Rational RAA.DE
What does Rational do?
Rational develops, produces, and sells thermal cooking systems for commercial kitchens and professional catering. The core product is the iCombi combi steamer, complemented by the iVario multifunctional cooking system, which combines frying, boiling, and deep-frying in one appliance. The company also offers the digital kitchen platform ConnectedCooking as well as accessories, care products, spare parts, and services.
Customers include restaurants, hotels, canteens, hospitals, schools, bakeries, butcher shops, supermarkets, as well as quick-service restaurants and caterers. Sales run mainly through direct channels and specialist dealers in many countries worldwide. Rational is regarded as the market leader in combi steamers, positions itself in the premium segment, and differentiates itself through product quality, energy and resource efficiency, intelligent appliance control, customer consulting, and service. Competitors are other manufacturers of commercial kitchen equipment, including large international foodservice equipment groups and regional providers.
Score profile
Rank vs. Specialty Industrial Machinery (49 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, Rational ranks among the best in the group Specialty Industrial Machinery (9.3/10). On growth, the company ranks in the middle in the group Specialty Industrial Machinery (4.6/10). On valuation (higher = cheaper), the stock ranks below average in the group Specialty Industrial Machinery (2.2/10). On financial strength, Rational ranks above average in the group Specialty Industrial Machinery (7.5/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 24.4x | 18.4x | better than 18 % |
| Trailing P/E | 26.1x | 26.2x | better than 52 % |
| PEG ratio | 2.8x | 1.7x | better than 17 % |
| EV/EBITDA | 18.0x | 16.5x | better than 43 % |
| Price/sales | 5.4x | 3.0x | better than 9 % |
| Price/book | 7.8x | 4.1x | better than 7 % |
| Revenue growth | 6.5% | 7.1% | better than 46 % |
| Earnings growth | 10.4% | 12.9% | better than 46 % |
| Gross margin | 58.5% | 40.2% | better than 93 % |
| Operating margin | 27.5% | 16.5% | better than 97 % |
| Net margin | 20.7% | 10.3% | better than 95 % |
| Return on equity | 30.5% | 13.5% | better than 89 % |
| Debt/equity | 0.0% | 47.2% | better than 97 % |
| Current ratio | 4.0x | 1.9x | better than 93 % |
| Free cash flow yield | 2.7% | 3.1% | better than 36 % |
| Dividend yield | 2.6% | 1.2% | – |
| Payout ratio | 66.8% | 32.4% | – |
| Beta | 1.23 | 1.06 | – |
Valuation: what is Rational worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give Rational a model range of 310.76 EUR to 578.12 EUR per share.
14 analysts, average rating “Buy”, average price target 795.71 EUR (+27.2%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- The willingness of restaurants, hotels, and communal catering operators to invest largely determines demand for new appliances.
- Efficiency pressure from labor shortages and high energy costs strengthens the benefit of automated, resource-saving cooking systems.
- Recurring revenue from accessories, care products, spare parts, and service complements the new-appliance business and stabilizes earnings.
Risks
- Economic weakness or crises in the restaurant and hotel industries can significantly delay customer investments.
- Price-sensitive competitors and imitation products can put pressure on the premium positioning and pricing.
- Currency fluctuations, trade barriers, and supply chain disruptions weigh on international operations and production costs.
What to look for with Rational
The operating margin is particularly informative because it shows whether Rational can enforce its premium positioning in its pricing and control costs.