Dar Global - More luxury brand retailer than housebuilder
Dar Global is a developer of premium-priced luxury branded residences, led by a management team with a track record of successful long-term delivery. It employs a ‘capital-light’ business model that reduces risk and allows for rapid scalability. It is in the early stages of delivering over 5,700 residences in the Middle East and Europe, with an ambition to expand the portfolio in number and geography. It also intends 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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