Added to YB: 2026-07-13
Pitch date: 2026-07-09
MFP [neutral]
Midera Food Processing, Inc.
-7.4%
current return
Author Info
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Company Info
Midera Food Processing, Inc. manufactures preparation, cooking, packaging food handling and food safety equipment for the food processing industry in United States and Internationally.
$MFP: the Middleby spin that was supposed to be free — priced at ~10x
MFP (overview): Middleby's food-processing spin, pitched as 'free' via SOTP, but trades ~9-10x EBITDA (no forced-seller discount). ~$850M 2025 rev, ~$172M adj EBITDA (~20% margin), 40% recurring aftermarket. S&P SmallCap 600 add drove index buying, offsetting spin selling. Watch for drift to 8x (cheap case, ~$1.1B equity). Risks: fairly priced cyclical equipment maker, public-co cost drag, index flow reversal, small-cap illiquidity.
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