Edison Investment Research - Rank Progress S.A. (RNK) Initiation: A re-energised business

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Edison Investment Research

Initiation: A re-energised business

Rank has been re-energised over the past year. FY15 results showed encouraging progress, but we believe this is only the start, with digital gaming beginning to grow strongly and plenty of scope to leverage the Mecca and Grosvenor brands with a true multi-channel offering. Rankâ€™s underlying business is strongly cash generative, with debt on track to be eliminated by the end of FY18 in the absence of any acquisitions. The shares have performed well, but still trade at a discount to the sector (FY16 EV/EBITDA only 8.3x) and a sum-of-the parts suggests a value of 290-360p.

08/09/2015 16 EN

Underlying

Rank Progress S.A.

RANK PROGRESS SA is a Poland-based company engaged in property investment and development. It operates in two main segments: real estate rental and real estate sales. Its business model is based on purchase of a real estate, land integration, administrative preparation for development, construction works and management or sale of a property. In addition, it also offers a rental space to shopping centers in main cities across Poland. The Company's client portfolio includes Tesco, Carrefour, H&M, Empik, Leroy Merlin, Metro-Makro Cash & Carry, Praktiker and others. As of December 31, 2011, it operated through 34 subsidiaries. On November 14, 2012, the Company acquired 100% stake in Gemar - Umech Sp. z o.o. On November 16, 2012, the Company acquired a 100% stake in Rank Recycling Energy Sp. z o.o.

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PLRNKPR00014 Warsaw Stock Exchange Poland

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Initiation: A re-energised business

Ford Equity International Rating and Forecast Report

Insider sold: A director sold 243,083 shares at 2.010PLN and

Update: Grosvenor leads the way

OPAP - Winning strategy

Patria Private Equity Trust - High liquidity and solid long-term track record

MoneyHero - Emphasis on driving margin

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