DUNDEE CORP. $22 - Toronto symbol DC.A

DUNDEE CORP. $22 (Toronto symbol DC.A; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 54.1 million; Market cap: $1.2 billion; Price-to-sales ratio: 1.9; No dividends paid; TSINetwork Rating: Average; www.dundeecorp.com) is a holding company with investments in wealth management, real estate, resources and agriculture.

The company recently completed its plan to set up 70%-owned DREAM UNLIMITED CORP. $12 (Toronto symbol DRM) as a separate, publicly traded firm. DREAM, which was formerly the company’s Dundee Realty Corp. subsidiary, develops and manages commercial and residential real estate in North America and Europe. Insiders still hold 30% of DREAM.

Dundee shareholders received one share of DREAM for each Dundee share they held. Investors are only liable for capital gains taxes when they sell their new shares.

Like many holding companies, Dundee trades at a discount to the total value of its individual assets. Spinning off DREAM as a separate firm should draw investor attention to this business, and to Dundee’s other holdings.

Dundee Corp. is a buy. DREAM is a hold for now.

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