THE MIDDLEBY CORPORATION |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 124.7 USD | -1.60% |
|
-6.27% | -15.25% |
| May. 22 | JPMorgan Downgrades Middleby to Underweight From Neutral, Cuts Price Target to $118 From $145 | MT |
| May. 08 | Transcript : The Middleby Corporation, Q1 2024 Earnings Call, May 08, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,140 | 7,167 | 10,949 | 7,215 | 7,889 | 6,707 | - | - |
| Enterprise Value (EV) 1 | 7,919 | 8,629 | 13,183 | 9,775 | 10,066 | 8,441 | 8,134 | 6,707 |
| P/E ratio | 17.3 x | 34.3 x | 22.8 x | 16.8 x | 19.9 x | 13.7 x | 12.2 x | 11.9 x |
| Yield | - | - | - | - | - | - | - | - |
| Capitalization / Revenue | 2.07 x | 2.85 x | 3.37 x | 1.79 x | 1.95 x | 1.67 x | 1.61 x | 1.54 x |
| EV / Revenue | 2.68 x | 3.43 x | 4.06 x | 2.42 x | 2.49 x | 2.1 x | 1.95 x | 1.54 x |
| EV / EBITDA | 12.6 x | 17.8 x | 18.5 x | 11.5 x | 11.2 x | 9.3 x | 8.39 x | 6.59 x |
| EV / FCF | 23.9 x | 17.6 x | 35 x | 36.9 x | 18.5 x | 13.9 x | 13.8 x | 10.8 x |
| FCF Yield | 4.18% | 5.68% | 2.86% | 2.71% | 5.4% | 7.17% | 7.24% | 9.27% |
| Price to Book | 3.16 x | 3.63 x | 4.38 x | 2.57 x | - | 1.82 x | 1.61 x | - |
| Nbr of stocks (in thousands) | 56,141 | 55,612 | 55,626 | 53,884 | 53,603 | 53,769 | - | - |
| Reference price 2 | 109.4 | 128.9 | 196.8 | 133.9 | 147.2 | 124.7 | 124.7 | 124.7 |
| Announcement Date | 2/26/20 | 3/1/21 | 2/22/22 | 2/21/23 | 2/20/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,959 | 2,513 | 3,251 | 4,033 | 4,037 | 4,024 | 4,178 | 4,346 |
| EBITDA 1 | 630.1 | 483.9 | 712.6 | 853.4 | 900.4 | 907.8 | 969.6 | 1,018 |
| EBIT 1 | 528.2 | 356.2 | 594.1 | 722.5 | 774.9 | 764.1 | 824.3 | 817.4 |
| Operating Margin | 17.85% | 14.17% | 18.28% | 17.92% | 19.2% | 18.99% | 19.73% | 18.81% |
| Earnings before Tax (EBT) 1 | 462.6 | 268.1 | 619.5 | 564.4 | 519.4 | 672.9 | 753.4 | 693.8 |
| Net income 1 | 352.2 | 207.3 | 488.5 | 436.6 | 400.9 | 480.9 | 538.6 | 544.2 |
| Net margin | 11.9% | 8.25% | 15.03% | 10.83% | 9.93% | 11.95% | 12.89% | 12.52% |
| EPS 2 | 6.330 | 3.760 | 8.620 | 7.950 | 7.410 | 9.091 | 10.23 | 10.48 |
| Free Cash Flow 1 | 330.8 | 489.9 | 376.8 | 265.3 | 543.6 | 605.1 | 589.2 | 622 |
| FCF margin | 11.18% | 19.49% | 11.59% | 6.58% | 13.47% | 15.04% | 14.1% | 14.31% |
| FCF Conversion (EBITDA) | 52.51% | 101.25% | 52.89% | 31.08% | 60.37% | 66.66% | 60.77% | 61.1% |
| FCF Conversion (Net income) | 93.92% | 236.35% | 77.15% | 60.76% | 135.6% | 125.83% | 109.4% | 114.31% |
| Dividend per Share 2 | - | - | - | - | - | - | - | - |
| Announcement Date | 2/26/20 | 3/1/21 | 2/22/22 | 2/21/23 | 2/20/24 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 866.4 | 994.7 | 1,014 | 992.9 | 1,032 | 1,007 | 1,040 | 980.7 | 1,009 | 926.9 | 997.2 | 1,034 | 1,066 | 954.1 | 1,037 |
