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Dar Global (LSE: DAR)

Last close As at 27/04/2024

USD3.68

— 0.00 (0.00%)

Market capitalisation

USD663m

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 and ultra high net worth individuals grew by 7.1% pa in the three years to 2021 and 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

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Industrials | Update

Dar Global — Demand underpins high-end branded offering

Real Estate | Flash note

Dar Global — Initial FY23 results exceed revised guidance

Real Estate | Flash note

Dar Global — 2023 revenue and profit surprise

Real Estate | Flash note

Dar Global — Geographical expansion into Saudi Arabia
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Sector

Real Estate

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Natalya Davies

Natalya Davies

Analyst

Key Management

  • Shivaraman Iyer

    CFO

  • Ziad El Chaar

    CEO

Balance Sheet

Forecast net debt (US$m)

305.7

Forecast gearing ratio (%)

58

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.3 1.7 (3.2)
Relative (2.7) (0.8) (6.5)
52 week high/low US$3.8/US$3.6

Financials

Dar Global’s first full-year results since flotation showed impressive growth driven by a range of positive factors, which bodes well for 2024 and beyond. So far it has sold 72% of launched volume, which highlights the attractions of its locations, developments and brand partners. We anticipate that Dar Global will generate a return on equity in the mid-to-high teens in the medium term, so we continue to 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)
2022A 80.0 (6.9) (5.2) 0.0 N/A N/A
2023A 360.6 84.8 81.2 23.08 15.9 16.0
2024E 309.4 72.9 70.4 35.20 10.5 10.4
2025E 391.6 94.2 96.7 48.34 7.6 7.6

Research

Flash note

Real Estate

Dar Global — Initial FY23 results exceed revised guidance

Flash note

Real Estate

Dar Global — 2023 revenue and profit surprise
Edison DarGlobal thumb 02

Industrials

Update

Dar Global — Demand underpins high-end branded offering

Edison DarGlobal thumb 02
Edison DarGlobal thumb 02

Flash note

Real Estate

Dar Global — Geographical expansion into Saudi Arabia
Edison DarGlobal thumb 05

Initiation

Real Estate

Dar Global — More luxury brand retailer than housebuilder

Further insights

insight

Real Estate

Seven things investors should know about Dar Global – investing in luxury real estate

Analyst of the week

Marius Strydom

Marius Strydom

Analyst

mstrydom@edisongroup.com 27 (0) 82 895 9207
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