Edison Investment Research - Rank Progress S.A. (RNK) Update: A good start to the year

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Edison Investment Research

Update: A good start to the year

Rank has reported a good start to the year, with revenue up 7% and Grosvenor Casinos performing particularly well. Our recent initiation report highlighted Rankâ€™s opportunity to leverage its brands with an improved multi-channel offering. Digital revenues continue to grow at c 20% with migration to the new IT platform on schedule for early 2016. Our estimates are unchanged, with the potential for organic growth to be augmented by acquisitions at some stage given the groupâ€™s balance sheet strength. Yet the FY16e EV/EBITDA is still undemanding at 8.5x.

20/10/2015 5 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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Update: A good start to the year

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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