Rational AG

RAA: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€664.00	Wxjwgrr	Sqylvdfth

Supply Chain Shortages Restrict Rational’s Recovery; Shares Are Richly Valued

Matthew Donen

Feb 3, 2022

Shortages for electrical components used in narrow-moat Rational’s multi-functional cooking appliances restricted its recovery in the fourth quarter of 2021. Full-year revenue grew 20% based on preliminary results, directly in line with expectations. We reiterate our EUR 540 fair value estimate. Shares are richly valued and currently incorporate our bull-case scenario.

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