Moat Category Capital-Light Compounder	Fair Value Estimate –	Price  $724.50	Enterprise Value $8.2bn
Moat Type Intangible Assets – Brand Cost Advs – Scale + Distribution	Economic Moat Wide	Stewardship Rating –	Market Cap $8.2bn

What does it do

Rational AG makes and distributes cooking appliances used in professional kitchens. The company produces self-cooking appliances that use steam, hot air, or liquids to heat food combining conventional cooking systems, allowing for an automated meal-preparation process. The customers include restaurants, hotels, large-scale catering operations, and quick-service providers. Rational’s segments are reported as: DACH (Germany, Austria, Switzerland), EMEA (Europe, Middle East, Africa), Americas (North and Latin America) and Asia. Their core market is Europe, generating more than half of total sales revenue.

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