Dar Global (LSE: DAR)

Last close As at 24/02/2024


0.00 (0.00%)

Market capitalisation


Dar Global is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe.

The collective wealth of high net worth (HNWI) and ultra high net worth individuals (UHNWI) grew by 7.1% pa in the three years to 2021 and grew over 5% pa in the seven years to 2022, despite declines in 2018 and 2022 (source: Knight Frank). The concentration of wealth is expected to continue to grow, implying that the percentage of the population that enjoys such wealth is likely to have doubled in the 10 years to 2026 in many countries and regions.

Latest Insights

Real Estate | Flash note

Dar Global — 2023 revenue and profit surprise

Real Estate | Flash note

Dar Global — Geographical expansion into Saudi Arabia

Real Estate | Initiation

Dar Global — More luxury brand retailer than housebuilder


Real Estate

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Shivaraman Iyer


  • Ziad El Chaar


Balance Sheet

Forecast net debt (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.9 0.8 N/A
Relative 3.7 (3.9) N/A
52 week high/low US$3.9/US$3.6


Dar Global’s expansion into the Kingdom of Saudi Arabia (KSA) is, in our view, an attractive and low risk move, entirely in keeping with the company’s ambition to roll out its ‘capital-light’ business model to attractive new locations. Dar Global is in the early stages of delivering over 5,700 residences in the Middle East and Europe and retains an ambition to expand the portfolio beyond KSA and to develop a hospitality portfolio. We anticipate that Dar Global will generate a return on equity in the high teens and we value the company on a multiple of shareholders’ funds basis at c US$930m (US$5.17/share), implying c 40% upside.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A N/A N/A N/A N/A N/A N/A
2022A 80.0 28.9 (7.2) N/A N/A N/A
2023E 268.8 61.3 58.1 32.30 11.4 11.4
2024E 309.4 85.3 87.1 43.54 8.5 8.5



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