Intrinsic value of Middleby - MIDD

Previous Close

$117.83

  Intrinsic Value

$140.33

stock screener

  Rating & Target

hold

+19%

Previous close

$117.83

 
Intrinsic value

$140.33

 
Up/down potential

+19%

 
Rating

hold

We calculate the intrinsic value of MIDD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  2,693
  3,077
  3,488
  3,924
  4,385
  4,871
  5,382
  5,916
  6,474
  7,056
  7,662
  8,293
  8,949
  9,630
  10,339
  11,075
  11,840
  12,636
  13,463
  14,323
  15,219
  16,151
  17,123
  18,135
  19,191
  20,292
  21,442
  22,642
  23,897
  25,207
Variable operating expenses, $m
  2,131
  2,406
  2,700
  3,012
  3,342
  3,690
  4,055
  4,437
  4,836
  5,253
  5,482
  5,933
  6,402
  6,890
  7,397
  7,923
  8,471
  9,040
  9,632
  10,247
  10,888
  11,555
  12,250
  12,974
  13,730
  14,518
  15,340
  16,199
  17,096
  18,034
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,131
  2,406
  2,700
  3,012
  3,342
  3,690
  4,055
  4,437
  4,836
  5,253
  5,482
  5,933
  6,402
  6,890
  7,397
  7,923
  8,471
  9,040
  9,632
  10,247
  10,888
  11,555
  12,250
  12,974
  13,730
  14,518
  15,340
  16,199
  17,096
  18,034
Operating income, $m
  562
  671
  788
  912
  1,043
  1,182
  1,327
  1,479
  1,638
  1,803
  2,180
  2,360
  2,547
  2,741
  2,942
  3,152
  3,369
  3,596
  3,831
  4,076
  4,331
  4,596
  4,873
  5,161
  5,461
  5,775
  6,102
  6,443
  6,800
  7,173
EBITDA, $m
  813
  929
  1,053
  1,184
  1,324
  1,470
  1,624
  1,786
  1,954
  2,130
  2,313
  2,503
  2,701
  2,907
  3,121
  3,343
  3,574
  3,814
  4,064
  4,323
  4,594
  4,875
  5,168
  5,474
  5,793
  6,125
  6,472
  6,834
  7,213
  7,609
Interest expense (income), $m
  21
  56
  72
  89
  108
  128
  149
  172
  195
  219
  245
  271
  299
  328
  358
  389
  422
  455
  490
  527
  564
  604
  645
  687
  732
  778
  826
  877
  929
  984
  1,042
Earnings before tax, $m
  506
  599
  699
  804
  915
  1,032
  1,155
  1,284
  1,418
  1,559
  1,909
  2,061
  2,219
  2,383
  2,553
  2,730
  2,914
  3,106
  3,305
  3,512
  3,727
  3,951
  4,185
  4,429
  4,683
  4,948
  5,225
  5,514
  5,816
  6,132
Tax expense, $m
  137
  162
  189
  217
  247
  279
  312
  347
  383
  421
  515
  556
  599
  643
  689
  737
  787
  838
  892
  948
  1,006
  1,067
  1,130
  1,196
  1,264
  1,336
  1,411
  1,489
  1,570
  1,656
Net income, $m
  370
  437
  510
  587
  668
  754
  843
  937
  1,035
  1,138
  1,394
  1,504
  1,620
  1,739
  1,864
  1,993
  2,127
  2,267
  2,412
  2,563
  2,721
  2,885
  3,055
  3,233
  3,419
  3,612
  3,814
  4,025
  4,246
  4,476

