DRG Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 3.69
2018-12-31 2.99
2018-09-30 2.48
2018-06-30 2.60
2018-03-31 1.94
2017-12-31 1.66
2017-09-30 1.16
2017-06-30 0.62
2017-03-31 0.98
2016-12-31 1.11
2016-09-30 1.18
2016-06-30 1.25

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Dream Global Real Estate Investment Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Dream Global Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dream Global Real Estate Investment Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Dream Global Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dream Global Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dream Global Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Dream Global Real Estate Investment Trust's 1-year earnings growth exceeds its 5-year average (107.7% vs 33.8%)
  • Dream Global Real Estate Investment Trust's earnings growth has exceeded the Europe REITs industry average in the past year (107.7% vs 6.9%).
Earnings and Revenue History
Dream Global Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dream Global Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:DRG Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 428.03 714.06 34.58
2018-12-31 425.66 576.60 34.21
2018-09-30 413.94 476.65 40.04
2018-06-30 412.43 497.88 38.35
2018-03-31 365.18 343.77 33.11
2017-12-31 329.96 292.58 26.11
2017-09-30 267.56 204.50 24.87
2017-06-30 234.27 85.56 22.99
2017-03-31 239.95 135.87 23.70
2016-12-31 241.82 139.73 23.75
2016-09-30 242.95 147.05 21.69
2016-06-30 232.14 142.69 19.13
2016-03-31 235.43 133.49 17.42
2015-12-31 239.47 144.75 17.42
2015-09-30 248.66 166.95 16.93
2015-06-30 255.09 241.11 18.56
2015-03-31 255.22 238.77 18.52
2014-12-31 259.01 208.03 16.52
2014-09-30 258.63 163.87 16.10
2014-06-30 254.14 110.18 15.68
2014-03-31 241.07 54.42 13.59
2013-12-31 220.25 22.77 11.64
2013-09-30 193.65 -1.15 9.97
2013-06-30 170.49 -15.18 8.86
2013-03-31 150.97 -15.07 7.72
2012-12-31 138.68 10.92 6.87
2012-09-30 161.64 -17.97 8.95

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Dream Global Real Estate Investment Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Dream Global Real Estate Investment Trust used its assets more efficiently than the DE REITs industry average last year based on Return on Assets.
  • Dream Global Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Dream Global Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dream Global Real Estate Investment Trust has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Dream Global Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dream Global Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dream Global Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Dream Global Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Dream Global Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dream Global Real Estate Investment Trust Company Filings, last reported 1 month ago.

