Risk factor
Very poor trading liquidity
Profitability factor
Very low or no dividends
About
RATH Aktiengesellschaft, an Austrian firm established in Vienna in 1891 and a subsidiary of Rath Holding GmbH, specializes in the global manufacturing and distribution of refractory materials. The company serves markets across Europe, Africa, the Middle East, the Americas, and the Asia Pacific region. Their extensive product catalog encompasses various dense bricks, such as acid-resistant, fireclay, high-alumina, sillimanite/andalusite, corundum, and silicon carbide types, identified by brand names like Acrath, Suprath, Durrath, Alurath, Silrath, Korrath, and Sicrath. Additionally, Rath AG supplies a wide selection of concretes – including dense, insulating, cement-free, ultra-low, and low cement varieties – along with mortars, adhesives, and plastic castables, marketed under brands such as Carath, Porrathin, Carathplast, Carathin, and Kerathin. Further offerings in their portfolio include pre-cast blocks (Carathform, Vibrorath), insulating fire bricks (Porrath, Ratherm, Porrathin), high-temperature insulation wool (Altra, Alsitra, Calsitra), and various vacuum-formed products (Altraform, Kerform, Evac, Newvac, Filtrath, Ultiform, ACS ALTRA). Complementing these material solutions, the company provides essential services such as project planning, installation, construction site oversight, and maintenance and repair. These refractory products are critical for applications in a diverse range of industries, including iron and steel, aluminum, glass manufacturing, specialized furnaces, hot-gas filtration, ceramics, energy, fuels and chemicals, and residential heating systems.
Company Valuation
Based on key historical and expected multiples, the stock is slightly overvalued relative to its peers. Specifically, the stock is overvalued on EV/EBITDA.