Park Lawn Corp T.PLC.DB

Primary Symbol: T.PLC Alternate Symbol(s): PRRWF

Consumer Cyclical Personal Services

Park Lawn Corporation is engaged in providing goods and services associated with the disposition and memorialization of human remains. The Company and its subsidiaries own and operate businesses, including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. Its primary products and services are cemetery lots, crypts, niches, monuments, caskets, urns and other merchandise, funeral services, after-life celebration services and cremation services. Its products and services are sold on a pre-planned basis or at the time of death. It has one stand-alone funeral home located in Durham, North Carolina; one stand-alone funeral home and one on-site funeral home and cemetery located in Abingdon, Virginia; eight stand-alone funeral homes, two stand-alone cemeteries and one on-site funeral home and cemetery located in and around the Savannah, Tennessee area; three stand-alone funeral homes located in Brampton, Woodbridge and Toronto, Ontario and more.

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Park Lawn Corp

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Post by retiredcfon Oct 13, 2022 8:31am

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Post# 35021704

CIBC

EQUITY RESEARCH
October 12, 2022 Flash Research
PARK LAWN CORP.

Building Out Metro Kansas City Presence

PLC announced the on-strategy acquisition of three stand-alone funeral
homes located in metro Kansas City, a market in which PLC has a significant presence. The deal is on-strategy (building out an existing cluster) but immaterial, adding US$0.6MM of annualized adjusted EBITDA (our 2023E is US$93MM). We estimate total deal value at US$4-5MM, to be funded from PLC’s credit facilities and cash on hand. Properties are: 1) Muehlebach Funeral Care in Kansas City, Missouri; 2) Skradski-Pierce Funeral Home in Kansas City, Kansas; and 3) Assurance Cremation Society in Kansas City, Missouri. The acquisition is expected to close in November 2022. We already include acquisitions in our forecast; our C$36.00 price target and Outperformer rating are unchanged.

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