Financials Propel Funeral Partners Limited

Equities

PFP

AU000000PFP8

Personal Services

Market Closed - Australian S.E. Other stock markets 02:10:38 2024-05-17 am EDT			5-day change	1st Jan Change
5.6 ^AUD	0.00%		-0.88%	+8.53%

May. 06	Propel Funeral to Acquire Four Businesses in Australia, New Zealand for AU$12 Million	MT
May. 06	Propel Funeral Partners Limited agreed to acquire Decra and Osbornes Funeral Directors and Gladstone Valley Funerals and Brunswick Valley Funerals.	CI

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	325.1	297.2	376.8	557.6	494.3	772.1	-	-
Enterprise Value (EV) ¹	333.3	393.9	492.8	635.5	620.9	882.7	883.6	884
P/E ratio	26.3 x	27.9 x	26 x	-1,677 x	26 x	33.9 x	29.5 x	27.9 x
Yield	3.48%	3.32%	3.12%	2.59%	3.19%	2.46%	2.77%	2.99%
Capitalization / Revenue	3.42 x	2.68 x	3.13 x	3.84 x	2.93 x	3.62 x	3.27 x	3.1 x
EV / Revenue	3.5 x	3.55 x	4.09 x	4.38 x	3.68 x	4.14 x	3.75 x	3.55 x
EV / EBITDA	14 x	12.2 x	13.6 x	16 x	13.5 x	15.5 x	13.9 x	13 x
EV / FCF	75.8 x	33.1 x	31.7 x	50.9 x	49.5 x	56 x	30.4 x	28 x
FCF Yield	1.32%	3.02%	3.15%	1.96%	2.02%	1.79%	3.28%	3.57%
Price to Book	1.78 x	1.63 x	2.02 x	2.24 x	1.95 x	2.18 x	2.18 x	2.19 x
Nbr of stocks (in thousands)	98,508	98,735	99,946	117,896	117,960	137,874	-	-
Reference price ²	3.300	3.010	3.770	4.730	4.190	5.600	5.600	5.600
Announcement Date	8/25/19	8/24/20	8/24/21	8/23/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	95.12	110.8	120.4	145.2	168.5	213	235.9	249.2
EBITDA ¹	23.76	32.4	36.28	39.6	45.96	56.99	63.66	67.75
EBIT ¹	19.62	23.6	26.62	29.3	34.57	42.52	48.45	52.2
Operating Margin	20.63%	21.29%	22.1%	20.17%	20.51%	19.96%	20.54%	20.95%
Earnings before Tax (EBT) ¹	17.57	13.9	20.79	2.078	27.5	30.9	36.6	39.8
Net income ¹	12.34	10.62	14.44	-0.318	19.01	20.74	26.68	29.25
Net margin	12.97%	9.58%	11.99%	-0.22%	11.28%	9.74%	11.31%	11.74%
EPS ²	0.1256	0.1077	0.1451	-0.002820	0.1612	0.1650	0.1897	0.2010
Free Cash Flow ¹	4.399	11.9	15.53	12.48	12.53	15.77	29.02	31.55
FCF margin	4.62%	10.74%	12.89%	8.6%	7.44%	7.4%	12.3%	12.66%
FCF Conversion (EBITDA)	18.51%	36.73%	42.8%	31.53%	27.27%	27.66%	45.59%	46.57%
FCF Conversion (Net income)	35.65%	112.01%	107.52%	-	65.93%	76.02%	108.79%	107.86%
Dividend per Share ²	0.1150	0.1000	0.1175	0.1225	0.1335	0.1379	0.1551	0.1673
Announcement Date	8/25/19	8/24/20	8/24/21	8/23/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2020 S1	2020 S2	2021 S1	2021 S2	2022 S1	2023 S1	2023 S2	2024 S1
Net sales ¹	57	53.84	59	61.44	67.97	-	84.73	102.9
EBITDA ¹	-	17.73	19	17.28	19.08	23.1	22.84	27.39
EBIT	11.97	11.63	14.2	12.42	14.05	-	16.96	-
Operating Margin	21%	21.6%	24.07%	20.21%	20.67%	-	20.01%	-
Earnings before Tax (EBT)	5.255	8.826	11.7	9.125	-	-	-	-
Net income	3.501	7.123	8.2	6.287	-9.197	-	8.789	-
Net margin	6.14%	13.23%	13.9%	10.23%	-13.53%	-	10.37%	-
EPS	-	-	-	-	-	-	-	-
Dividend per Share	-	0.0600	-	-	-	-	-	-
Announcement Date	2/26/20	8/24/20	2/24/21	8/24/21	2/22/22	-	8/23/23	2/20/24

¹AUD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8.18	96.7	116	77.8	127	111	112	112
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.344 x	2.985 x	3.197 x	1.965 x	2.756 x	1.94 x	1.752 x	1.652 x
Free Cash Flow ¹	4.4	11.9	15.5	12.5	12.5	15.8	29	31.6
ROE (net income / shareholders' equity)	6.81%	7.78%	8.27%	7.97%	8.32%	7.41%	7.81%	8.42%
ROA (Net income/ Total Assets)	-	-	-	-	4.31%	3.5%	4.1%	4.4%
Assets ¹	-	-	-	-	440.8	592.6	650.7	664.8
Book Value Per Share ²	1.850	1.850	1.870	2.110	2.150	2.570	2.570	2.550
Cash Flow per Share ²	-	-	-	-	-	0.2800	0.3000	0.3200
Capex ¹	13	9.6	11.7	11.8	19.7	13.6	11.8	12.3
Capex / Sales	13.62%	8.66%	9.69%	8.12%	11.7%	6.4%	5%	4.92%
Announcement Date	8/25/19	8/24/20	8/24/21	8/23/22	8/23/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Propel Funeral Partners Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.6 AUD

Average target price

5.839 AUD

Spread / Average Target

+4.26%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Funeral Services