Opinions
Andy Nasr
Dream Global REIT
DRG.UN-T
HOLD
Dec 15, 2016
$9.080
Stock price when the opinion was issued
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vs. D.UN-T D.UN isn't cheap at 19.2x. It's improved its asset base to higher quality, focusing on Toronto. Decent 6% growth. They've already had their big move though. DRG.UN has room to go, in contrast. It's a play on Germany and Holland. He see slightly growth, but a much cheaper valuation than D.UN AT 14.5x. Similar balance sheets. Safe payout ratio. He prefers D.UN.
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PAST TOP PICK
(A Top Pick May 30/19, Up 7%) A Euro play in Germany and Holland. Their Q2: the German office market remains strong. They can continue to tap the European markets where interest rates are negative, a competitive advantage to North America; trades at 22% discount to NAV that managers want to shrink. Yields 5.5%.
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It is a decent name if you own it. It is tough to switch out of it. He has preferred names including a top pick today. Management promised to diversify the portfolio and they did a good job of that. The payout ratio is high so this is why he is cautious on it. There are risks in the devaluation of the Euro. He does not think they will have to cut the dividend.