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.
09 Dec 16
Ideagen* (IDEA): Acquisition of IPI Solutions (CORP) | Lombard Risk Management* (LRM): Atos deal improves routes to German market (CORP) | Photo-Me* (PHTM): Upgrade to FY forecasts (CORP) In other news… Frontier Developments* (FDEV): ED coming to Xbox and Planet Coaster update (CORP) | LiDCO* (LID): Analyst interview (CORP) | Rude Health: Analyst interview
Product quality and management depth
07 Dec 16
Yesterday Focusrite held a capital markets day, designed to showcase the range and quality of products and introduce operational management, which shares a passion for music-making and has deep knowledge of the products. This contributes to excellent product support, software innovation and thus customer loyalty, which should sustain the company’s brand leadership.
Civil: No Reflation here, only a Race to the Bottom
05 Dec 16
The strengthening of the US dollar since the election of Trump is adding to the headwinds in the airline industry: over-capacity and falling yields. The airline industry, which is expected to generate $8bn of free cashflow in 2016 on $600bn of capital employed, needs to spend $120bn annually to maintain current delivery rates. Deferrals and down-gauging is now spreading to narrow-bodies as more and more airlines review their capex plans. We expect acceleration of seat densification as airlines look to sweat their existing fleets. We now expect deliveries to fall by 5% over 2015-18 as opposed to our previous forecast of flat growth. Aftermarket may also suffer as seat densification helps cut number of flights. This leads to reduction in our EPS forecasts for key Civil Aerospace names: Rolls-Royce, Meggitt, GKN and Senior.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m