Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MIDDLEBY CORP. We currently have 2 research reports from 1 professional analysts.
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Whirlpool walks away, leaving investors with existing 185p low-ball offer
14 Sep 15
Whirlpool announced late on Friday that, after full and careful consideration, it does not into to make an offer. Given how low Middleby’s offer is, and given we saw scope for Whirlpool to enhance its ‘hot’ portfolio by adding the heritage brands Aga and Rangemaster, this news is disappointing and surprising. Barring a spectacularly late intervention by another 3rd party through the course of today, investors are now stuck with the 185p offer from Middleby and the share price will open at, or close to, that level today. We therefore downgrade our stance back to HOLD from Buy.
Competition for Aga’s assets likely to hot up - Buy
09 Sep 15
Having left the door open to a competing bid with its low-ball offer, Middleby’s plan to secure Aga’s heritage brands and synergies will look half-baked if Whirlpool’s approach is followed by a formal offer, as this would likely be well over 185p. It remains to be seen if the two heavyweight American groups end up slugging it out for Aga but if they do we believe the upside scenario stretches from c240-300p based upon our SoTP analysis. With Whirlpool’s deadline expiring on Monday we upgrade our target price to 250p and move our recommendation to BUY on the skew of risks.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Root & branch review – early margin positive
23 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it will publish the findings of a root and branch review in April 2017. This is stated as being a result of the recent approach made to them by KraftHeinz (KHC US, N/RO), an offer which quickly lapsed.
A compelling global brand roll-out story
22 Feb 17
We believe that SuperGroup remains one of the most undervalued global brand roll-out stories within the UK retail sector. The stock trades at c20% discount to its UK peers on a 1YF EV/EBITDA basis despite best-in-class revenue growth and profit margins. SuperGroup operates a leading multi-channel proposition, has strong sales momentum across each channel and forecast risk remains on the upside. We initiate coverage on the shares with a buy recommendation and price target of 1898p, implying upside of 27.8% over the prevailing market price.
Despite offer lapse, Unilever remains under pressure
20 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it is no longer subject to a £40 per share offer from KraftHeinz, which valued Unilever at 14x EV/EBITDA and a 24x P/E ratio. The announcement was made jointly with Kraft Heinz. While the offer lapse will probably prompt Unilever’s shares to open lower – they rose 13.3% on Friday – longer term changes may be more positive.
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)