DB:DRG Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,958.98 2,214.08 39.08
2018-12-31 2,883.54 2,304.85 43.33
2018-09-30 2,583.19 2,145.56 48.07
2018-06-30 2,576.15 2,152.63 192.12
2018-03-31 2,303.32 2,227.83 77.20
2017-12-31 2,135.10 2,114.07 56.53
2017-09-30 2,004.11 2,076.57 56.71
2017-06-30 1,544.44 1,446.14 32.41
2017-03-31 1,481.83 1,298.18 69.51
2016-12-31 1,357.72 1,399.46 50.28
2016-09-30 1,404.08 1,330.61 38.74
2016-06-30 1,292.13 1,380.06 23.67
2016-03-31 1,276.89 1,423.06 25.29
2015-12-31 1,289.16 1,380.89 28.70
2015-09-30 1,260.18 1,299.20 40.51
2015-06-30 1,182.07 1,222.45 54.20
2015-03-31 1,107.55 1,229.70 67.92
2014-12-31 1,120.22 1,235.10 121.94
2014-09-30 1,083.34 1,188.76 45.55
2014-06-30 1,070.47 1,465.12 53.47
2014-03-31 1,075.19 1,515.30 45.01
2013-12-31 1,034.01 1,424.31 106.29
2013-09-30 979.72 1,287.41 115.83
2013-06-30 962.49 1,235.88 124.00
2013-03-31 792.93 1,159.54 116.89
2012-12-31 596.08 726.83 181.62
2012-09-30 486.57 664.60 109.51
  • Dream Global Real Estate Investment Trust's level of debt (74.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (140.9% vs 74.8% today).
  • Debt is not well covered by operating cash flow (6.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.4x coverage).
X
Financial health checks
We assess Dream Global Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dream Global Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Dream Global Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.67%
Current annual income from Dream Global Real Estate Investment Trust dividends. Estimated to be 5.67% next year.
If you bought €2,000 of Dream Global Real Estate Investment Trust shares you are expected to receive €113 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dream Global Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Dream Global Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in Germany (3.8%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:DRG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Europe REITs Industry Average Dividend Yield Market Cap Weighted Average of 119 Stocks 4.9%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:DRG Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31 0.80 7.00
2019-12-31 0.80 7.00
DB:DRG Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-17 0.800 5.741
2019-03-20 0.800 5.686
2019-02-19 0.800 5.915
2018-12-19 0.800 6.355
2018-11-20 0.800 6.111
2018-10-19 0.800 5.882
2018-09-18 0.800 5.615
2018-08-21 0.800 5.428
2018-07-19 0.800 5.619
2018-06-19 0.800 5.554
2018-05-22 0.800 5.452
2018-04-19 0.800 5.719
2018-03-20 0.800 5.804
2018-02-16 0.800 6.275
2018-01-22 0.800 6.592
2017-12-18 0.800 6.633
2017-11-21 0.800 6.701
2017-10-20 0.800 7.073
2017-09-19 0.800 7.206
2017-08-21 0.800 7.186
2017-07-20 0.800 7.605
2017-06-21 0.800 7.382
2017-05-19 0.800 7.585
2017-04-19 0.800 7.928
2017-03-21 0.800 8.232
2017-02-16 0.800 8.287
2017-01-20 0.800 8.297
2016-12-19 0.800 8.479
2016-11-17 0.800 8.679
2016-10-19 0.800 8.754
2016-09-20 0.800 8.878
2016-07-20 0.800 8.886
2016-06-20 0.800 8.661
2016-05-19 0.800 8.743
2016-04-19 0.800 8.989
2016-03-18 0.800 9.079
2016-02-18 0.800 9.519
2016-01-19 0.800 10.065
2015-12-17 0.800 9.552
2015-11-18 0.800 9.727
2015-10-20 0.800 8.845
2015-09-21 0.800 8.866
2015-08-18 0.800 8.836
2015-07-17 0.800 8.356
2015-06-19 0.800 8.143
2015-05-20 0.800 8.155
2015-04-20 0.800 7.935
2015-03-19 0.800 8.055
2015-02-18 0.800 8.525
2015-01-20 0.800 8.797
2014-12-17 0.800 9.246
2014-11-18 0.800 9.377
2014-10-20 0.800 8.875
2014-09-18 0.800 8.802
2014-08-19 0.800 8.572
2014-07-17 0.800 8.656
2014-06-18 0.800 8.253
2014-05-20 0.800 8.271
2014-04-17 0.800 8.442
2014-03-19 0.800 8.704
2014-02-20 0.800 8.773
2014-01-17 0.800 9.111
2013-12-18 0.800 9.392
2013-11-18 0.800 9.595
2013-10-17 0.800 8.857
2013-09-16 0.800 8.610
2013-08-16 0.800 8.940
2013-07-18 0.800 8.550
2013-06-18 0.800 8.010
2013-05-17 0.800 7.696
2013-04-18 0.800 7.344
2013-03-18 0.799 7.497
2013-02-15 0.800 7.343
2013-01-18 0.800 7.186
2012-12-17 0.800 7.314
2012-10-17 0.800 7.516
2012-09-19 0.800 7.243
2012-08-20 0.800 7.471
2012-07-17 0.800 7.403
2012-06-19 0.800 7.899
2012-05-17 0.800 8.129
2012-04-16 0.800 7.990
2012-03-16 0.800 7.886
2012-02-17 0.800 7.665
2012-01-17 0.800 7.675
2012-01-16 0.800 7.922
2011-12-16 0.800 8.028
2011-11-17 0.800 8.185
2011-10-18 0.800 8.205
2011-09-16 0.800 8.212
2011-08-17 0.748 7.498

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Dream Global Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Dream Global Real Estate Investment Trust only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Dream Global Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Dream Global Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dream Global Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dream Global Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Dream Global Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
P. Gavan
COMPENSATION CA$2,032,750
AGE 58
TENURE AS CEO 8.3 years
CEO Bio

