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Park Lawn Corp T.PLC

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.


TSX:PLC - Post by User

Post by retiredcfon May 12, 2023 8:56am
133 Views
Post# 35445028

CIBC

CIBCHave a $30.00 target. GLTA

EQUITY RESEARCH
May 11, 2023 Flash Research
PARK LAWN CORP.

Q1/F23 First Look: Sound Result In Tough Environment;
Enhanced Disclosure Introduced


Park Lawn reported Q1 results that were in line with consensus expectations
on sales, and slightly above on EBITDA and EPS. We anticipate PLC to be
up modestly tomorrow, particularly given the stock’s slide of late. Importantly,
Park Lawn revealed new disclosure this quarter, providing sales and EBITDA
by operating segment. We consider this development to be a meaningful
positive change for investors.


Revenue was $87MM (consensus $87MM) and EBITDA was $21MM (cons.
$20MM), while EBITDA margin was slightly better at 23.7% vs. consensus of
23.0%. Adjusted EPS was $0.25 (cons. $0.24). Q1 last year reflected an
elevated mortality rate from COVID, making for a difficult Y/Y comparison;
EPS declined 22% Y/Y and we estimate organic EBITDA growth of -16%.


Comparable operations revenue was -5.6%, well above our -12.7% forecast.
Within the Funeral Home segment (~60% of sales), organic call volumes
declined 11.3%, while average revenue per call increased by 1.5%. Within
Cemetery, comparable sales were -2.4%, the product of lower property sales
partly offset by higher merchandise and services revenue and group sales.


PLC completed one deal in late Q1, acquiring Meyer Brothers Funeral
Homes, which is expected to add $1.8MM of adjusted EBITDA. Net leverage
post Q1 stands at ~2.6x NTM EBITDA. Management will host a conference
call tomorrow morning at 9:30 a.m. ET. Dial-in is 888-506-0062 (passcode:
462890). 
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