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,852
  4,402
  4,990
  5,614
  6,274
  6,969
  7,699
  8,463
  9,262
  10,094
  10,962
  11,864
  12,802
  13,778
  14,791
  15,844
  16,939
  18,077
  19,260
  20,491
  21,772
  23,106
  24,496
  25,944
  27,455
  29,030
  30,675
  32,393
  34,187
  36,062
Adjusted assets (=assets-cash), $m
  3,852
  4,402
  4,990
  5,614
  6,274
  6,969
  7,699
  8,463
  9,262
  10,094
  10,962
  11,864
  12,802
  13,778
  14,791
  15,844
  16,939
  18,077
  19,260
  20,491
  21,772
  23,106
  24,496
  25,944
  27,455
  29,030
  30,675
  32,393
  34,187
  36,062
Revenue / Adjusted assets
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
Average production assets, $m
  1,395
  1,594
  1,807
  2,033
  2,272
  2,523
  2,788
  3,064
  3,353
  3,655
  3,969
  4,296
  4,635
  4,989
  5,356
  5,737
  6,133
  6,545
  6,974
  7,419
  7,883
  8,366
  8,870
  9,394
  9,941
  10,511
  11,107
  11,729
  12,378
  13,057
Working capital, $m
  431
  492
  558
  628
  702
  779
  861
  947
  1,036
  1,129
  1,226
  1,327
  1,432
  1,541
  1,654
  1,772
  1,894
  2,022
  2,154
  2,292
  2,435
  2,584
  2,740
  2,902
  3,071
  3,247
  3,431
  3,623
  3,823
  4,033
Total debt, $m
  1,331
  1,656
  2,004
  2,374
  2,764
  3,176
  3,608
  4,061
  4,533
  5,026
  5,540
  6,074
  6,629
  7,207
  7,807
  8,430
  9,078
  9,752
  10,452
  11,181
  11,939
  12,729
  13,552
  14,409
  15,304
  16,236
  17,210
  18,227
  19,289
  20,399
Total liabilities, $m
  2,281
  2,606
  2,954
  3,323
  3,714
  4,126
  4,558
  5,010
  5,483
  5,976
  6,489
  7,023
  7,579
  8,156
  8,756
  9,380
  10,028
  10,701
  11,402
  12,131
  12,889
  13,679
  14,502
  15,359
  16,253
  17,186
  18,160
  19,176
  20,239
  21,349
Total equity, $m
  1,572
  1,796
  2,036
  2,290
  2,560
  2,843
  3,141
  3,453
  3,779
  4,118
  4,472
  4,840
  5,223
  5,621
  6,035
  6,464
  6,911
  7,375
  7,858
  8,360
  8,883
  9,427
  9,994
  10,585
  11,202
  11,844
  12,515
  13,216
  13,948
  14,713
Total liabilities and equity, $m
  3,853
  4,402
  4,990
  5,613
  6,274
  6,969
  7,699
  8,463
  9,262
  10,094
  10,961
  11,863
  12,802
  13,777
  14,791
  15,844
  16,939
  18,076
  19,260
  20,491
  21,772
  23,106
  24,496
  25,944
  27,455
  29,030
  30,675
  32,392
  34,187
  36,062
Debt-to-equity ratio
  0.850
  0.920
  0.980
  1.040
  1.080
  1.120
  1.150
  1.180
  1.200
  1.220
  1.240
  1.250
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
  1.380
  1.380
  1.380
  1.390
Adjusted equity ratio
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408
  0.408

