Rank Progress S.A. (RNK.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

+42.0%

PLN 6.01

vs PLN 4.24 price

Levered DCF

-PLN 6.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.45

Distress 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	9.54×	5.65×	3.83×	2.67×	36.31×	1.23×	6.36×	4.18×
P/B	0.3×	0.43×	0.19×	0.15×	0.19×	0.15×	0.14×	0.16×
P/S	2.44×	1.43×	1.3×	1.12×	1.4×	0.56×	0.5×	0.67×
EV / EBITDA	9.54×	6.23×	8.36×	23.38×	6.61×	8.33×	13.26×	11.01×
Gross margin	35.3%	76.7%	75.5%	49.5%	63.7%	37.2%	53.1%	62.4%
Operating margin	6.4%	49.6%	1.2%	55.8%	-1.9%	69.0%	27.7%	50.5%
Net margin	25.7%	25.3%	33.7%	42.0%	3.9%	45.7%	7.8%	15.9%
Current ratio	2.65×	0.72×	0.7×	1.65×	1.36×	0.59×	1.21×	0.59×
Debt / equity	0.41×	0.44×	0.55×	0.57×	0×	0.73×	0.81×	0.96×
Interest coverage	0.29×	5.03×	0.04×	3.42×	-0.14×	0×	2.17×	2.99×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.2%	7.7%	4.9%	5.5%	0.5%	12.5%	2.1%	3.9%
Return on invested capital	0.4%	6.5%	0.1%	2.9%	-0.1%	8.3%	2.7%	5.1%
Return on assets	1.9%	4.7%	2.7%	3.0%	0.3%	6.4%	1.0%	1.8%
Free cash flow yield	1.7%	21.2%	-42.9%	-2.2%	5.5%	32.6%	97.7%	81.4%
Earnings yield	10.5%	17.7%	25.9%	37.5%	2.8%	81.9%	15.5%	23.9%
Enterprise value	PLN 368.8M	PLN 440.5M	PLN 348.5M	PLN 312.6M	PLN 30.8M	PLN 357.1M	PLN 345.2M	PLN 392.8M
Net debt / EBITDA	5.32×	2.99×	6.14×	18.27×	-11.89×	6.78×	11.26×	9.35×
Cash conversion cycle (days)	289	1,158	1,334	1,015	704	155	-157	1,044