Australia's Propel Funeral Partners rises; Bell Potter ups PT on NZ buyout

Propel Funeral Partners

13/02/2024 03:49

** Shares of Propel Funeral Partners  PFP.AX  rise as much
as 2.3% to A$5.370, on track for their best day since Feb 2, if
gains hold
    ** Co completed A$80 mln ($52.13 mln) placement, and also
acquires Southern Funeral Home business in New Zealand for A$4.6
mln 
    ** Bell Potter says acquisition is ~1% incremental to its
FY24 revenues estimates, sees increase in merger & acquisitions
premium
    ** Bell Potter raises price target by 5% to A$6.20/share,
maintains "buy" rating
    ** Brokerage cuts FY24 EPS estimates by 0.7% but raises FY25
and FY26 estimates by 2.4% and 2.8%, respectively 
    ** All six analysts rate the stock "buy" or higher; their
median PT is A$5.98 - LSEG Data
    ** Stock up 1.7% YTD, as of last close 
   
    ($1 = 1.5342 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))