Ms. P. Jane Gavan has been a Non Independent Trustee of Dream Office Real Estate Investment Trust since May 17, 2018. Ms. Gavan has been the President of Asset Management Commercial Division at Dream Unlimited Corp. since 2013. She serves as the President of Asset Management at Dream Industrial Real Estate Investment Trust. She serves as the Chief Executive Officer and President of Dream Global Real Estate Investment Trust. She served as an Executive Vice President at Dundee International REIT. Ms. Gavan served as the Chief Executive Officer of Dream Office Real Estate Investment Trust since May 8, 2014. She served as an Executive Vice-President at Dream Office Real Estate Investment Trust and served as its Secretary until May 8, 2014. Since joining Dream in 1998, Ms. Gavan has played a key role in numerous transactions including the acquisition of Lehndorff Properties. She served as a Secretary of Dundee REIT until May 6, 2014. Ms. Gavan serves as an Executive Vice President of DRC and Principal of Dundee Real Estate Asset Management, in which she is responsible for executing corporate strategy and is directly responsible for all major corporate, financing and real estate transactions. She served as an Executive Vice-President and General Counsel of Dundee REIT (also known as Dundee Realty Corp.). She has over 29 years of experience in the real estate industry, in all aspects of the business including capital markets, financing, transactions, development and leasing. Ms. Gavan previously served as a Senior Legal Counsel for Oxford Properties Group, Inc. She also served as a Legal Counsel for Denison Mines Corp. Prior to Oxford Properties Group, Inc., she was in private legal practice at Blake, Cassels & Graydon LLP, specializing in real estate and corporate finance. She has been a Director of Dundee International REIT since April 21, 2011 and Dream Unlimited Corp., since May 12, 2014. She serves as a Director of Women’s College Hospital Foundation and Patron’s Counsil for Community Living Toronto. She has been a Non­ Independent Trustee at Dream Global Real Estate Investment Trust since April 21, 2011. Ms. Gavan holds an Honors Bachelor of Commerce degree from Carleton University and Bachelor of Laws degree from Osgoode Hall, York University.

CEO Compensation
  • P.'s compensation has increased by more than 20% in the past year.
  • P.'s remuneration is about average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Dream Global Real Estate Investment Trust management team in years:

1.3
Average Tenure
44
Average Age
  • The average tenure for the Dream Global Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

P. Gavan

TITLE
President
COMPENSATION
CA$2M
AGE
58
TENURE
8.3 yrs

Rajeev Viswanathan

TITLE
Chief Financial Officer
COMPENSATION
CA$426K
AGE
42
TENURE
0.7 yrs

Alex Sannikov

TITLE
Chief Operating Officer
AGE
32
TENURE
0.5 yrs

Bruce Traversy

TITLE
Head of Investment
AGE
52
TENURE
1.3 yrs

Michael Schwöbel

TITLE
MD & Head of of Real Estate - Germany
AGE
44

Jennifer Bachmann

TITLE
Head of Asset Management - Germany
TENURE
3.3 yrs
Board of Directors Tenure

Average tenure and age of the Dream Global Real Estate Investment Trust board of directors in years:

8.1
Average Tenure
57.5
Average Age
  • The tenure for the Dream Global Real Estate Investment Trust board of directors is about average.
Board of Directors

Detlef F. Bierbaum

TITLE
Chairman of the Board
COMPENSATION
CA$180K
TENURE
8.3 yrs

P. Gavan

TITLE
President
COMPENSATION
CA$2M
AGE
58
TENURE
8.1 yrs

Michael Cooper

TITLE
Vice Chairman of the Board
COMPENSATION
CA$290K
AGE
57
TENURE
8.3 yrs

John Sullivan

TITLE
COMPENSATION
CA$108K
AGE
58
TENURE
7.5 yrs

R. Bhatia

TITLE
COMPENSATION
CA$110K
AGE
41
TENURE
3.5 yrs

Christian Schede

TITLE
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Dream Global Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dream Global Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Dream Global REIT is an owner and operator of a diversified high-quality portfolio of office and industrial properties located in key markets in Western Europe with a focus on Germany and the Netherlands. Our in-house platform comprises over 140 local leasing, property management, asset management and development professionals operating out of 13 offices in Europe and North America.

Details
Name: Dream Global Real Estate Investment Trust
DRG
Exchange: DB
Founded: 2011
CA$1,817,830,338
CA$1,817,830,338
193,528,096
Website: http://www.dreamglobalreit.ca
Address: Dream Global Real Estate Investment Trust
State Street Financial Centre,
Suite 301,
Toronto,
Ontario, M5C 3H1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX DRG.UN REIT Units The Toronto Stock Exchange CA CAD 03. Aug 2011
OTCPK DUND.F REIT Units Pink Sheets LLC US USD 03. Aug 2011
DB DRG REIT Units Deutsche Boerse AG DE EUR 03. Aug 2011
XTRA DRG REIT Units XETRA Trading Platform DE EUR 03. Aug 2011
LSE 0RKJ REIT Units London Stock Exchange GB EUR 03. Aug 2011
Number of employees
Current staff
Staff numbers
65
Dream Global Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/18 22:47
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/10
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.