olivLaw · European equity research
Dar Global PLC DAR.L
United Kingdom · London Stock Exchange · ISIN GB00BQXNJY41 · Vertical: Listed companies from United Kingdom
Dar Global develops luxury residential projects, often with brand associations, and operates a capital-light model in which construction is outsourced to main contractors. In 2025 the company expanded its portfolio sharply, especially in Saudi Arabia, and the year was marked by its London Stock Exchange listing and revenue of 538.6 million USD.
At the close of 05 Nov 2026, Dar Global PLC (DAR.L) stock was 7.65 USD (+0.00% on the day), with market capitalisation 1.4 bn USD, P/E 13.7 on diluted EPS of 0.56 USD over the last 12 months, beta 0.35, 52-week range 6.08–8.50 USD.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.1
- strong (55–70)
- Bollinger (20, 2)
- 6.35 – 8.27
- in the upper half of the band · %B 0.68 · band width 26.2%
- SMA 50 / 200
- 7.43 / 7.59
- mixed trend
- MACD (12, 26, 9)
- 0.07 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.0% | −0.6% | +1.6 pp | — |
| 3 months | −5.8% | −4.2% | −1.7 pp | — |
| 6 months | −4.4% | +4.3% | −8.7 pp | — |
| Year to date | +5.9% | +7.5% | −1.6 pp | — |
| 1 year | −3.8% | +9.9% | −13.7 pp | +5.8% |
| 3 years | +108.4% | +49.8% | +58.6 pp | +26.3% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.9, median 12.9, max 92.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 360.6 m | 240.3 m | 538.6 m |
| Revenue YoY | unavailable | −33.3% | +124.1% |
| Net income | 83.2 m | 14.9 m | 100.8 m |
| Net income YoY | unavailable | −82.1% | +575.8% |
| Diluted EPS | 0.46 | 0.08 | 0.56 |
| Diluted EPS YoY | unavailable | −82.6% | +600.0% |
| net % | 23.1% | 6.2% | 18.7% |
| Free cash flow | -28.1 m | -121.3 m | 254.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 668.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 584.4 m USD
- Total assets
- 2.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 19.0%
- ROA
- 5.8%
- FCF margin
- 47.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 360.6 m | 240.3 m | 538.6 m | esef· 29 Apr 2026verified |
| Cost of revenue | 214.1 m | 152.9 m | 348.9 m | esef· 29 Apr 2026verified |
| Gross profit | 146.4 m | 87.4 m | 189.7 m | esef· 29 Apr 2026verified |
| Interest expense | 5.0 m | 23.0 m | 24.9 m | esef· 29 Apr 2026verified |
| Pre-tax income | 81.2 m | 14.1 m | 112.8 m | esef· 29 Apr 2026verified |
| Income tax | -2.0 m | -803.7 k | 12.0 m | esef· 29 Apr 2026verified |
| Net income | 83.2 m | 14.9 m | 100.8 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.46 | 0.08 | 0.56 | esef· 29 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 228.5 m | 413.6 m | 668.0 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 5.5 m | 21.9 m | 25.0 m | esef· 29 Apr 2026verified |
| Total assets | 767.3 m | 1.4 bn | 2.1 bn | esef· 29 Apr 2026verified |
| Total liabilities | 301.9 m | 963.0 m | 1.5 bn | esef· 29 Apr 2026verified |
| Equity | 465.4 m | 478.5 m | 584.4 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 180.9 m | 186.4 m | 180.0 m | esef· 29 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -23.7 m | -103.1 m | 260.1 m | esef· 29 Apr 2026verified |
| Capex | 4.4 m | 18.1 m | 5.8 m | esef· 29 Apr 2026verified |
| Free cash flow | -28.1 m ≈ | -121.3 m ≈ | 254.3 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -7.6 m | 10.1 m | -20.9 m | esef· 29 Apr 2026verified |
| Financing cash flow | 146.2 m | 279.8 m | 14.6 m | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn USD
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.32 – 9.75 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E6.32 – 9.75 (Mid 8.08)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.7% | 69 (vs peers) | 20% |
| FCF conversion · Quality | 252.3% | 100 (on a fixed band) | 20% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 13.7x | 67 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 18.5% | 100 (on a fixed band) | 27% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation81/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DAR GLOBAL PLC (DAR.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 538.6 m USD in 2025; YoY growth 124.1%; net margin 18.7%; ROE 19.0%.
