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Rainbow Tours S.A (RBW) Fair Value & Analysis

Consumer Cyclical · PL · Market cap 2.0B PLN

RT Rainbow Tours S.A RBW · WAR
Price146.70 PLN
Fair Value90.52 PLN
Upside-38.3%
Quality65/100
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Mixed Growth
Thin margins · 5.4% net margin
Low debt · generates free cash flow
6.33% dividend yield
Ranks above peers (9/13)
Moderate moat 60/100
Evidence: High Range 67.89 PLN – 165.92 PLN Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 24 days ago

Fair value updated Jul 16, 2026, revised from 329.41 PLN to 90.52 PLN (−72.5%) since Jun 25, 2026. Share price +7.1% over the past month.

A solid business, but screening 38% overvalued on our models.

What matters now

  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (67.89 PLN to 165.92 PLN) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

155.76 PLN 13.10 PLN Fair Value 90.52 PLN Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 13.10 PLN – 155.76 PLN · fair‑value band 67.89 PLN – 165.92 PLN · the 146.70 PLN price screens above the 90.52 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Rainbow Tours S.A (RBW) currently trades at 146.70 PLN, while our model-based Fair Value estimate is 90.52 PLN, implying the stock looks roughly 38.3% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Rainbow Tours S.A generated revenue of 4.5B PLN at a net margin of 6.0%. Revenue grew 12.7% year over year. It earns a return on equity of 54.2%. The balance sheet holds a net cash position of 384M PLN. Fundamentals as of Jul 16, 2026

Our scenario range runs from 67.89 PLN (bear case) to 165.92 PLN (bull case); at 146.70 PLN, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 30% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -16% fair-value upside, at -38%, RBW screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 347.49 PLN 556.41 PLN 940.78 PLN 80
Residual Income 119.11 PLN 174.08 PLN 1,977 PLN 76
Rev-Margin DCF 283.94 PLN 522.80 PLN 899.98 PLN 74
All 26 models by family
DCF Models
FCF DCF 368.86 PLN 524.31 PLN 988.91 PLN 38
Owner Earnings 264.41 PLN 515.02 PLN 980.04 PLN 31
5Y Revenue Exit 283.94 PLN 460.87 PLN 818.89 PLN 39
5Y EBITDA Exit 284.39 PLN 461.80 PLN 798.41 PLN 41
5Y P/E Exit 335.79 PLN 667.92 PLN 1,107 PLN 38
10Y Revenue Exit 302.32 PLN 566.13 PLN 768.62 PLN 36
10Y EBITDA Exit 310.02 PLN 566.98 PLN 1,025 PLN 37
10Y P/E Exit 343.87 PLN 663.37 PLN 1,214 PLN 35
Earnings-Based
Graham-Dodd 121.13 PLN 844.72 PLN 1,185 PLN 54
Lynch FV 289.78 PLN 413.97 PLN 538.16 PLN 50
PEG = 1.0 289.78 PLN 413.97 PLN 538.16 PLN 46
EPV 173.62 PLN 193.11 PLN 209.34 PLN 59
Dividend Discount
Gordon GGM 59.59 PLN 107.38 PLN 147.82 PLN 70
DDM Multi-Stage 59.59 PLN 98.09 PLN 114.71 PLN 61
Multiples
P/E Multiple 293.91 PLN 391.88 PLN 489.85 PLN 63
P/S Multiple 227.11 PLN 302.82 PLN 378.52 PLN 58
P/B Multiple 103.38 PLN 137.83 PLN 172.29 PLN 55
EV/EBIT 331.13 PLN 431.26 PLN 531.39 PLN 53
EV/EBITDA 248.37 PLN 320.90 PLN 393.44 PLN 54
EV/Revenue 233.23 PLN 320.01 PLN 406.79 PLN 43
Asset-Based
NCAV (Graham) 17.23 PLN 23.09 PLN 34.46 PLN 50
Growth DCF
Growth DCF 347.49 PLN 556.41 PLN 940.78 PLN 80
Rev-Margin DCF 283.94 PLN 522.80 PLN 899.98 PLN 74
Economic Profit
Residual Income 119.11 PLN 174.08 PLN 1,977 PLN 76
ROIC Compounder 176.88 PLN 200.39 PLN 222.30 PLN 72
Growth Earnings
Growth-Adj P/E 386.75 PLN 552.51 PLN 718.26 PLN 68

