Middleby's (NASDAQ:MIDD) exceptional growth track record got even better in 2021, with the company generating exceptional organic growth through most of the year on both recovery and expansion demand, including national quick-service restaurants (or QSRs) adding more suburban locations and food companies (proteins, especially) turning to automation to address in-plant labor and safety challenges.
Middleby was another "like the business, don't like the valuation" stock for me a year ago, and although Middleby did indeed have a good run after my last update, rising from around $165 to a peak of over $201, the shares have since given almost all of that back in this broad market sell-off. While these shares are still not exactly conventionally cheap, I still like the company's leverage to growing adoption of labor- and space-saving automation, and I think the valuation is quite a bit more interesting now.
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