Buy Or Sell Opportunity • Apr 20
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at zł149. The fair value is estimated to be zł188, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to decline by 14% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł151, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Hospitality industry in Europe. Total returns to shareholders of 407% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at zł190 per share. Major Estimate Revision • Mar 17
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from zł16.31 to zł18.52. Revenue forecast steady at zł4.52b. Net income forecast to shrink 11% next year vs 14% growth forecast for Hospitality industry in Poland . Consensus price target broadly unchanged at zł187. Share price fell 6.4% to zł134 over the past week. Reported Earnings • Nov 29
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: zł1.96b (up 13% from 3Q 2024). Net income: zł160.0m (flat on 3Q 2024). Profit margin: 8.2% (down from 9.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Europe. Buy Or Sell Opportunity • Nov 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to zł123. The fair value is estimated to be zł154, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 68%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to decline by 12% in the next 2 years. Buy Or Sell Opportunity • Nov 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to zł123. The fair value is estimated to be zł154, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 68%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to decline by 9.2% in the next 2 years. Reported Earnings • Sep 26
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: zł928.2m (up 4.8% from 2Q 2024). Net income: zł25.0m (down 57% from 2Q 2024). Profit margin: 2.7% (down from 6.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 22
Rainbow Tours S.A. to Report First Half, 2025 Results on Sep 25, 2025 Rainbow Tours S.A. announced that they will report first half, 2025 results on Sep 25, 2025 New Risk • Aug 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jun 26
Upcoming dividend of zł7.67 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 11 July 2025. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 7.9%. Within top quartile of Polish dividend payers (7.0%). Higher than average of industry peers (2.9%). Reported Earnings • May 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: zł869.8m (up 21% from 1Q 2024). Net income: zł59.5m (up 53% from 1Q 2024). Profit margin: 6.8% (up from 5.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Europe. Duyuru • May 22
Rainbow Tours S.A., Annual General Meeting, Jun 17, 2025 Rainbow Tours S.A., Annual General Meeting, Jun 17, 2025. Duyuru • May 17
Rainbow Tours S.A. (WSE:RBW) signed an preliminary agreement to acquire 70% stake in Paralela 45 Turism Srl. Rainbow Tours S.A. (WSE:RBW) signed an preliminary agreement to acquire 70% stake in Paralela 45 Turism Srl on May 15, 2025. The acquisition of the remaining 30% of shares will be realized in stages in tranches until 2030. The conclusion of the final agreement is planned for the end of June 2025, and the transaction will be finalized after meeting the standard conditions precedent, including obtaining the consent of the Romanian Competition Authority.
BT Capital Partners S.A. acted as financial advisor for Paralela 45 Turism Srl. Reported Earnings • Apr 22
Full year 2024 earnings released Full year 2024 results: Revenue: zł4.07b (up 24% from FY 2023). Net income: zł282.0m (up 63% from FY 2023). Profit margin: 6.9% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Hospitality industry in Europe. Price Target Changed • Mar 14
Price target increased by 7.6% to zł128 Up from zł119, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of zł130. Stock is up 63% over the past year. The company is forecast to post earnings per share of zł17.40 for next year compared to zł11.88 last year. Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: zł11.26 (vs zł7.62 in 3Q 2023) Third quarter 2024 results: EPS: zł11.26 (up from zł7.62 in 3Q 2023). Revenue: zł1.74b (up 21% from 3Q 2023). Net income: zł159.8m (up 44% from 3Q 2023). Profit margin: 9.2% (up from 7.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Hospitality industry in Europe. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 79% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 20
Upcoming dividend of zł3.33 per share Eligible shareholders must have bought the stock before 27 November 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Lower than top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (2.7%). Reported Earnings • Oct 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: zł885.8m (up 25% from 2Q 2023). Net income: zł58.1m (up 62% from 2Q 2023). Profit margin: 6.6% (up from 5.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Hospitality industry in Europe. Price Target Changed • Sep 03