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  370
  437
  510
  587
  668
  754
  843
  937
  1,035
  1,138
  1,394
  1,504
  1,620
  1,739
  1,864
  1,993
  2,127
  2,267
  2,412
  2,563
  2,721
  2,885
  3,055
  3,233
  3,419
  3,612
  3,814
  4,025
  4,246
  4,476
Depreciation, amort., depletion, $m
  251
  258
  265
  272
  280
  289
  297
  307
  316
  326
  132
  143
  155
  166
  179
  191
  204
  218
  232
  247
  263
  279
  296
  313
  331
  350
  370
  391
  413
  435
Funds from operations, $m
  621
  695
  775
  859
  948
  1,042
  1,141
  1,244
  1,352
  1,464
  1,526
  1,648
  1,774
  1,906
  2,042
  2,184
  2,332
  2,485
  2,645
  2,811
  2,984
  3,163
  3,351
  3,546
  3,750
  3,963
  4,184
  4,416
  4,658
  4,911
Change in working capital, $m
  57
  61
  66
  70
  74
  78
  82
  85
  89
  93
  97
  101
  105
  109
  113
  118
  122
  127
  132
  138
  143
  149
  155
  162
  169
  176
  184
  192
  201
  210
Cash from operations, $m
  563
  634
  709
  789
  875
  965
  1,059
  1,159
  1,263
  1,371
  1,429
  1,547
  1,669
  1,796
  1,929
  2,066
  2,209
  2,358
  2,512
  2,673
  2,840
  3,014
  3,195
  3,384
  3,581
  3,786
  4,001
  4,224
  4,458
  4,702
Maintenance CAPEX, $m
  -40
  -46
  -53
  -60
  -68
  -76
  -84
  -93
  -102
  -112
  -122
  -132
  -143
  -155
  -166
  -179
  -191
  -204
  -218
  -232
  -247
  -263
  -279
  -296
  -313
  -331
  -350
  -370
  -391
  -413
New CAPEX, $m
  -185
  -199
  -213
  -226
  -239
  -252
  -264
  -277
  -289
  -301
  -314
  -327
  -340
  -353
  -367
  -381
  -396
  -412
  -428
  -446
  -464
  -483
  -503
  -524
  -547
  -571
  -596
  -622
  -650
  -679
Cash from investing activities, $m
  -225
  -245
  -266
  -286
  -307
  -328
  -348
  -370
  -391
  -413
  -436
  -459
  -483
  -508
  -533
  -560
  -587
  -616
  -646
  -678
  -711
  -746
  -782
  -820
  -860
  -902
  -946
  -992
  -1,041
  -1,092
Free cash flow, $m
  338
  388
  443
  503
  568
  637
  711
  789
  871
  958
  993
  1,088
  1,186
  1,289
  1,396
  1,507
  1,622
  1,741
  1,866
  1,995
  2,129
  2,268
  2,413
  2,564
  2,721
  2,884
  3,055
  3,232
  3,417
  3,610
Issuance/(repayment) of debt, $m
  302
  325
  348
  369
  391
  412
  432
  452
  473
  493
  513
  534
  555
  577
  600
  624
  648
  674
  701
  729
  758
  790
  823
  857
  894
  933
  974
  1,017
  1,062
  1,110
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  302
  325
  348
  369
  391
  412
  432
  452
  473
  493
  513
  534
  555
  577
  600
  624
  648
  674
  701
  729
  758
  790
  823
  857
  894
  933
  974
  1,017
  1,062
  1,110
Total cash flow (excl. dividends), $m
  641
  714
  791
  873
  959
  1,049
  1,143
  1,241
  1,344
  1,451
  1,506
  1,622
  1,742
  1,866
  1,996
  2,130
  2,270
  2,415
  2,566
  2,724
  2,887
  3,058
  3,236
  3,422
  3,615
  3,817
  4,028
  4,249
  4,479
  4,720
Retained Cash Flow (-), $m
  -211
  -224
  -240
  -255
  -269
  -284
  -298
  -312
  -326
  -340
  -354
  -368
  -383
  -398
  -414
  -430
  -447
  -464
  -483
  -502
  -523
  -544
  -567
  -591
  -616
  -643
  -671
  -701
  -732
  -765
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  430
  489
  551
  618
  689
  765
  845
  930
  1,018
  1,111
  1,153
  1,254
  1,359
  1,468
  1,582
  1,700
  1,823
  1,951
  2,084
  2,221
  2,365
  2,514
  2,669
  2,831
  2,999
  3,174
  3,357
  3,548
  3,747
  3,955
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  406
  433
  455
  472
  485
  491
  492
  486
  474
  456
  413
  388
  359
  327
  294
  259
  225
  192
  161
  132
  106
  84
  65
  49
  36
  26
  18
  12
  8
  5
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. It is also engaged in the design, manufacture, marketing, distribution and service of a range of foodservice equipment used in commercial restaurants and institutional kitchens; food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and kitchen equipment, including ranges, ovens, refrigerators, ventilation and dishwashers used in the residential market. It manufactured and assembled the equipment at 28 facilities in the United States, and 23 international manufacturing facilities as of December 31, 2016. Its brands include Anets, Beech, Blodgett, Blodgett Combi, Stewart Systems, Mercury, Rangemaster, Rayburn and Redfyre.

