RBW GPW mWIG40 Periodic report · PAP Biznes
Rainbow Tours SA (RBW) · H1 2026 results and valuation
Share price: 124.00 zł · 2026-11-10
Rainbow Tours SA is a travel agency and tour operator that organizes and sells travel packages, tours, and transportation tickets. The group operates in Poland, Greece, Turkey, Italy, the Czech Republic, and Romania, and also manages a chain of hotels. Sources: Half-year report (2026-09-24) · Wikipedia
Results H1 2026 vs H1 2025 · year over year · published 24 Sep 2026 and 25 Sep 2025
Net income down 23.2% year on year. The language turned more cautious.
1 · Numbers
−23.2%
Net income vs H1 2025
Net income 65.0M vs 84.6M
Revenue +10.4%
Why Net income fell primarily due to extraordinary costs not exceeding 5 mln zł incurred for the evacuation of clients and the organization of charter flights from the Middle East.
2 · How the report reads
More cautious
Language tone vs last period
Report language: typical for a company report — more cautious than in H1 2025.
Weak signal: formal report language, not a call.
3 · What stood out
The acquisition price for a 70% stake in Paralela 45 Turism S.R.L. was set at 8.1 million euro.
Valuation
Is Rainbow Tours SA undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 20.0% growth a year (3-year revenue growth), the model's fair value is 951.77 zł a share — the stock trades 87% below it. Today's price assumes −11.5% growth a year.
Current price
124.00 zł
close of 2026-11-10
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-11.5% for 10 yrs
Fair value / share
951.77 zł
Buy below
713.82 zł
Price vs fair value
Undervalued 87%
Price vs buy-below price
Undervalued 83%
Read between the lines
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Figure
The acquisition price for a 70% stake in Paralela 45 Turism S.R.L. was set at 8.1 million euro.
Source quote
“The acquisition price for 70% of the shares of the Company [Paralela 45 Turism S.R.L.] was set in the Agreement at the amount of 8.1 million euro.”
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Figure
Since taking control of Paralela 45 Tursim S.R.L. on January 8, 2026, the issuer began long-term investment and restructuring processes for the subsidiary.
Source quote
“Since the date of taking control over the subsidiary Paralela 45 Tursim S.R.L. (operating as a Romanian joint-stock company under the name Paralela 45 Turism S.A. since 08.01.2026), the Issuer has initiated and is conducting, planned for the long term, investment and restructuring processes in the said subsidiary.”
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Key theme
The Issuer entered into an agreement to purchase Paralela 45 Turism S.R.L. from its shareholders, which impacts the company's assets or business structure.
Source quote
“The Issuer (as the purchaser) entered into a sale agreement with the shareholders of Paralela 45 Turism S.R.L. (as the sellers), i.e., Agreement for the Sale and Purchase of Paralela 45 Turism S.R.L. together with accompanying documents (hereinafter as the "Agreement"), under which the Issuer acquires Paralela 45 Turism S.R.L. from the shareholders." — notable figure this quarter (salience: 86) The Issuer (as the purchaser) entered into a sale agreement with the shareholders of Paralela 45 Turism S.R.L. (as the sellers), i.e., Agreement for the Sale and Purchase of Paralela 45 Turism S.R.L. together with accompanying documents (hereinafter as the "Agreement"), under which the Issuer acquires Paralela 45 Turism S.R.L. from the shareholders.”
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Key theme
Rainbow Tours S.A. increased its insurance guarantee amount and signed an amendment to the guarantee agreement as a tourism organizer and provider of related services.
Source quote
“Increasing the insurance guarantee amount for Rainbow Tours S.A. as a tourism organizer and an entrepreneur facilitating the purchase of related tourism services; concluding an addendum to the guarantee agreement.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.
Typical for a company report — more cautious than in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Full figures
PLN · PAP Biznes report (2026-09-24), consolidated statement; H1 vs the same period a year earlier (restated); net income to parent shareholders
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Revenue | 1.98B | 1.80B | +10.4% |
| Gross profit | 278.8M | 281.1M | −0.8% |
| Operating income | 74.9M | 103.0M | −27.3% |
| Net income | 65.0M | 84.6M | −23.2% |
| EPS | 4.07 | 5.81 | −29.9% |
| P/E today 7.7 | 9.2 | 7.0 | +2.2 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- Rainbow Tours is responsible for formulating the opinion on the interim condensed consolidated financial statements based on the review it…
Faded since H1 2025
- Dropped Pursuant to the annex to the Guarantee Agreement No. GT 574/2024
- Dropped The parent company classifies the commission charged to agents cooperating with the Issuer as selling costs.
- Dropped In the event of the execution of the Guarantee (including all future amendments thereto) by the Guarantor for the benefit of the Beneficiary
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Informacja o przychodach Spółki i Grupy Kapitałowej Rainbow Tours za miesiąc wrzesień 2026 roku oraz w rachunku narastającym za okres miesięcy styczeń-wrzesień 2026 roku · ESPI 38/2026
- Informacja o przychodach Spółki i Grupy Kapitałowej Rainbow Tours za miesiąc sierpień 2026 roku oraz w rachunku narastającym za okres miesięcy styczeń-sierpień 2026 roku · ESPI 37/2026
The Company's individual revenues in August 2026 were PLN 723.9 million compared to PLN 650.0 million in 2025, while the Group's consolidated revenues for the same month were PLN 825.7 million compared to PLN 733.3 million.
- Informacja o wielkości przedsprzedaży imprez turystycznych objętych ofertą sezonu "Zima 2026/2027", za okres od rozpoczęcia sprzedaży oferty do dnia 22 września 2026 r. · ESPI 36/2026
The pre-sales of tour events for the Winter 2026/2027 season amounted to 82,419 people, representing an increase of approximately 8.0% compared to 76,320 people recorded during the same period in 2025.
- Half-year report · ESPI periodic · routine
- Informacja o przychodach Spółki i Grupy Kapitałowej Rainbow Tours za miesiąc lipiec 2026 roku oraz w rachunku narastającym za okres miesięcy styczeń-lipiec 2026 roku · ESPI 35/2026
The Company's individual revenues in July 2026 were PLN 706.2 million compared to PLN 636.7 million in July 2025, while the Group's consolidated revenues were PLN 793.9 million compared to PLN 669.2 million.
- Zawarcie przez Spółkę umowy o udzielenie gwarancji ubezpieczeniowej jako organizatora turystyki i przedsiębiorcy ułatwiającego nabywanie powiązanych usług turystycznych · ESPI 34/2026
- Podwyższenie sumy gwarancji ubezpieczeniowej dla Rainbow Tours S.A. jako organizatora turystyki i przedsiębiorcy ułatwiającego nabywanie powiązanych usług turystycznych; zawarcie aneksu do umowy gwarancji · ESPI 33/2026
The Company increased the upper limit of the insurance guarantee from the previous amount of PLN 440,000,000.00 to PLN 500,000,000.00.
- Rejestracja przez sąd rejestrowy zmiany Statutu Spółki · ESPI 32/2026 · routine