Rainbow Tours S.A. (RBW.WA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+674.4%

PLN 913.82

vs PLN 118.00 price

Levered DCF

PLN 475.91

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.93

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.55×	6.88×	5.13×	12.81×	21.24×	-8.14×	17.92×	38.85×
P/B	4.39×	4.77×	4.27×	2.38×	3.23×	3.7×	3.98×	2.78×
P/S	0.48×	0.48×	0.27×	0.11×	0.27×	0.79×	0.29×	0.18×
EV / EBITDA	5.17×	4.65×	2.84×	5.7×	9.54×	-19.41×	11.31×	11.77×
Gross margin	16.7%	18.4%	16.6%	10.6%	11.4%	10.7%	13.7%	11.4%
Operating margin	7.1%	8.7%	6.5%	1.3%	1.6%	-11.0%	2.2%	0.8%
Net margin	5.7%	6.9%	5.2%	0.9%	1.3%	-9.7%	1.6%	0.5%
Current ratio	1.15×	1.05×	0.98×	1×	0.97×	0.87×	1.03×	1.21×
Debt / equity	0.17×	0.27×	0.33×	1.57×	1.03×	2.26×	1.39×	0.69×
Interest coverage	78.9×	109.33×	176.97×	13.91×	6.6×	-8.62×	8.95×	7.61×
Dividend yield	5.1%	6.6%	2.1%	8.2%	0.0%	0.0%	0.0%	5.9%
Payout ratio	43.1%	45.6%	10.9%	101.5%	0.0%	0.0%	0.0%	231.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	51.7%	69.2%	83.5%	19.2%	15.2%	-45.5%	22.2%	7.1%
Return on invested capital	42.4%	47.6%	50.5%	7.3%	6.5%	-11.9%	11.9%	6.5%
Return on assets	18.2%	21.7%	17.6%	3.0%	3.0%	-8.9%	5.6%	2.1%
Free cash flow yield	16.4%	11.2%	25.3%	19.6%	28.7%	-36.2%	14.2%	-20.0%
Earnings yield	11.8%	14.5%	19.6%	8.1%	4.7%	-12.3%	5.6%	2.6%
Enterprise value	PLN 1.8B	PLN 1.8B	PLN 676.5M	PLN 299.4M	PLN 377.8M	PLN 524M	PLN 624.4M	PLN 339.6M
Net debt / EBITDA	-1.09×	-0.46×	-0.87×	0.63×	0.71×	-6.69×	2.02×	1.59×
Cash conversion cycle (days)	-4	-6	5	-4	-21	125	-7	-8