Middleby Corp Management Lunch & Investor Day Recap

研报英文原文证据摘录

Middleby Corp Management Lunch & Investor Day Recap

J P M O R G A N North America Equity Research

14 May 2026

Middleby Corp Neutral

MIDD, MIDD US

Management Lunch & Investor Day Recap Price (13 May 26):$147.45

Price Target (Dec-26):$185.00

MIDD hosted an investor day earlier this week, followed by a lunch with J.P. Machinery, Engineering &

Morgan clients yesterday, where Tim FitzGerald, CEO, Britt Cerwin, CFO, Steve Construction

Spittle, Chief Commercial Officer, and Rebecca Ellin, SVP, Investor Strategy & Tami Zakaria, CFA AC

Corporate Development participated from MIDD management. Our key (1-212) 622-9888

takeaways post the events were: (1) Comping DD% growth in dealer network tami.zakaria@jpmchase.com

in 2H, driving cautiously optimistic FY guidance; management refuted Raquel Betesh

demand pull-forward ahead of price increases. For MIDD’s CFS segment, the (1-212) 622-1313

organic revenue guide of 4-6% for the year (vs. 8% in 1Q) reflects prudence, given raquel.betesh@jpmchase.com

that the sell-in to the dealer channel (~25% of the mix) will be comping DD% Alec R McGuire

(1-212) 622-2432

growth starting in 3Q26. Management noted that the LSD% price increase slated alec.mcguire@jpmorgan.com

for later this year (after LSD% at the beginning of 2026) was unlikely to have J.P. Morgan Securities LLC

driven a demand pull-forward from dealers, given the cost of carrying inventory

has dramatically risen over the years. Channel inventory currently remains at

desired levels. (2) LSD% price realization this year; generally takes a couple Quarterly Forecasts (FYE Dec)

of quarters to realize full price increases. Historically, national chains used to Adj. EPS ($)

receive price increases once every 2-3 years. COVID drove multiple price 2025A 2026E 2027E

Q1 1.87 2.16A