Price target decreased by 26% to zł99.20 Down from zł134, the current price target is an average from 3 analysts. New target price is 6.2% below last closing price of zł106. Stock is up 163% over the past year. The company posted earnings per share of zł11.88 last year. Buy Or Sell Opportunity • Jul 18
Now 22% undervalued Over the last 90 days, the stock has risen 47% to zł108. The fair value is estimated to be zł138, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last 3 years. Meanwhile, the company has become profitable. Duyuru • Jun 19
Rainbow Tours to Pay Additional Dividend for 2023 Rainbow Tours' general meeting has decided to allocate additional amount of PLN 50.9 million (EUR 11.7 million) for a dividend payment, which translates into PLN 3.5 (EUR 0.81) per share. Taking into account the two previously paid advances of PLN 0.79 (EUR 0.18) and PLN 2 (EUR 0.46) per share, the company's dividend for 2023 amounts to PLN 6.29 (EUR 1.45) per share. In total, the company will allocate PLN 91.5 million (EUR 21.1 million) for dividends from its 2023 profit. Upcoming Dividend • Jun 18
Upcoming dividend of zł3.50 per share Eligible shareholders must have bought the stock before 25 June 2024. Payment date: 03 July 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (3.0%). Buy Or Sell Opportunity • Jun 07
Now 20% undervalued Over the last 90 days, the stock has risen 44% to zł104. The fair value is estimated to be zł131, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 54% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 27
First quarter 2024 earnings released First quarter 2024 results: Revenue: zł721.6m (up 30% from 1Q 2023). Net income: zł39.0m (up 97% from 1Q 2023). Profit margin: 5.4% (up from 3.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Hospitality industry in Europe. Duyuru • May 21
Rainbow Tours S.A., Annual General Meeting, Jun 18, 2024 Rainbow Tours S.A., Annual General Meeting, Jun 18, 2024. Duyuru • May 16
Rainbow Tours Provides Consolidated Earnings Guidance for the First Quarter of 2024 Rainbow Tours provided consolidated earnings guidance for the first quarter of 2024. The company estimated it had PLN 38.2 million consolidated net profit in the first quarter of 2024, 103.6% higher than in the previous year period. Estimated sales revenue amounted to PLN 726.6 million and were higher 30.7% year on year. Consolidated EBIT amounted to PLN 53.4 million and was higher 120.1% year on year. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł107, the stock trades at a trailing P/E ratio of 9x. Average forward P/E is 13x in the Hospitality industry in Poland. Total returns to shareholders of 289% over the past three years. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to zł86.40, the stock trades at a trailing P/E ratio of 7.3x. Average forward P/E is 14x in the Hospitality industry in Poland. Total returns to shareholders of 212% over the past three years. Reported Earnings • Apr 21
Full year 2023 earnings released Full year 2023 results: Revenue: zł3.29b (up 38% from FY 2022). Net income: zł172.8m (up zł151.3m from FY 2022). Profit margin: 5.2% (up from 0.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Hospitality industry in Europe. Duyuru • Apr 05
Rainbow Tours Provides Consolidated Earnings Guidance for the Fiscal Year 2023 Rainbow Tours provided consolidated earnings guidance for the fiscal year 2023. for the year, the company estimates a consolidated net profit of PLN 173.8 million (EUR 40.5 million), significantly up from PLN 22.3 million (EUR 5.2 million) profit a year earlier. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł72.60, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 17x in the Hospitality industry in Poland. Total returns to shareholders of 225% over the past three years. Upcoming Dividend • Jan 16
Upcoming dividend of zł2.00 per share at 5.4% yield Eligible shareholders must have bought the stock before 23 January 2024. Payment date: 31 January 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of Polish dividend payers (7.7%). Higher than average of industry peers (2.7%). Reported Earnings • Nov 21
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: zł1.43b (up 29% from 3Q 2022). Net income: zł110.8m (up 124% from 3Q 2022). Profit margin: 7.7% (up from 4.4% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Oct 02
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: zł709.1m (up 41% from 2Q 2022). Net income: zł35.8m (up zł41.1m from 2Q 2022). Profit margin: 5.0% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 09
Upcoming dividend of zł0.79 per share at 4.7% yield Eligible shareholders must have bought the stock before 16 August 2023. Payment date: 24 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Lower than top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (2.3%). Upcoming Dividend • Jun 27
