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Dream International Limited (DRMMF) fair value: what the stock is really worth
As of Sep 29, 2026: fair value of Dream International Limited $2.42, price $0.75, upside +222.7%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Thin data
Sep 24, 2026
Thin data
Sep 24, 2026
Dream International Limited
DRMMF · USClearly undervaluedStrong Fair Value upside, but quality is only moderate.
✓Fair value $2.42 · Strongly undervalued (+222.7%)
✓Quality 66/100
✓Healthy Growth (revenue 5y +9.6 %/yr)
!Thin margins · 6.2% net margin (TTM)
✓generates free cash flow
!Moderate moat 49/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $0.1170 – $1.62 · fair‑value band $1.73 – $3.15 · the $0.7500 price screens below the $2.42 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Dream International Limited, an investment holding company, designs, develops, manufactures, and sells toys in Hong Kong, North America, Japan, Europe, the People's Republic of China, Vietnam, Korea, and internationally. The company operates through Plush Stuffed Toys, Plastic Figures, Die-casting Products, and Tarpaulin segments.
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Dream International Limited, an investment holding company, designs, develops, manufactures, and sells toys in Hong Kong, North America, Japan, Europe, the People's Republic of China, Vietnam, Korea, and internationally. The company operates through Plush Stuffed Toys, Plastic Figures, Die-casting Products, and Tarpaulin segments. It manufactures plush stuffed toys on original equipment manufacturing and on original design manufacturing basis. The company also offers plastic figures, die-casting products, dolls, and tarpaulin products, as well as non-seasonal items. In addition, it is involved in the manufacture of fabrics and dyeing products, and business color box and printing products. The company was formerly known as C & H Toy of HK Co., Ltd. and changed its name to Dream International Limited in 2001. Dream International Limited was founded in 1984 and is based in Tsim Sha Tsui, Hong Kong.
Stock analysis
Dream International Limited (DRMMF) currently trades at $0.7500, while our model-based Fair Value estimate is $2.42, implying the stock looks roughly 69.0% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $2.42 per share, and 25 of the 26 models we run sit above the $0.7500 price.
Bear case: the Asset-Based group reads lowest at $0.5300, and 1 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: $1.73 (bear) to $3.15 (bull), the price of $0.7500 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Dream International Limited reported revenue of HK$6.0B in FY2025 versus HK$4.8B in FY2021, a compound +5.6%/yr. Reported net income was HK$693M in FY2025, compounding +37.5%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap $615M · P/E ratio 7.0 · P/S ratio 0.81 · EPS (TTM) $0.0900 · Net margin 11.6% · Return on equity 13.1% · Return on assets (EBIT) 16.2% · Operating margin 8.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 54% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 39% fair-value upside, at 223%, DRMMF screens cheaper than that median.
