Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The Middleby Corporation completed a major transformation by divesting its Residential Kitchen and Food Processing businesses, with Food Processing spun off as Midera in July 2026.</li><li>Middleby is now focused exclusively on Commercial Foodservice, where it aims to strengthen its innovation position.</li><li>The company also returned substantial capital to shareholders, repurchasing $1.3 billion of shares over six quarters and reducing shares outstanding by 16%, including $200 million repurchased in Q2.</li></ul>

The Middleby Corporation completed a major transformation by divesting its Residential Kitchen and Food Processing businesses, with Food Processing spun off as Midera in July 2026.Middleby is now focused exclusively on Commercial Foodservice, where it aims to strengthen its innovation position.The company also returned substantial capital to shareholders, repurchasing $1.3 billion of shares over six quarters and reducing shares outstanding by 16%, including $200 million repurchased in Q2.

Middleby's $1.3 Billion Buyback: Can the New Focus Pay Off?

<ul><li>The Middleby Corporation has completed its strategic transformation by divesting its Residential Kitchen business and spinning off Food Processing as a separate publicly traded company, Midera.</li><li>Middleby is now focused exclusively on Commercial Foodservice, positioning itself as an innovation leader with a portfolio of established brands.</li><li>It has also returned $1.3 billion to shareholders through share repurchases over six quarters.</li></ul>

The Middleby Corporation has completed its strategic transformation by divesting its Residential Kitchen business and spinning off Food Processing as a separate publicly traded company, Midera.Middleby is now focused exclusively on Commercial Foodservice, positioning itself as an innovation leader with a portfolio of established brands.It has also returned $1.3 billion to shareholders through share repurchases over six quarters.

The Middleby Corporation’s $1.3 Billion Reset: Is The Pure-Play Strategy Paying Off?

Smartkarma AI Primers, Smartkarma

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Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Following the July 2026 spin-off of its Food Processing business (now Midera Food Processing), Middleby is now a pure-play Commercial Foodservice company, a move designed to unlock value by focusing on its core, higher-margin segment.</li>
  <li>The company possesses a strong portfolio of well-recognized brands and a leading market position, serving 97 of the top 100 U.S. foodservice chains. However, it faces headwinds from recent financial underperformance, including declining revenue and a net loss in the most recent full fiscal year.</li>
  <li>Significant uncertainty surrounds the stock post-spin-off, with potential for passive selling pressure due to its smaller market capitalization, despite the strategic benefits of a more focused business model.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Following the July 2026 spin-off of its Food Processing business (now Midera Food Processing), Middleby is now a pure-play Commercial Foodservice company, a move designed to unlock value by focusing on its core, higher-margin segment.
  The company possesses a strong portfolio of well-recognized brands and a leading market position, serving 97 of the top 100 U.S. foodservice chains. However, it faces headwinds from recent financial underperformance, including declining revenue and a net loss in the most recent full fiscal year.
  Significant uncertainty surrounds the stock post-spin-off, with potential for passive selling pressure due to its smaller market capitalization, despite the strategic benefits of a more focused business model.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Middleby Corp (MIDD US) - Aug 2026

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Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>On July 7, 2026, MIDD and spin-off MFP began regular-way trading; MIDD fell ~4.7% to $139.26 while MFP gained ~3.1% to close at $36.60</li>
<li>MIDD (consolidated) gained 3.91% since the February 25, 2025 spin-off announcement, underperforming the S&amp;P 500's 26.00% gain over the same period</li>
<li>We value Middleby (ex-Midera) at $162.00/share (14.2x FY2027E EBITDA) and Midera at $40.00/share (11.0x FY2027E EBITDA); MFP joins the S&amp;P SmallCap 600</li>
</ul>


On July 7, 2026, MIDD and spin-off MFP began regular-way trading; MIDD fell ~4.7% to $139.26 while MFP gained ~3.1% to close at $36.60
MIDD (consolidated) gained 3.91% since the February 25, 2025 spin-off announcement, underperforming the S&amp;P 500's 26.00% gain over the same period
We value Middleby (ex-Midera) at $162.00/share (14.2x FY2027E EBITDA) and Midera at $40.00/share (11.0x FY2027E EBITDA); MFP joins the S&amp;P SmallCap 600


