Australia's Propel Funeral's FY24 earnings to be supported by acquisitions, Macquarie says, raises PT

Propel Funeral Partners

10/05/2024 06:05

** Shares of Propel Funeral Partners  PFP.AX  rise as much
as 1.5% to A$5.61
    ** Macquarie expects funeral services provider's FY24
earnings growth will be supported by strategic acquisitions,
outweighing lower volumes
    ** PFP has reaffirmed its FY24 revenue and EBITDA forecast
of A$200 mln-A$220 mln ($132.1 mln-$145.4 mln) and A$56 mln-A$60
mln, respectively
    ** Brokerage increases target price on death care services
provider PFP to A$6.58 from A$6.38; maintains "outperform"
rating on stock
    ** On average, analysts rate the stock "buy"; median PT is
A$6.10 – LSEG data
    ** Stock had risen 7.2% YTD, as of last close


($1 = 1.5135 Australian dollars)

 (Reporting by Megha Rani in Bengaluru)
 ((Megha.Rani2@thomsonreuters.com;))