Edison Investment Research - Rank Progress S.A. (RNK) Update: Solid results ahead of platform migration

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Edison Investment Research

Update: Solid results ahead of platform migration

Interim results were broadly as expected, with 11% underlying operating profit growth offset by higher UK remote gaming duty. Positive highlights included 2% l-f-l growth in Mecca retail, a good result in provincial casinos, strong cash flows and a 13% dividend increase. Small tweaks to our full year numbers produce a minor upgrade to EPS, but the main focus for H216 is on a successful platform migration to drive the groupâ€™s digital and omni-channel growth. The FY16e EV/EBITDA of 8.8x remains undemanding.

29/01/2016 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: Solid results ahead of platform migration

Ford Equity International Rating and Forecast Report

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