If Enodis generated the same profit margins as Middleby, its stock price would be high enough that MIDD might not be making an offer. Even so, Enodis' stock could be had for 30p a share three years ago! Scott
I would suggest that earnings per share would be a better calculation that earnings per sales. After all, all aquisitions have been done on borrowing, without diluting shares. Over the past couple of years, Middleby has actually bought shares back. After all, net earnings have to be reduced, to service that debt.