olivLaw · European equity research
Rank Progress S.A. RNK.WA
Poland · GPW Warszawa · ISIN PLRNKPR00014 · Vertical: Listed companies from Poland
Rank Progress S.A. is a Polish developer and operator of shopping centres whose rental income is largely denominated in euro. The company is under liquidity pressure from rising interest costs and reliance on asset sales, which makes the 2024 refinancings relevant to follow.
At the close of 05 Nov 2026, Rank Progress S.A. (RNK.WA) stock was 4.17 PLN (−0.24% on the day), with market capitalisation 153.8 m PLN, P/E 6.4 on diluted EPS of 0.65 PLN over the last 12 months, beta 0.21, 52-week range 3.87–5.00 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.3
- weak (30–45)
- Bollinger (20, 2)
- 4.12 – 4.43
- in the lower half of the band · %B 0.15 · band width 7.3%
- SMA 50 / 200
- 4.50 / 4.44
- mixed trend
- MACD (12, 26, 9)
- -0.09 / -0.10
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.2% | −0.6% | −6.6 pp | — |
| 3 months | −16.4% | −4.2% | −12.3 pp | — |
| 6 months | +5.7% | +4.3% | +1.4 pp | — |
| Year to date | −5.2% | +7.5% | −12.7 pp | — |
| 1 year | +3.0% | +9.9% | −7.0 pp | +7.1% |
| 3 years | +97.4% | +49.8% | +47.5 pp | +3.3% |
| 5 years | +62.7% | +42.8% | +19.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 2.7, median 3.9, max 38.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 61.5 m | 61.1 m | 71.2 m |
| Revenue YoY | unavailable | −0.6% | +16.5% |
| Net income | 2.4 m | 25.6 m | 24.0 m |
| Net income YoY | unavailable | +979.9% | −6.4% |
| Diluted EPS | 0.06 | 0.69 | 0.65 |
| Diluted EPS YoY | unavailable | +1,050.0% | −5.8% |
| net % | 3.9% | 42.0% | 33.7% |
| Free cash flow | 4.8 m | 669.0 k | -39.7 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 16.0 m PLN
- Financial debt
- unavailable PLN
- Net debt
- unavailable PLN
- Equity
- 491.9 m PLN
- Total assets
- 887.8 m PLN
- Debt / equity
- unavailable
- Current ratio
- 0.70x
- ROE
- 5.0%
- ROA
- 2.7%
- FCF margin
- -55.8%
Financial statements (source on every figure)
Revenue and net income (PLN)
Margins
Income statement · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 61.5 m | 61.1 m | 71.2 m | esef· 01 May 2024verified |
| Operating income | -1.2 m | 34.1 m | 827.0 k | esef· 01 May 2024verified |
| Interest expense | 11.1 m | 21.6 m | 25.2 m | esef· 01 May 2024verified |
| Pre-tax income | 6.0 m | 39.0 m | 22.0 m | esef· 01 May 2024verified |
| Income tax | 3.6 m | 13.3 m | -2.0 m | esef· 01 May 2024verified |
| Net income | 2.4 m | 25.6 m | 24.0 m | esef· 01 May 2024verified |
| Diluted EPS | 0.06 | 0.69 | 0.65 | esef· 01 May 2024verified |
Balance sheet · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 57.1 m | 23.9 m | 16.0 m | esef· 01 May 2024verified |
| Receivables | 28.8 m | 16.4 m | 18.0 m | esef· 01 May 2024verified |
| Inventories | 40.3 m | 86.7 m | 147.5 m | esef· 01 May 2024verified |
| Current assets | 166.7 m | 173.0 m | 224.5 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 2.5 m | 3.3 m | 3.4 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 4.0 k | 1.0 k | 0 | esef· 01 May 2024verified |
| Total assets | 831.6 m | 857.9 m | 887.8 m | esef· 01 May 2024verified |
| Accounts payable | 82.3 m | 75.0 m | 88.1 m | esef· 01 May 2024verified |
| Current liabilities | 122.7 m | 105.0 m | 319.8 m | esef· 01 May 2024verified |
| Total liabilities | 389.0 m | 390.0 m | 396.0 m | esef· 01 May 2024verified |
| Equity | 442.6 m | 467.9 m | 491.9 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 39.6 m | 37.1 m | 36.9 m | esef· 01 May 2024derived |
Cash flow · PLN
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.2 m | 738.0 k | -39.7 m | esef· 01 May 2024verified |
| Capex | 394.0 k | 69.0 k | 48.0 k | esef· 01 May 2024verified |
| Free cash flow | 4.8 m ≈ | 669.0 k ≈ | -39.7 m ≈ | esef· 01 May 2024derived |