Upcoming dividend of zł0.50 per share at 5.0% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 12 July 2023. Trailing yield: 5.0%. Lower than top quartile of Polish dividend payers (7.2%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to zł44.50, the stock trades at a trailing P/E ratio of 30.3x. Average forward P/E is 19x in the Hospitality industry in Poland. Total returns to shareholders of 109% over the past three years. Duyuru • Jun 04
Rainbow Tours S.A., Annual General Meeting, Jun 28, 2023 Rainbow Tours S.A., Annual General Meeting, Jun 28, 2023, at 12:00 Central European Standard Time. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł34.75, the stock trades at a trailing P/E ratio of 23.7x. Average forward P/E is 17x in the Hospitality industry in Poland. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to zł29.00, the stock trades at a trailing P/E ratio of 19.8x. Average forward P/E is 18x in the Hospitality industry in Poland. Total returns to shareholders of 88% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: zł1.11b (up 62% from 3Q 2021). Net income: zł49.5m (flat on 3Q 2021). Profit margin: 4.4% (down from 7.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Oct 13
Upcoming dividend of zł1.50 per share Eligible shareholders must have bought the stock before 20 October 2022. Payment date: 31 October 2022. Trailing yield: 8.3%. Lower than top quartile of Polish dividend payers (9.3%). Higher than average of industry peers (2.3%). Reported Earnings • Oct 02
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: zł504.7m (up 107% from 2Q 2021). Net loss: zł5.31m (flat on 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Duyuru • Jun 07
Rainbow Tours S.A., Annual General Meeting, Jun 30, 2022 Rainbow Tours S.A., Annual General Meeting, Jun 30, 2022. Reported Earnings • Nov 28
Third quarter 2021 earnings: Revenues miss analyst expectations Third quarter 2021 results: Revenue: zł687.5m (up 401% from 3Q 2020). Net income: zł49.2m (up zł48.6m from 3Q 2020). Profit margin: 7.2% (up from 0.5% in 3Q 2020). Revenue missed analyst estimates by 88%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 11
New 90-day high: zł27.00 The company is up 11% from its price of zł24.30 on 11 December 2020. The Polish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 20% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: zł25.40 The company is up 93% from its price of zł13.15 on 06 October 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 44% over the same period. Is New 90 Day High Low • Dec 11
New 90-day high: zł24.10 The company is up 86% from its price of zł12.95 on 11 September 2020. The Polish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 45% over the same period. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS zł0.045 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: zł137.1m (down 83% from 3Q 2019). Net income: zł661.0k (down 99% from 3Q 2019). Profit margin: 0.5% (down from 5.4% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 20% share price gain to zł19.90, the stock is trading at a trailing P/E ratio of 31.4x, up from the previous P/E ratio of 26.2x. This compares to an average P/E of 22x in the Hospitality industry in Europe. Total return to shareholders over the past three years is a loss of 50%. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 19% share price gain to zł19.60, the stock is trading at a trailing P/E ratio of 30.9x, up from the previous P/E ratio of 26.1x. This compares to an average P/E of 22x in the Hospitality industry in Europe. Total return to shareholders over the past three years is a loss of 48%. Valuation Update With 7 Day Price Move • Nov 03
Market bids up stock over the past week After last week's 18% share price gain to zł12.00, the stock is trading at a trailing P/E ratio of 18.9x, up from the previous P/E ratio of 16.1x. This compares to an average P/E of 20x in the Hospitality industry in Europe. Total return to shareholders over the past three years is a loss of 64%. Valuation Update With 7 Day Price Move • Oct 14
Market pulls back on stock over the past week After last week's 17% share price decline to zł11.30, the stock is trading at a trailing P/E ratio of 17.8x, down from the previous P/E ratio of 21.5x. This compares to an average P/E of 21x in the Hospitality industry in Europe. Total return to shareholders over the past three years is a loss of 67%. Is New 90 Day High Low • Oct 13
New 90-day low: zł11.70 The company is down 33% from its price of zł17.35 on 15 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 17% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of zł9.22m, down 18% from the prior year. Total revenue was zł1.37b over the last 12 months, down 16% from the prior year.