Macquarie sees trend normalising for Australia's Propel Funeral Partners in FY24

Propel Funeral Partners

08/12/2023 03:40

** Analysts at Macquarie continue to view FY24 as a year of
normalisation for Australia's Propel Funeral Partners  PFP.AX 
as the brokerage sees deaths rebasing and returning to expected
trend 
    ** Shares in PFP dipped as much as 1.5% to their lowest
level since Nov. 14 
    ** Says industry fundamentals remain attractive for PFP with
strategic mergers and acquisitions creating material upside risk
to earnings 
    ** Brokerage retains 'outperform' rating with PT of A$5.95
per share 
    ** "We expect total Australian deaths to normalise in FY24,
then return to growth in FY25, in line with the ABS' (Australia
bureau of statistics) projections" - Macquarie 
    ** Stock up ~10% this year, as of last close, vs a 1.9%
increase in benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair)
 ((Roushni.Nair@thomsonreuters.com;))