| Investing cash flow | 60.5 m | -8.9 m | 22.8 m | esef· 01 May 2024verified |
| Financing cash flow | -37.8 m | -25.2 m | 8.9 m | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 153.8 m PLN
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 33.7% | 95 (vs peers) | 15% |
| FCF conversion · Quality | -165.5% | 0 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.0x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 6.4x | 74 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -25.8% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation41/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RANK PROGRESS SPÓŁKA AKCYJNA (RNK.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 71.2 m PLN in 2023; YoY growth 16.5%; net margin 33.7%; ROE 5.0%.
The estimated value range is 4.14–11.43 PLN per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 7.19 PLN, the price of 4.17 PLN leaves a potential of 72.6% (value / price − 1) and a margin of safety of 42.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 33.7%
- P/E (TTM): 6.4x
What contradicts it
- FCF conversion: -165.5%
- Interest coverage: 0.0x
- Current ratio: 0.7x
- FCF yield: -25.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| RNK.WARank Progress Spółka Akcyjna | 153.8 m | 6.4 | 5.0% | 33.7% | +16.5% | −10% / +74% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
1- and 3-year price returns: for RNK.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (PLN)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.72 Total return -35% · Per year -35% | 4.79 Total return 15% · Per year 15% | 7.18 Total return 72% · Per year 72% |
| 3 years | 3.23 Total return -22% · Per year -8% | 6.33 Total return 52% · Per year 15% | 10.35 Total return 148% · Per year 35% |
| 5 years | 3.83 Total return -8% · Per year -2% | 8.38 Total return 101% · Per year 15% | 14.90 Total return 258% · Per year 29% |
- Exit P/E± 1.58
- Net margin± 1.11
- Annual revenue growth± 0.83
- Annual dilution± 0.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Rank Progress S.A. is a Polish developer and operator of shopping centres whose rental income is largely denominated in euro. The company is under liquidity pressure from rising interest costs and reliance on asset sales, which makes the 2024 refinancings relevant to follow 1.
SWOT
Strengths
- A diversified portfolio of shopping centres in several cities, managed by a group structure with specialised entities.
- Rental income with a euro component, useful in certain currency scenarios.
- Access to sales of completed assets, which can bring cash for new projects.
Weaknesses
- High dependence on bank loans and on extending maturities for part of the debt.
- Liquidity ratios weakened in 2023, and flows to the parent are sensitive to delays.
- Contractual restrictions on dividends and on transferring funds within the group.
Opportunities
- Successful sales of commercial facilities could reduce debt and improve liquidity.
- Contributions from the associates in Wrocław could strengthen cash flows over the medium term.
- Investor interest in certain shopping centres could lead to favourable transactions.
Threats
- Continued rises in interest rates could increase financing costs and pressure profit.
- Fluctuations in the euro exchange rate could affect revenue and costs in foreign currency.
- If sales are delayed or fall short of expectations, the group could face payment difficulties.
Risks
- Liquidity riskhigh
The group depends on asset sales and refinancing to cover its debts. If these sources are delayed, overdue payments could arise within the group 1.
- Refinancing of 2024 loanshigh
Two significant loans fall due in 2024 and require amendments. If negotiations fail, the company could have to seek costlier alternatives 1.
- Interest rate riskmedium
The weighted average interest rate rose in 2023. If rates stay high, the financial burden could keep growing 1.