Fair Value models
Bear $1.73
Fair Value $2.42
Bull $3.15
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$1.59
$2.39
$3.58
78
Growth DCF
$1.58
$2.29
$3.29
76
Residual Income
$0.7700
$0.9500
$1.28
76
All 26 models by family
DCF Models
FCF DCF
$1.59
$2.39
$3.58
78
Owner Earnings
$1.61
$2.42
$3.62
73
5Y Revenue Exit
$1.37
$2.03
$2.91
70
5Y EBITDA Exit
$1.69
$2.69
$3.92
72
5Y P/E Exit
$2.01
$3.33
$4.83
67
10Y Revenue Exit
$1.41
$2.03
$2.94
64
10Y EBITDA Exit
$1.63
$2.47
$3.69
65
10Y P/E Exit
$1.83
$2.90
$4.38
61
Earnings-Based
Graham-Dodd
$0.8900
$3.86
$5.28
64
Lynch FV
$0.9900
$1.42
$1.85
61
PEG = 1.0
$0.9900
$1.42
$1.85
57
EPV
$1.19
$1.31
$1.41
70
Dividend Discount
Gordon GGM
$0.6400
$1.16
$1.60
68
DDM Multi-Stage
$0.6400
$1.06
$1.24
67
Multiples
P/E Multiple
$2.15
$2.87
$3.59
63
P/S Multiple
$1.01
$1.35
$1.69
58
P/B Multiple
$1.66
$2.22
$2.77
55
EV/EBIT
$2.24
$2.89
$3.53
63
EV/EBITDA
$1.90
$2.43
$2.96
64
EV/Revenue
$1.26
$1.66
$2.07
52
Asset-Based
NCAV (Graham)
$0.4000
$0.5300
$0.7900
51
Growth DCF
Growth DCF
$1.58
$2.29
$3.29
76
Rev-Margin DCF
$1.37
$2.03
$2.87
70
Economic Profit
Residual Income
$0.7700
$0.9500
$1.28
76
ROIC Compounder
$1.28
$1.53
$1.83
70
Growth Earnings
Growth-Adj P/E
$1.69
$2.42
$3.15
67
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Set up alert →Quality Score breakdown
Overall quality
66/100
Of which business quality 67 · Market factors (momentum, volatility) 20
Profitability
62
Margins and returns on capital today
Quality Growth
28
Are margins and returns improving?
Cashflow
57
Earnings quality: real cash, not paper profit
Fin. Strength
100
Balance sheet, leverage, solvency risk
Investment
68
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
11
Price trend over the last 3–12 months (market factor)
52W Momentum
0
Distance to the 52-week high (market factor)
Net Issuance
82
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
Start year 2020 (pandemic). Over 10 years: +12.7% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+20.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.5%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.20.5% vs 16.5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 13%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−22.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in HKD, Hong Kong: IMF forecast 2.1% a year to 2030, 1.8% from 2016 to 2025) that is about −24.0% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Leisure · 174 stocks
Beats the industry median on 11/11 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Leisure median · lower = cheaper
Context: sector, industry, market
- Is the Consumer Discretionary sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Leisure stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Pop Mart International Group 9992 | HK$149.20 | HK$206.97 | +39% |
| ANTA Sports Products Limited 2020 | HK$71.20 | HK$166.89 | +134% |
| Amer Sports, Inc AS | $27.77 | $19.30 | −31% |
| Hasbro, Inc HAS | $89.98 | $85.98 | −4% |
| Life Time Group LTH | $39.97 | $15.55 | −61% |
| Ninebot Limited 689009 | ¥37.06 | ¥108.20 | +192% |
| Acushnet Holdings GOLF | $83.02 | $43.08 | −48% |
| Benefit Systems S.A BFT | 5,145 PLN | 5,660 PLN | +10% |
| Li Ning Company 2331 | HK$12.24 | HK$29.18 | +138% |
| Mattel, Inc MAT | $13.29 | $21.66 | +63% |
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Frequently asked questions
Is Dream International Limited (DRMMF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $2.42 versus a price of $0.7500, about +223% upside (undervalued).
What is the fair value of DRMMF?
Our model-based fair value for Dream International Limited is $2.42 (as of Sep 24, 2026), built from audited fundamentals. The current price: $0.7500.
What is the quality score of DRMMF?
Dream International Limited has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dream International Limited (DRMMF)?
Our model-based price target is the fair value of $2.42 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $1.73, optimistic scenario $3.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Dream International Limited stock forecast for 2026?
Our models put fair value at $2.42, about +223% upside versus a price of $0.7500 (undervalued). Cautious scenario $1.73, optimistic scenario $3.15. The calculation is refreshed regularly with new filings.
What is the revenue of Dream International Limited (DRMMF)?
Dream International Limited reported trailing-twelve-month revenue of about HK$5.7B (latest available figure, as of Sep 24, 2026).
What growth is priced into Dream International Limited (DRMMF)?
For today's price to be fair in a discounted-cash-flow model, Dream International Limited would have to grow free cash flow by -22.3 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DRMMF use?
