Morgan Stanley eyes low-risk domestic M&A for Australia's Propel Funeral

InvoCare

15/03/2023 02:45

** Analysts at Morgan Stanley highlight Australia's Propel
Funeral Partners  PFP.AX  has strong competitive advantage over
peers' and significant future M&A potential
    ** Says co has exceptional portfolio of brands with average
operating history of more than 50 years with experienced teams;
adds PFP was a key pick-out of reporting season
    ** Brokerage says that PFP offers more compelling investment
proposition that Invocare  IVC.AX , which has been a buyout
target
    ** We feel PFP is able to execute low-risk domestic M&A at a
scale sufficient to drive meaningful EPS upgrades - Morgan
Stanley
    ** PFP stock up 2.1% 
    ** Stock lost 2.8% this year, as of last close
    

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))