Currency in USD
Last close As at 04/12/2023
▲ 0.03 (0.82%)
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.
Real Estate |
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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.
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