Quick Value #310 - Middleby Corp (MIDD)
An early look at this upcoming (2Q26) mid-cap spin-off
Today’s post:
Shares are flat since 2017 — a “coiled spring” chart
Upcoming spin-off (2Q26) of smaller and faster growing food processing business
Stock trading at ~14x earnings with solid FCF conversion and modest leverage
For new subscribers — these write-ups are meant to be a “jumping off point” for the idea generation process (i.e. a surface level review). Each write-up includes: 1) company background; 2) why the idea is interesting; and 3) fair value estimate.
Check out past write-ups here and my home base page here.
Recent write-ups include:
03/23/26 — A look at GameStop fundamentals
03/16/26 — Green Dot upcoming sale + spin ($)
03/09/26 — CBIZ growth to value transition
03/02/26 — Ziff Davis sum of the parts ($)
02/09/26 — Wholesale changes in the VDL portfolio ($)
02/02/26 — A look at Allison Transmission’s recent acquisition
