Original-Research: Rainbow Tours S.A. (von East Value Research GmbH ): BUY - T-Online

Original-Research: Rainbow Tours S.A. - from East Value Research GmbH

The issuer is solely responsible for the content of this research. The

invitation to conclude certain stock exchange transactions.

Classification of East Value Research GmbH to Rainbow Tours S.A.

impacted by the conflict in the Middle East. According to IATA, due to the

in Europe/CIS are 127.2% above the prior year's average. This has most

hedges fuel costs 6-12 months in advance. Additionally, the PLN is c. 4% and

relevant when RBW reserves hotels and airlines for planned holiday trips.

cheaper last-minute trips. In our view, despite 6.6% higher bookings for the

by lower-than-expected gross margins in Romania; with prel. Q3 revenues of

PLN 2.39bn (.8% y-o-y), we forecast an EBITDA of PLN 160.4m (-24.1%), and

a net income of PLN 121.4m (-24.1%). We expect that in Q4/26E and H1/27E

results. Despite lower profitability estimates, our 12-months PT (80% DCF,

20% peer group) remains unchanged at PLN 204.70 due to a higher net cash

figure and peer-group-based FV. In our view, for long-term,

dividend-oriented investors, RBW remains an attractive pick.

H1/26 results In Jan-June 2026, RBW generated 10.4% higher revenues y-o-y of

PLN 2bn. Despite stronger competition, the largest Touristic segment

contributed PLN 1.96bn (.1% y-o-y) of revenues and a 14.3% gross margin

(H1/25: 16%). Foreign revenues within the segment, which reflect 70%

August 2025, increased c. 5x to PLN 105.9m. The Hotels segment saw revenues

.5% to PLN 22.4m (gross margin: -9.4% vs. -20.1% in H1/25), whereby

summer season. A 1.6% lower gross margin on group level and 20.2% higher

Romania resulted in a 27.3% lower EBIT y-o-y of PLN 74.9m (3.8% margin vs.

5.7% in H1/25). Consequently, net operating cash flow declined by 31.3% to

PLN 162m. Nevertheless, net cash went up to PLN 436m from PLN 154.2m at the

end of Q1/26 due to client prepayments.

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