| EBITDA 1 | 193 | 197.3 | 210.2 | 212.3 | 233.5 | 210 | 228.7 | 223.7 | 235.2 | 185.8 | 217.3 | 244.5 | 260.3 | 203.2 | 240.7 |
| EBIT 1 | 160.6 | 122.6 | 182.9 | 183 | 204.2 | 164.6 | 189.7 | 174.4 | 203.4 | 155.2 | 182.1 | 206.4 | 222.7 | 166.6 | 204.2 |
| Operating Margin | 18.53% | 12.32% | 18.05% | 18.43% | 19.79% | 16.34% | 18.25% | 17.79% | 20.17% | 16.74% | 18.26% | 19.96% | 20.89% | 17.47% | 19.68% |
| Earnings before Tax (EBT) 1 | 136 | 112.4 | 151.3 | 139.1 | 161.7 | 131.9 | 156.1 | 144.4 | 86.93 | 114.8 | 161.9 | 188 | 209.5 | 135 | 174 |
| Net income 1 | 102.7 | 85.76 | 113.2 | 104.4 | 133.2 | 99.09 | 116.8 | 108.6 | 76.29 | 86.57 | 117.3 | 136.2 | 150.8 | 106.6 | 136.1 |
| Net margin | 11.85% | 8.62% | 11.17% | 10.51% | 12.91% | 9.84% | 11.24% | 11.08% | 7.56% | 9.34% | 11.77% | 13.18% | 14.15% | 11.17% | 13.12% |
| EPS 2 | 1.800 | 1.520 | 2.070 | 1.920 | 2.450 | 1.820 | 2.160 | 2.010 | 1.420 | 1.590 | 2.166 | 2.488 | 2.777 | 1.960 | 2.510 |
| Dividend per Share 2 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Announcement Date | 2/22/22 | 5/10/22 | 8/4/22 | 11/9/22 | 2/21/23 | 5/10/23 | 8/3/23 | 11/8/23 | 2/20/24 | 5/8/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 1,779 | 1,461 | 2,234 | 2,560 | 2,178 | 1,734 | 1,427 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 2.823 x | 3.02 x | 3.135 x | 3 x | 2.419 x | 1.91 x | 1.472 x | - |
| Free Cash Flow 1 | 331 | 490 | 377 | 265 | 544 | 605 | 589 | 622 |
| ROE (net income / shareholders' equity) | 19.5% | 10.6% | 21.9% | 16.5% | 17.2% | 14% | 14% | - |
| ROA (Net income/ Total Assets) | 7.38% | 4.06% | 8.43% | 6.59% | 7.56% | 6.93% | 7.48% | - |
| Assets 1 | 4,776 | 5,102 | 5,793 | 6,629 | 5,306 | 6,940 | 7,198 | - |
| Book Value Per Share 2 | 34.60 | 35.50 | 44.90 | 52.20 | - | 68.50 | 77.60 | - |
| Cash Flow per Share | - | 6.350 | 10.90 | - | - | - | - | - |
| Capex 1 | 46.6 | 34.8 | 46.6 | 67.3 | 85.2 | 70.3 | 71.3 | 67.6 |
| Capex / Sales | 1.57% | 1.39% | 1.43% | 1.67% | 2.11% | 1.75% | 1.71% | 1.56% |
| Announcement Date | 2/26/20 | 3/1/21 | 2/22/22 | 2/21/23 | 2/20/24 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B+
Sell
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
124.7
USD
Average target price
160
USD
Spread / Average Target
+28.28%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -15.25% | 6.71B | |
| +17.31% | 89.24B | |
| +15.01% | 68.1B | |
| +23.48% | 38.53B | |
| +26.14% | 34.97B | |
| +9.08% | 28.05B | |
| +11.04% | 27.66B | |
| +3.07% | 26.72B | |
| +19.75% | 25.31B | |
| +6.13% | 23.14B |
- Stock Market
- Equities
- MIDD Stock
- Financials The Middleby Corporation