FINANCIAL RATIOS  of  Middleby (MIDD)

Valuation Ratios
P/E Ratio 23.9
Price to Sales 3
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 23.1
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate 24.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity 57.4%
Total Debt to Equity 57.9%
Interest Coverage 21
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 14.5%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 23.4%
Return On Equity - 3 Yr. Avg. 20.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 39.7%
Gross Margin - 3 Yr. Avg. 39.2%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin 19.7%
Oper. Margin - 3 Yr. Avg. 18.2%
Pre-Tax Margin 18.6%
Pre-Tax Margin - 3 Yr. Avg. 17%
Net Profit Margin 12.5%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 0%

MIDD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MIDD stock intrinsic value calculation we used $2335.542 million for the last fiscal year's total revenue generated by Middleby. The default revenue input number comes from 0001 income statement of Middleby. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MIDD stock valuation model: a) initial revenue growth rate of 15.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6%, whose default value for MIDD is calculated based on our internal credit rating of Middleby, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Middleby.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MIDD stock the variable cost ratio is equal to 80.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MIDD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Middleby.

Corporate tax rate of 27% is the nominal tax rate for Middleby. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MIDD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MIDD are equal to 51.8%.

Life of production assets of 31.1 years is the average useful life of capital assets used in Middleby operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MIDD is equal to 16%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1361.148 million for Middleby - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 55.71 million for Middleby is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Middleby at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Acquisitions Keep Pushing Middleby Higher   [02:06PM  Motley Fool]
▶ Middleby: 3Q Earnings Snapshot   [08:20AM  Associated Press]
▶ Middleby Acquires M-TEK   [Oct-01-18 06:00PM  Business Wire]
▶ Middleby Upgraded After Earnings: What You Need to Know   [Aug-10-18 12:54PM  Motley Fool]
▶ The 1 Number That Sent Middleby Soaring   [Aug-08-18 09:02PM  Motley Fool]
▶ Middleby: 2Q Earnings Snapshot   [07:24AM  Associated Press]
▶ How Selim Bassoul Transformed Middleby Corp.   [May-23-18 10:02AM  Motley Fool]
▶ The 3 Stocks on the MFM Team's Radar This Week   [May-09-18 08:59PM  Motley Fool]
▶ Why Middleby Stock Just Dropped 14%   [12:17PM  Motley Fool]
▶ What's Holding Middleby Back?   [10:59AM  Motley Fool]
▶ Middleby: 1Q Earnings Snapshot   [07:16AM  Associated Press]
▶ Middleby Acquires Josper S.A.   [Apr-20-18 08:45AM  Business Wire]
▶ Middleby Acquires JoeTap, Nitro Brew Coffee Systems   [Apr-16-18 08:00AM  Business Wire]
▶ Middleby Acquires for Firex Srl   [Apr-03-18 08:00AM  Business Wire]
▶ Middleby Acquires Ve.Ma.C. Srl   [Mar-26-18 07:00PM  Business Wire]
▶ Weak Sales Growth Hits Middleby   [12:58PM  Motley Fool]
▶ Why Middleby Stock Dropped 10% This Morning   [Feb-28-18 12:51PM  Motley Fool]
▶ Middleby meets 4Q profit forecasts   [05:04AM  Associated Press]
▶ Middleby: Will Minimum Wages Fuel Growth?   [Feb-23-18 12:57PM  GuruFocus.com]
▶ Middleby Acquires Hinds-Bock Corporation   [Feb-16-18 06:00PM  Business Wire]
▶ Illinois Tool Works: Management Crushed It Again   [Jan-31-18 01:17PM  Motley Fool]
▶ Is the Food Equipment Sector Set to Bounce in 2018?   [Jan-20-18 08:17AM  Motley Fool]
▶ Why Middleby Rose 10% in November   [Dec-08-17 08:30AM  Motley Fool]
▶ The Middleby Corporation Acquires Scanico A/S   [Dec-07-17 06:00PM  Business Wire]
▶ Middleby Struggles With Falling Earnings   [Nov-09-17 10:18AM  Motley Fool]
▶ Middleby misses 3Q profit forecasts   [05:03AM  Associated Press]

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