The estimated value range is 6.32–9.75 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.08 USD, the price of 7.65 USD leaves a potential of 5.6% (value / price − 1) and a margin of safety of 5.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 252.3%
- FCF yield: 18.5%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| DAR.LDar Global PLC | 1.4 bn | 13.7 | 19.0% | 18.7% | +124.1% | −4% / +107% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for DAR.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.00 Total return -35% · Per year -35% | 8.80 Total return 15% · Per year 15% | 13.20 Total return 72% · Per year 72% |
| 3 years | 5.93 Total return -22% · Per year -8% | 11.63 Total return 52% · Per year 15% | 19.00 Total return 148% · Per year 35% |
| 5 years | 7.03 Total return -8% · Per year -2% | 15.39 Total return 101% · Per year 15% | 27.36 Total return 258% · Per year 29% |
- Exit P/E± 2.91
- Net margin± 2.04
- Annual revenue growth± 1.52
- Annual dilution± 0.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dar Global develops luxury residential projects, often with brand associations, and operates a capital-light model in which construction is outsourced to main contractors. In 2025 the company expanded its portfolio sharply, especially in Saudi Arabia, and the year was marked by its London Stock Exchange listing and revenue of 538.6 million USD 1.
SWOT
Strengths
- The luxury clientele is less sensitive to price, and the company has a solid capital base with significant cash and undrawn facilities 1.
- The branded portfolio and delivery experience, including completion of Da Vinci Tower, strengthen the company's reputation 1.
- The capital-light model, based on outsourced construction, limits fixed investment and allows greater flexibility in project selection 1.
Weaknesses
- Revenue is tied to construction progress and recognition timing, which makes annual results difficult to compare and volatile 1.
- The company relies on external contractors for all construction, and delays or defects by them can affect deliveries and reputation 1.
- The company is in an early growth phase with a relatively short track record, which could limit the predictability of long-term results 1.
Opportunities
- The opening of the Saudi market to foreign investors could bring new demand for the company's luxury projects 1.
- The proposed acquisition of a DIFC-licensed financial services platform could strengthen the ability to attract international capital, if approved 1.
- Land acquisitions and partnerships could extend the portfolio into new areas, if made at the right time 1.
Threats
- Tighter financial conditions or a fall in the wealth of the target clientele could reduce sales and profitability 1.
- The Gulf conflict and other political events could affect demand, supply chains and project timetables 1.
- Physical climate risks, such as heavy rain and flooding, could delay construction and raise adaptation costs 1.
Risks
- Property market cycles and interest rateshigh
A change in the macroeconomic environment or tighter financial conditions could reduce demand and sales, and could affect the purchase of land at a reasonable cost 1.
- Capital availabilitymedium
A lack of sufficient financing could limit the company's ability to respond to economic changes and to take advantage of acquisition opportunities 1.
- Political risk and sanctionshigh
Political events and sanctions could disrupt supply chains and raise project costs, and uncertainty could reduce customers' willingness to buy 1.
- Construction quality and contractor performancemedium
Late completion or construction defects could create remediation liabilities and affect sales through reputational damage 1.
- Physical and transition climate risksmedium
Flooding, extreme heat and rising carbon pricing could affect construction and costs, although the company considers the impact manageable 1.
Investment thesis
What would need to be true (bull case)
- If the luxury clientele remains relatively insensitive to price and Saudi projects progress as planned, the company could convert its large development volume into revenue and profit 1.
- The cash base and undrawn facilities could allow strategic acquisitions at favourable moments, strengthening the company's long-term position 1.
- The London Stock Exchange listing and regional expansion could attract investors and partners seeking exposure to Gulf luxury markets 1.
What would break the thesis
- If regional tensions persist or financial conditions tighten, demand for luxury projects could fall and revenue could remain volatile 1.
