Dar Global - 2023 revenue and profit surprise

Dar Global's FY23 trading update points to materially better revenue and profit expectations than previously anticipated due to a range of positive factors. This is a bright end to the company's first year as a listed entity and points to a positive outlook for 2024 and beyond. 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 the Kingdom of Saudi Arabia 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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