RATIONAL AG : Precious best-in-class profile in a complex environment, supported by an attractive valuation: rating upgraded to Outperform
We are raising our target price and upgrading our rating on RATIONAL from Neutral to Outperform. The group is clearly past the low point of the cycle and has restored good organic growth momentum. After the recent fall in the share price, the valuation now reflects an overly cautious scenario, while the group’s fundamentals (global leadership, high margins and strong cash generation) remain intact.Rational is a producer and supplier of equipment for industrial and commercial kitchens. Co. is engaged in providing units for heating and cooking all types of food. Co.'s products include the SelfCooking Center®, a cooking appliance with intelligent cooking processes for roasting and pan-frying, poultry, fish, vegetables and other side dishes, potato dishes, egg dishes, desserts and bakery products; and the VarioCooking Center®, used for cooking in liquid or in direct contact with heat; and the CombiMaster®, a combi-steamer. Co.'s customers include restaurants, hotels, company canteens, hospitals, schools, universities, miliatry facilities, prisons and retirement homes.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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