An earnings decline in the FY20 result was amplified by the high fixed-cost nature of
A lower number of deaths and a decline in average revenue per funeral meant the result was lower than Morgans had expected though in-line with recent guidance.
More positively, data on Australian funeral volumes suggests the business at least maintained market share during the year and the balance sheet remains healthy. Add rating and target falls to
Sector: Consumer Services.
Target price is
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