Widest divergence: Growth Earnings (552.51 PLN) versus Asset-Based (23.09 PLN). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 4.6B PLN
Revenue growth (YoY) +1.7%
Net margin 5.4%
Return on equity 42.9%
Free cash flow 361M PLN FY2025
P/E ratio 8.2
More key figures
Operating margin 6.3%
EPS (TTM) 16.72 PLN
Dividend yield 6.3%
EPS growth (YoY) -23.2%
Net cash 384M PLN FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 68 · Market factors (momentum, volatility) 59

Profitability 86
Margins and returns on capital today
Quality Growth 44
Are margins and returns improving?
Cashflow 61
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 65
Distance to the 52-week high (market factor)
Net Issuance 76
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Rainbow Tours S.A. operates as a tour operator in Poland, the Czech Republic, Greece, Spain, Turkey, Slovakia, Lithuania, and internationally. The company operates through Sale of Tourist Events, Hotel, and Others segments. The company was founded in 1990 and is headquartered in Lódz, Poland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Rainbow Tours S.A reported revenue of 4.6B PLN in FY2025 versus 1.3B PLN in FY2021, a compound +37.4%/yr. Reported net income was 259M PLN in FY2025, compounding +99.1%/yr from FY2021.

Growth Quality 82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
4.6B PLN
Latest YoY
+12.0%
Avg. growth/yr (3Y)
+24.0%
Avg. growth/yr (17Y)
+18.1%
Revenue +37.4%/yr
FY21 1.3B PLN
FY22 2.4B PLN
FY23 3.3B PLN
FY24 4.1B PLN
FY25 4.6B PLN
Net income +99.1%/yr
FY21 16.5M PLN
FY22 21.5M PLN
FY23 173M PLN
FY24 282M PLN
FY25 259M PLN

RBW screens 38% overvalued. Compare with Booking Holdings →

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Cite: Fair Value Calculator (2026). "Rainbow Tours S.A Fair Value". https://www.fairvalue-calculator.com/stock/RBW

Peer Group

Travel Services · 90 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside −38% · Below median
Return on equity (TTM) 43% · Top 25%
Return on assets 14% · Top 25%
Net margin (TTM) 5% · Below median
Operating margin (TTM) 6% · Below median
Revenue growth 2% · Below median
Dividend yield (TTM) 6.3% · Top 25%
Debt / equity 0.05× · Lower than median

Valuation Multiples vs Travel Services median · lower = cheaper

P/E (TTM) 8.2× · Cheaper than 75% of peers
P/B 1.07× · Cheaper than median
P/S (TTM) 0.12× · Cheaper than 75% of peers
P/FCF 1.5× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 22
FUTURE 9 · sector 25
PAST 100 · sector 36
HEALTH 98 · sector 97
DIVIDEND 100 · sector 36

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Travel Services stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG $182.80 $152.94 -16%
Airbnb, Inc ABNB $148.62 $57.47 -61%
Royal Caribbean Cruises Ltd RCL $286.96 $215.19 -25%
Viking Holdings VIK $100.69 $43.51 -57%
Carnival Corporation CCL $26.41 $31.36 +19%
Expedia Group EXPE $268.77 $248.63 -7%
Trip.com Group TCOM $42.45 $88.82 +109%
Norwegian Cruise Line Holdings NCLH $19.46 $20.28 +4%
Global Business Travel Group GBTG $9.40 $4.17 -56%
Travel + Leisure Co TNL $73.27 $27.29 -63%

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Frequently asked questions

Is Rainbow Tours S.A (RBW) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 90.52 PLN versus a price of 146.70 PLN, about −38% (overvalued).
What is the fair value of RBW?
Our model-based fair value for Rainbow Tours S.A is 90.52 PLN (as of Jul 16, 2026), built from audited fundamentals. The current price is 146.70 PLN.
What is the quality score of RBW?
Rainbow Tours S.A has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Rainbow Tours S.A (RBW)?
Rainbow Tours S.A reported trailing-twelve-month revenue of about 4.5B PLN (latest available figure, as of Jul 16, 2026).
What is the net profit margin of RBW?
The net profit margin of Rainbow Tours S.A is about 6.0%, meaning it keeps roughly 6.0% of revenue as net income. Based on the latest reported figures.
Does Rainbow Tours S.A pay a dividend?
Rainbow Tours S.A currently shows a dividend yield of about 5.30% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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