InvoCare Limited (IVC)
Views and News
Essentials
Recent News Highlights
As at 31/12/2012 : see details at www.invocare.com.au (new window? Shift+Click)
| 05/09/2012 Macquarie Connections Presentation |
| 16/08/2012 2012 Half Year Results & Presentation |
| 01/06/2012 Release of Escrow Shares |
| 11/05/2012 2012 AGM & Chairman's Address |
| 02/05/2012 Macquarie Connections Australia Conference Presentation |
Half-year Performance & Estimates - IVC
| Year-end December | 1H10A | 1H11A | 1H12A | FY12A | 1H13A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 131.7 | 143.3 | 180.0 | 368.7 | 188.5 | 395.0 | 417.0 |
| EBITDA, $m | 33.4 | 33.0 | 43.9 | 92.8 | 46.6 | 94.0 | 101.5 |
| EBIT, $m | 27.9 | 27.0 | 35.9 | 76.4 | 38.0 | 77.9 | 84.0 |
| Report NPAT, $m | 16.7 | 14.6 | 20.4 | 44.6 | 21.6 | ||
| Adj. NPAT, $m | 21.6 | 42.8 | 48.5 | ||||
| Reported EPS, ¢ | 16.00 | 14.00 | 19.00 | 41.00 | 20.00 | ||
| Adjusted EPS, ¢ | 20.00 | 38.85 | 43.90 | ||||
| EPS %FY/Growth | 114% | 46% | 193% | 5% | -5% | 13% | |
| Dividend, ¢ | 13.0 | 13.5 | 15.0 | 34.0 | 15.0 | 34.65 | 37.35 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 30% | 21% | 0 | 25% | 8% | 23.8% | 24.3% |
| NPAT Margin | 13% | 8% | 0 | 12% | 8% | 10.8% | 11.6% |
| ROE, % | 48% | 19% | 14% | 30% | 14% | ||
| EBIT/Interest | 3.7 | 3.7 | 4.7 | 5.5 | 4.73 | ||
| Net Debt / Equity | 3.16 | 1.47 | 1.47 | 1.43 | 1.44 | ||
| CashFlow/Sh, ¢ | 18.1 | 20.7 | 21.3 | 48.6 | 30.1 | 56.5 | 59.4 |
| Y/E Shares, m | 102.1 | 108.0 | 110.1 | 109.4 | 110.1 |
| Notes |
| EPS Growth compared with the pcp is shown in most columns, except 1H10A and 1H11A which show the first half % of full year EPS. |
Half-yearly Performance & Estimates - IVC
| Year-end December | 1H10 ?A | FY A? | 1H11? | 1H12A | FY12A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 131.7 | 143.3 | 143.3 | 180.0 | 368.7 | 397.0 | 421.0 |
| EBITDA, $m | 33.4 | 33.0 | 33.0 | 43.9 | 92.8 | 100.9 | 107.7 |
| EBIT, $m | 27.9 | 27.0 | 27.0 | 35.9 | 76.4 | 84.3 | 90.6 |
| Report NPAT, $m | 16.7 | 14.6 | 14.6 | 20.4 | 44.6 | ||
| Adj. NPAT, $m | 44.6 | 48.8 | 53.9 | ||||
| Reported EPS, ¢ | 16.00 | 14.00 | 14.00 | 19.00 | 41.00 | ||
| Adjusted EPS, ¢ | 41.00 | 44.60 | 48.65 | ||||
| EPS %FY/Growth | 100% | -13% | 46% | 193% | 9% | 9% | |
| Dividend, ¢ | 13.0 | 13.5 | 13.5 | 15.0 | 34.0 | 37.00 | 40.25 |
| Franking, % | 1286% | 100% | -1.102E+10% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 30% | 21% | 30% | 24.4% | 25% | 25.4% | 25.6% |
| NPAT Margin | 13% | 8% | 13% | 11.3% | 12% | 12.3% | 12.8% |
| ROE, % | 48% | 19% | 48% | 14 | 30% | ||
| EBIT/Interest | 3.7 | 3.7 | 3.7 | 4.69 | 5.54 | ||
| Net Debt / Equity | 3.16 | 1.47 | 3.16 | 1.47 | 1.43 | ||
| CashFlow/Sh, ¢ | 18.1 | 20.7 | 20.7 | 21.3 | 48.6 | 60.1 | 63.6 |
| Y/E Shares, m | 102.1 | 108.0 | 108.0 | 110.1 | 109.4 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns, except 1H11A and 1H12A which show the first half % of full year EPS. In a handful of cases, unadjusted share splits may give strange changes in ratios. |
Half-yearly Performance & Estimates - IVC
| Year-end December | 1H10 ?A | FY A? | 1H11? | 1H12A | FY12A | FY13E | FY14E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 131.7 | 143.3 | 143.3 | 180.0 | 368.7 | 397.0 | 421.0 |
| EBITDA, $m | 33.4 | 33.0 | 33.0 | 43.9 | 92.8 | 100.9 | 107.7 |
| EBIT, $m | 27.9 | 27.0 | 27.0 | 35.9 | 76.4 | 84.3 | 90.6 |
| Report NPAT, $m | 16.7 | 14.6 | 14.6 | 20.4 | 44.6 | ||
| Adj. NPAT, $m | 44.6 | 48.8 | 53.9 | ||||
