Rational's Runway Opportunity Persists Despite Slowing Sales in Asia; Fair Value Estimate Maintained

Rational’s multifunctional cooking appliances enjoy a 50% market share, yet its runway opportunity remains lengthy since the majority of professional kitchens still use traditional cooking appliances. Its product offering consists of two products, the iCombi, which contributes 60% of group sales, and the iVario multifunctional cooking systems, which contributes 10% of group sales. The balance of revenue is from aftermarket sales of accesories, spare parts, and services. Having pioneered the technology that combined hot air and steam for mass catering purposes, Rational has constantly been working on product upgrades to improve cost-savings versus traditional cooking appliances and existing models.