Rational AG RAA

Morningstar Rating
€567.00 +6.50 (1.16%)
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Company Report

Rational’s First-Half 2026 Results Demonstrate Lengthy Runway Opportunity Still Exists

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 contribute 10% of group sales. The balance of revenue is from aftermarket sales of accessories, 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.

Price vs Fair Value

RAA is trading at a LOCK|q$BGzM premium.
Price
€560.50
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Low penetration rates for combi-steamers in Asia and America, and the development of a local product for the Chinese market provide Rational a lengthy runway opportunity for international growth.

Bears

Easing supply chain constraints has lowered delivery times and thus reduced visibility into the group's sales, which can be cyclical.

Trading Information

Previous Close Price
€560.50
Day Range
€565.25–576.00
52-Week Range
€560.50–776.50
Bid/Ask
€566.50 / €567.50
Shares Outstanding
11.37M
Market Cap
€6.44B
Volume/Avg
2,343 / 10,851

Key Statistics

Price/Earnings (Normalized)
23.95
Price/Sales
4.92
Dividend Yield (Trailing)
2.85%
Dividend Yield (Forward)
2.85%
Dividend Payment Schedule
May
Total Yield
2.85%

Company Profile

Rational specializes in manufacturing automated multifunctional ovens for professional kitchens that replace conventional cooking appliances such as a stove, grill, and oven. Rational has produced over 1 million combi-steamers since its first combi-steamer in 1976, which are used to prepare 160 million food dishes daily. Approximately 72% of group revenue is generated from the sale of cooking appliances, mostly the iCombi Pro that was launched in May 2020 and its predecessor product. Rational has a presence in over 120 countries. The majority of revenue is earned in Europe, followed by North America and Asia.
Sector
Industrials
Industry
Specialty Industrial Machinery
Stock Style Box
Mid Core
Total Number of Employees
2,913

Competitors

Valuation

Metric
RAA
000333
005930
Price/Earnings (Normalized)
23.9515.2112.28
Price/Book Value
7.542.863.31
Price/Sales
4.921.303.35
Price/Cash Flow
20.7512.786.62
Price/Earnings
RAA
000333
005930

Financial Strength

Metric
RAA
000333
005930
Quick Ratio
3.120.472.20
Current Ratio
3.921.152.83
Interest Coverage
183.2924.40242.73
Quick Ratio
RAA
000333
005930

Profitability

Metric
RAA
000333
005930
Return on Assets (Normalized)
—5.50%24.86%
Return on Equity (Normalized)
—15.93%33.47%
Return on Invested Capital (Normalized)
—9.59%30.09%
Return on Assets
RAA
000333
005930

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