| Reported EPS, ¢ | 16.00 | 14.00 | 14.00 | 19.00 | 41.00 | ||
| Adjusted EPS, ¢ | 41.00 | 44.60 | 48.65 | ||||
| EPS %FY/Growth | 100% | -13% | 46% | 193% | 9% | 9% | |
| Dividend, ¢ | 13.0 | 13.5 | 13.5 | 15.0 | 34.0 | 37.00 | 40.25 |
| Franking, % | 1286% | 100% | -1.102E+10% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 30% | 21% | 30% | 24.4% | 25% | 25.4% | 25.6% |
| NPAT Margin | 13% | 8% | 13% | 11.3% | 12% | 12.3% | 12.8% |
| ROE, % | 48% | 19% | 48% | 14 | 30% | ||
| EBIT/Interest | 3.7 | 3.7 | 3.7 | 4.69 | 5.54 | ||
| Net Debt / Equity | 3.16 | 1.47 | 3.16 | 1.47 | 1.43 | ||
| CashFlow/Sh, ¢ | 18.1 | 20.7 | 20.7 | 21.3 | 48.6 | 60.1 | 63.6 |
| Y/E Shares, m | 102.1 | 108.0 | 108.0 | 110.1 | 109.4 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns, except 1H11A and 1H12A which show the first half % of full year EPS. In a handful of cases, unadjusted share splits may give strange changes in ratios. |
Company Overview
Russell Research in the media
BUY InvoCare Limited, IVC, $10.76
The leading funerals group across Australia, NZ and Singapore has an excellent growth record, with useful yield. Buy on the recent market fall.
Stock Picks for Sunday Herald Sun - 29 July 2012
Hold: Invocare Limited, IVC, $8.65
Now the leading Asia-Pacific funeral operator, its well managed growth with yield offers a comfortable long-term nest egg.
Profile
InvoCare
Rating: ♣
Category: Best Stock ; Midcaps
Action:
Website: www.invocare.com.au
| ASX code: | IVC |
| Closing Price, 30/12/2013: | $ 11.065 |
| Market Capitalisation: | $ 1,215 million |
| 52 Week High: | $ 12.49 |
| 52 Week Low: | $ 8.51 |
| Sector: | Specialized Consumer Services |
| Index: | S&P/ASX 200 Index |
Summary of Fundamentals
| Year-end December | FY11A | FY12A | FY13E | FY14E |
|---|---|---|---|---|
| NPAT, $m | 27.1 | 44.6 | 42.4 | 48.4 |
| Reported EPS, ¢ | 26.00 | 41.00 | ||
| Adjusted EPS, ¢ | 38.80 | 38.80 | 43.50 | |
| EPS Growth, % | -30% | 49% | 0% | 12% |
| P/E Ratio, x | 42.56 | 28.52 | 28.52 | 25.44 |
| Dividend, ¢ | 29.75 | 34.0 | 34.50 | 37.20 |
| Franking, % | 100% | 100% | 100% | 100% |
| Div. Yield, % | 2.69 | 3.07 | 3.12 | 3.36 |
Notes
| Our Adjusted EPS is used for the last year and forward estimates and as basis for EPS Growth and P/E Ratio. We currently use Reported data for all historic NPAT, for the prior year EPS and as base for last year EPS growth. |
| Data & Chart sourced from IRESS Market Technology Ltd. |
One Year Chart
As at 30 December 2013
Other Highlights
| Sector: | Specialized Consumer Services |
| Return on Equity, FY12 : | 30% |
| Net Debt to Equity, FY12 : | 143 % |
| EBIT / Interest Cover, FY12 : | 5.04 x |
| Gicscode: | 25302020 |
| First Listed: | 4-Dec-03 |
Business Activities
InvoCare Limited (IVC) is a majo owner and operator of funeral homes, cemeteries and crematoria across Australia, NZ and Singapore. Brands include White Lady Funerals and Simplicity Funerals among many.
Glossary:
| ♠ | "A Core Stock" - reliable long-term yield & growth |
| ♥ | "We like it" - a seasoned performer, growth & yield |
| ♦ | "A tough scout" - creating a potential breakthrough |
| ♣ | "A steady performer" - giving reliable yield or growth |
| Best Stocks | Portfolio of selected attractive investments |
| Potential | Stocks that may have good improvement prospects |
| Speculative | More risky usually smaller stocks with spec. upside |
| Midcaps | In RR Midcap Index, $ 70m to 1,500m market cap. |
| Large Stocks | Larger Stocks upwards of $ 1,500m market cap |