Our models discount Dream International Limited at 9.8 %: a base by market capitalisation (small), damped by beta 0.17, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Dream International Limited that is -22.3 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has Dream International Limited (DRMMF) delivered so far?
Over the past 5 years revenue at Dream International Limited grew +9.6 % a year. The price currently implies -22.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Dream International Limited (DRMMF) growing?
The median revenue growth in the sector is +3.9 % a year. That is the yardstick for the growth priced into Dream International Limited (-22.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dream International Limited (DRMMF)?
The free-cash-flow yield on the price is 16.36 %: that much free cash flow Dream International Limited produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dream International Limited (DRMMF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dream International Limited it is $2.42 per share (as of Sep 24, 2026), against a price of $0.7500. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Dream International Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DRMMF trades below its calculated fair value: price $0.7500, fair value $2.42, a gap of about +223% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DRMMF?
No. The price is what the market pays today ($0.7500); the fair value is what the company's own numbers justify ($2.42). For Dream International Limited the two are $1.67 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dream International Limited worth?
The market values Dream International Limited at about $615M (market capitalisation, as of Sep 24, 2026). Per share that is $0.7500; our models calculate a fair value of $2.42 per share.
What do the bullish and bearish scenarios say about DRMMF?
Our models span a range for Dream International Limited: cautious scenario $1.73, base $2.42, optimistic $3.15 per share (as of Sep 24, 2026, price $0.7500). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DRMMF?
Dream International Limited trades at a price-to-earnings ratio of 7.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $2.42 is built from several models across several years. Other multiples: P/B 0.2, P/S 0.1.
How solid is the balance sheet of Dream International Limited (DRMMF)?
Balance-sheet figures for Dream International Limited (as of Sep 24, 2026): return on equity 13.1%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is DRMMF from its 52-week high?
Dream International Limited trades at $0.7500, about 54% below its 52-week high of $1.62 and at the low of $0.7500 (as of Sep 29, 2026). Distance from the high says nothing about value: that is what the fair value of $2.42 is for.
Which stocks are comparable to Dream International Limited?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, ANTA Sports Products Limited, Amer Sports, Inc, Hasbro, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dream International Limited stock attractive at the current price?
The data as of Sep 24, 2026: price $0.7500, calculated fair value $2.42 (+223%), Quality Score 66/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DRMMF calculated?
We run Dream International Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.42, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Dream International Limited currently trades 69 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dream International Limited (DRMMF)?
The closing price on Sep 29, 2026 was $0.7500. Our model-based fair value is $2.42, about +223% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dream International Limited right now?
The price is below even our cautious bear case ($1.73). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($1.73 to $3.15) leaves room in how you read the outcome.
Where does the earnings growth of Dream International Limited (DRMMF) come from?
Earnings per share at Dream International Limited grew +16.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.0 %, EBIT margin +2.6 %, tax rate +0.2 %, residual (interest, one-offs) +0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Dream International Limited
How large is the market capitalisation of Dream International Limited (DRMMF)?
The market capitalisation of Dream International Limited is $615M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dream International Limited (DRMMF)?
The price-to-sales ratio of Dream International Limited is 0.81 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dream International Limited (DRMMF)?
Earnings per share at Dream International Limited are $0.0900 (price ÷ EPS = P/E 7.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Dream International Limited (DRMMF)?
The net margin of Dream International Limited is 11.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dream International Limited (DRMMF)?
The return on equity (ROE) of Dream International Limited is 13.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dream International Limited (DRMMF)?
On an EBIT basis the return on assets of Dream International Limited is 16.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dream International Limited (DRMMF)?
The operating margin of Dream International Limited is 8.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dream International Limited (DRMMF)?
Revenue at Dream International Limited is growing +45.0% versus a year earlier (3y avg −1.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dream International Limited (DRMMF)?
Earnings per share at Dream International Limited are growing +344% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Dream International Limited (DRMMF) hold?
Dream International Limited holds more cash than debt, HK$1.5B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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