Rational AG

RAA: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Rational Earnings: Improved EBIT Margin Guidance Aligns With Our Estimates; Maintain Fair Value

Matthew Donen

Nov 7, 2024

Narrow-moat Rational reported third-quarter sales of EUR 294 million, up 8% year on year but slightly below FactSet consensus. Shares are trading 4% down intraday, which we believe highlights the lofty expectations incorporated in their share price. With no changes to our estimates, we maintain our EUR 630 fair value estimate and view the shares as overvalued.

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Rational AG

Rational Earnings: Improved EBIT Margin Guidance Aligns With Our Estimates; Maintain Fair Value

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