Rainbow Tours Valuation

Q: What is the Fair Price of RBW when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

RBW (PLN120) is trading below our estimate of [[fair value]] (PLN229.57)

Is RBW undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of RBW when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: RBW (PLN120) is trading below our estimate of fair value (PLN229.57)

Significantly Below Fair Value: RBW is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for RBW?

Key metric: As RBW is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for RBW. This is calculated by dividing RBW's market cap by their current earnings.
What is RBW's PE Ratio?
PE Ratio	8.1x
Earnings	zł215.44m
Market Cap	zł1.75b

RBW key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	5.5x
PEG Ratio	2.4x

Price to Earnings Ratio vs Peers

How does RBW's PE Ratio compare to its peers?

The above table shows the PE ratio for RBW vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	17.4x
STH STS Holding	22.6x	n/a	zł3.9b
ISTA Issta	11.9x	n/a	₪1.5b
MLHMC Hotel Majestic Cannes	13.2x	n/a	€321.5m
PPH PPHE Hotel Group	22.1x	31.6%	UK£484.8m
RBW Rainbow Tours	8.1x	3.4%	zł1.7b

Price-To-Earnings vs Peers: RBW is good value based on its Price-To-Earnings Ratio (8.1x) compared to the peer average (17.4x).

Price to Earnings Ratio vs Industry

How does RBW's PE Ratio compare vs other companies in the European Hospitality Industry?

10 Companies	Price / Earnings	Estimated Growth	Market Cap

10 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: RBW is good value based on its Price-To-Earnings Ratio (8.1x) compared to the European Hospitality industry average (17x).

Price to Earnings Ratio vs Fair Ratio

What is RBW's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

RBW PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate RBW's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst RBW forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	zł120.00	zł120.47 +0.4%	56.7%	zł169.00	zł23.90	n/a	3
Nov ’25	zł112.40	zł99.20 -11.7%	53.9%	zł142.70	zł23.90	n/a	3
Oct ’25	zł105.60	zł99.20 -6.1%	53.9%	zł142.70	zł23.90	n/a	3
Sep ’25	zł106.00	zł99.20 -6.4%	53.9%	zł142.70	zł23.90	n/a	3
Aug ’25	zł103.80	zł133.80 +28.9%	2.1%	zł136.60	zł131.00	n/a	2
Jul ’25	zł117.60	zł93.40 -20.6%	46.3%	zł136.60	zł50.20	n/a	2
Jun ’25	zł105.80	zł93.40 -11.7%	46.3%	zł136.60	zł50.20	n/a	2
May ’25	zł87.70	zł71.30 -18.7%	29.6%	zł92.40	zł50.20	n/a	2

Analyst Forecast: Target price is less than 20% higher than the current share price.