Edison Investment Research - DAR GLOBAL PLC (DAR) Dar Global - Initial FY23 results exceed revised guidance

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Edison Investment Research

Martyn King

Dar Global - Initial FY23 results exceed revised guidance

Dar Global’s FY23 results showed impressive growth driven by a range of positive factors, which bodes well for 2024 and beyond. Dar Global is in the early stages of delivering over 5,700 residences in the Middle East and Europe and is now looking further afield to markets such as the US for opportunity. We anticipate that it 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.

01/03/2024 1 EN

Underlying

DAR GLOBAL PLC

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GB00BQXNJY41 London Stock Exchange United Arab Emirates

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Martyn King

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Dar Global - Initial FY23 results exceed revised guidance

Dar Global - £200m Aston Martin branded residence unveiled

Dar Global - Demand underpins high-end branded offering

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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