- Currency riskmedium
Revenue and part of the debt are in euro, and a volatile rate can change net results 1.
- Dependence on subsidiariesmedium
One subsidiary needs constant financial support, and contractual restrictions limit the transfer of funds within the group 1.
Investment thesis
What would need to be true (bull case)
- If sales of shopping centres close at good values, the group could reduce its debt and strengthen liquidity in the following year.
- Contributions from the associated Wrocław projects could over time bring steadier cash flows to the parent company.
- If euro-denominated rents stay stable, revenue could provide a predictable base for debt service.
What would break the thesis
- If interest rates remain high, financing costs could keep eroding profitability and room for manoeuvre.
- If loan extensions are not agreed on acceptable terms, the group could be forced to sell assets in unfavourable conditions.
- Dependence on a limited number of sales and on support for subsidiaries could amplify the effects of any delay within the group.
What to watch
- Outcome of the negotiations to extend the loan maturing in July 20242024
- Pace and pricing of the sales of the Chojnice and Oleśnica shopping centres2024
- Trend in liquidity ratios and in debt falling duenext 10-K
- Movement of the euro rate and average interest rate in future reports2024
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Rank Progress group mainly carries out commercial property investment projects and then manages them for at least several years after they are commissioned. The group consists of 36 subsidiaries at different stages: land acquisition, permitting, construction and management of completed properties 1. The funding model relies on the gradual sale of commercial facilities, with the parent distributing funds among subsidiaries 1.
Revenue comes from rents paid by tenants of the shopping centres, which are largely denominated in euro, plus possible sales of completed facilities 1. The parent depends on these cyclical flows to cover its own costs and debt service 1.
In 2023 the group faced additional funding needs to support a subsidiary in Jelenia Góra that services a loan tied to a shopping passage. Sales of facilities in Chojnice and Oleśnica are also being pursued, as investor interest has grown 1.
Segments
Shopping centre leasing
The main segment is leasing space in the shopping centres owned by the group. Rental income denominated in euro was a significant part of total revenue in 2023, so results depend on the euro exchange rate 1.
Property development and sales
A second segment covers investment projects at various stages and the sale of completed facilities, which generate cash for the next projects. Interests in associates building residential estates in Wrocław are accounted for under the equity method 1.
Market context
The company operates in the Polish commercial property market, where property values depend on interest rates, exchange rates and investor demand for retail assets. The annual report indicates growing investor interest in certain facilities, but also uncertainty about when sales will close 1.
Market conditions depend on bank financing: higher interest rates have raised borrowing costs, and negotiating loan extensions is decisive for business continuity 1.
Trends
- Rising interest costsheadwind
The weighted average interest rate rose considerably in 2023, increasing the group's financial burden. If rates stay high, pressure on profit and liquidity could continue 1.
- Euro exposuremixed
Rents are largely in euro, but part of the debt is also in euro. This structure limits but does not remove currency risk, and the net effect depends on the average annual rate 1.
- Asset sales for fundingmixed
Sales of shopping centres are the main source of cash. If the sale process is delayed, the group could turn to additional loans or to extensions of maturities 1.
- Investments in associatestailwind
Participation in residential projects in Wrocław could improve cash flows over time through profit distributions from the projects. The effect, however, depends on the timing of project stages 1.
Competitive position
The group competes with other shopping centre developers and operators in Poland for tenants and for investors buying completed assets. The sources do not describe its competitive position against other players in detail 1.
Competitive pressure also shows up through financing conditions, since banks and other lenders assess the risk of each project. The ability to obtain extensions and new loans shapes the group's position against competitors 1.
- Other shopping centre developers in Poland
Competition for tenants and for buyers of completed commercial assets, with no comparative data in the source.
- Commercial property managers
Competition for managing and leasing space in shopping centres.
- Institutional real estate investors
Compete for the purchase of completed facilities, influencing sale prices.
- Sector-financing banks
Not direct competitors, but their lending terms shape the group's ability to compete.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202217 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Rank Progress S.A. · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.