Middleby and Its Spin-Off Midera Food Commence Regular Way Trading on July 7

<ul>
<li>Middleby completed the tax-free 1:1 spin-off of Midera Food Processing (Nasdaq: MFP) on July 6, 2026. Regular-way trading in both stocks to begin July 7</li>
<li>Our SOTP fair value is $202 combined - Middleby ex-Midera at $162 (14.2x FY2027E EBITDA) plus Midera at $40 (11.0x FY2027E EBITDA</li>
<li>S&amp;P DJI confirmed MFP joins the S&amp;P SmallCap 600 effective July 8, creating passive buying demand that should partially offset post-spin technical selling.</li>
</ul>


Middleby completed the tax-free 1:1 spin-off of Midera Food Processing (Nasdaq: MFP) on July 6, 2026. Regular-way trading in both stocks to begin July 7
Our SOTP fair value is $202 combined - Middleby ex-Midera at $162 (14.2x FY2027E EBITDA) plus Midera at $40 (11.0x FY2027E EBITDA
S&amp;P DJI confirmed MFP joins the S&amp;P SmallCap 600 effective July 8, creating passive buying demand that should partially offset post-spin technical selling.


Middleby Completes the Spin-Off of Food Processing Business on July 6; RW Trading to Begin July 7

United States

The Middleby Corporation designs, manufactures, markets, and services a broad line of equipment for use in cooking and preparing food.  The Company's products are used in commercial and institutional kitchens and restaurants throughout the world.  Middleby's brand names include Marshall, Southbend, and Toastmaster.

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Middleby Corp (MIDD US)

Middleby's $1.3 Billion Buyback: Can the New Focus Pay Off?

The Middleby Corporation completed a major transformation by divesting its Residential Kitchen and Food Processing businesses, with Food...

Baptista Research

The Middleby Corporation’s $1.3 Billion Reset: Is The Pure-Play Strategy Paying Off?

The Middleby Corporation has completed its strategic transformation by divesting its Residential Kitchen business and spinning off Food Processing...

Baptista Research

Primer: Middleby Corp (MIDD US) - Aug 2026

Following the July 2026 spin-off of its Food Processing business (now Midera Food Processing), Middleby is now a pure-play Commercial...

αSK Primers

Middleby and Its Spin-Off Midera Food Commence Regular Way Trading on July 7

Middleby (MIDD) and spin-off Midera (MFP) began trading, with MIDD falling and MFP gaining; MIDD underperformed S&P 500 since spin-off announcement.

GSBR Research

Middleby Completes the Spin-Off of Food Processing Business on July 6; RW Trading to Begin July 7

Middleby completes tax-free spin-off of Midera Food Processing, with a combined fair value of $202. MFP joins S&P SmallCap 600 on July 8. Regular...

GSBR Research

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Middleby's $1.3 Billion Buyback: Can the New Focus Pay Off?

The Middleby Corporation completed a major transformation by divesting its Residential Kitchen and Food Processing businesses, with Food...

Baptista Research

The Middleby Corporation’s $1.3 Billion Reset: Is The Pure-Play Strategy Paying Off?

The Middleby Corporation has completed its strategic transformation by divesting its Residential Kitchen business and spinning off Food Processing...

Baptista Research

Primer: Middleby Corp (MIDD US) - Aug 2026

Following the July 2026 spin-off of its Food Processing business (now Midera Food Processing), Middleby is now a pure-play Commercial...

αSK Primers

Middleby and Its Spin-Off Midera Food Commence Regular Way Trading on July 7

​Middleby (MIDD) and spin-off Midera (MFP) began trading, with MIDD falling and MFP gaining; MIDD underperformed S&P 500 since spin-off announcement.

GSBR Research

Middleby Completes the Spin-Off of Food Processing Business on July 6; RW Trading to Begin July 7

​Middleby completes tax-free spin-off of Midera Food Processing, with a combined fair value of $202. MFP joins S&P SmallCap 600 on July 8. Regular...

GSBR Research

Middleby (MIDD) and spin-off Midera (MFP) began trading, with MIDD falling and MFP gaining; MIDD underperformed S&P 500 since spin-off announcement.

Middleby completes tax-free spin-off of Midera Food Processing, with a combined fair value of $202. MFP joins S&P SmallCap 600 on July 8. Regular...