Edison Investment Research - Rank Progress S.A. (RNK) Update: Key milestone reached

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Edison Investment Research

Update: Key milestone reached

The successful launch of its new digital platform, on time and budget, marks a key milestone for Rank and a major step towards its goal of a full omni-channel gaming product offering. Digital channels are the key growth driver for Rank and the new platform already offers new products and functionality, enabling Rank to further leverage its strong land-based gaming brands. After recent profit taking the FY16e EV/EBITDA is only 7.8x, yet the group is delivering good growth and strong cash flows.

11/03/2016 3 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: Key milestone reached

Ford Equity International Rating and Forecast Report

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

Update: Grosvenor leads the way

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

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