- Dependence on external contractors and on revenue recognition timing could make results hard to predict from year to year 1.
- Rapid portfolio growth and capital requirements could strain the balance sheet, particularly if financing becomes more costly 1.
What to watch
- Sales and delivery progress in Saudi Arabia and the UAE2026
- Approval of the proposed DIFC financial services platform acquisition2026
- Impact of the Gulf conflict on demand and project timetables2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Dar Global creates homes and neighbourhoods across several jurisdictions, headquartered in the UAE, and focuses on branded luxury projects such as those associated with Trump International. The company outsources 100% of construction and refurbishment to main contractors, so it keeps the role of developer, land selector and sales manager 1. In 2025 it recorded net profit of 100.8 million USD and EBITDA of 126.6 million USD, compared with a much weaker 2024 1. Gross development value rose to 19 billion USD, driven mainly by land acquisitions in Riyadh and Jeddah 1.
The business model depends on project financing and on the timing of revenue recognition, which follows construction progress. Revenue can fluctuate considerably from one year to the next, so comparisons between financial years should keep this in mind. The company stated that it achieved its cumulative revenue target of 700 million USD for 2024 and 2025 1.
The financial position appears solid, with cash and cash equivalents of 701.5 million USD, including project escrow balances, and undrawn debt facilities of 228.2 million USD at the end of 2025 1. In 2025 the company secured growth capital of up to 165 million USD for new projects and geographies 1.
Segments
Branded luxury residential development
The core segment comprises branded luxury projects aimed at high-income clients who are less price sensitive, which the company says could limit the effect of any slowdown in demand on this portfolio 1.
Projects in Saudi Arabia
Saudi Arabia is an important part of the strategy, with projects launched in Riyadh and Jeddah in January 2026, in a market that opened to foreign non-resident investors 1.
Projects in Qatar and the UAE
The company extended its regional presence with projects such as Trump International Golf Club Doha and Simaisima Villas in Qatar, and in the UAE with Trump International Hotel & Tower Dubai and D-Villas at Jumeirah Golf Estates 1.
Market context
The Gulf luxury property market is influenced by government policy, interest rate cycles and global financial conditions, and the company acknowledges that tighter conditions can reduce demand from wealthier clients 1. The opening of the Saudi market to foreign investors in January 2026 is a structural factor, but also a source of uncertainty, particularly after the conflict in the Gulf that erupted in February 2026 1.
The company noted that the local market could be affected by new regulations on construction costs and environmental standards, but considered the impact on its land holdings limited, given that its landbank is small relative to its balance sheet 1.
Trends
- Opening of the Saudi markettailwind
Access by non-resident foreign investors to the Saudi property market from January 2026 could open new sources of demand for the company's projects, if transactions develop at the expected pace 1.
- Regional uncertaintyheadwind
The conflict in the Gulf, which erupted in February 2026, has brought new uncertainty, and companies in the region could see slower purchasing decisions and project delays 1.
- Emissions reporting requirementsheadwind
Tighter emissions disclosure obligations could increase the cost of tracking and reporting data, especially for outsourced supply chains, which could slow contractor selection 1.
- Demand for luxury property and global mobilitymixed
The target clientele, globally mobile individuals, could support demand for branded projects, but remains exposed to changes in wealth and financial conditions 1.
Competitive position
Dar Global competes with other luxury developers in the Gulf and in other markets offering branded residences, and differentiation rests on brand partnerships and a solid funding base 1. The sources do not explicitly name competitors, so the competitive landscape cannot be detailed further from the available documents.
The company intends to remain selective in its expansion, through strategic partnerships and iconic projects, and any acquisitions could strengthen its position against competitors if opportunities arise on favourable terms 1.
- Gulf luxury developers
Regional competitors in the luxury residential segment, not named explicitly in the sources reviewed.
- International branded residence developers
Companies developing branded projects in global markets, not explicitly identified in the sources.
- Saudi Arabian developers
Local competitors in the Saudi market, which could gain share as the market opens.
- Qatari developers
Competitors in Qatar, where the company has projects under development, not named in the sources reviewed.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Dar Global PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.