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GEAGY - Middleby Continuing To Struggle But Margins Can Start Supporting Valuation
GEA Group AG ADR
I’ve written many times before that one of the biggest risks in paying up for growth is that sooner or later the growth slows and those inflated multiples come back to earth. And so it is with Middleby (MIDD), where the company has seen a return to revenue contraction on an organic basis and ongoing execution challenges across the business. I thought multiples/valuation were too high back in May, and the shares have lost almost another 20% of their value, far worse than the performances of Welbilt (WBT), John Bean