Dar Global (LSE: DAR)

Currency in USD

Last close As at 04/12/2023


0.03 (0.82%)

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.

Latest Insights

Industrials | 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 (1.1) (1.2) N/A
Relative (4.3) (2.8) 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 8.4



Real Estate

South African listed property sector



DACH Industrial & Logistic Property