PROPEL FUNERAL PARTNERS LIMITED (PFP)
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PFP - PROPEL FUNERAL PARTNERS LIMITED

FNArena Sector : Consumer Products & Services

Year End: June

GICS Industry Group : Commercial Services & Supplies

Debt/EBITDA: 2.67

Index: ASX300 | ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$4.46 27 May 2025	-0.100 OPEN $4.30	-2.19% HIGH $4.53	5,097,933 LOW $4.20

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$4.46

27 May
2025

-0.100

OPEN

$4.30

-2.19%

HIGH

$4.53

5,097,933

LOW

$4.20

TARGET

$5.82

-0.60 change from previous day

30.5% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
ALD . MPA . WES .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	14.2	15.9	xxx
DPS (cps)	xxx	14.4	13.3	xxx
EPS Growth	xxx	- 12.2%	12.3%	xxx
DPS Growth	xxx	2.9%	- 7.9%	xxx
PE Ratio	xxx	N/A	28.1	xxx
Dividend Yield	xxx	N/A	3.0%	xxx
Div Pay Ratio(%)	xxx	101.7%	83.4%	xxx

Dividend yield today if purchased 3 years ago: 2.91%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 04/03 - ex-div 7.2c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	14.2
DPS All	xxx	xxx	xxx	xxx	xxx	14.4
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	208.7 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	255.1
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	34.4 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	8.53 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	5.89 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	4.09 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	3.06 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	5.89 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	8.67 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-10.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	29 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	116 M
Total Debt	xxx	xxx	xxx	xxx	xxx	145 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	194 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	7 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	2.26

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	26.4 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	12.66 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	144 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	24 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

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Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Bell Potter	28/05/2025	1	Buy	$5.50	23.32%	Propel Funeral Partners' FY25 revenue guidance of $220-225m fell short of Bell Potter's forecast by -4% at the midpoint, and operating EBITDA missed by around -9%. The guidance factors in a decline in volumes, with average revenue per funeral returning to the long-term growth range of 2-4%. The broker revised forecasts, resulting in 2H25 EBITA margin narrowing to 23% from 25.8% previously forecast. A recovery in volumes in FY26 is expected, leading to margin improvement forecast. Buy. Target cut to $5.50 from $6.30. FORECAST Bell Potter forecasts a full year FY25 dividend of 11.90 cents and EPS of 14.50 cents. Bell Potter forecasts a full year FY26 dividend of 11.80 cents and EPS of 15.00 cents.
Morgan Stanley	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

28/05/2025

Buy

$5.50

23.32%

Propel Funeral Partners' FY25 revenue guidance of $220-225m fell short of Bell Potter's forecast by -4% at the midpoint, and operating EBITDA missed by around -9%.

The guidance factors in a decline in volumes, with average revenue per funeral returning to the long-term growth range of 2-4%.

The broker revised forecasts, resulting in 2H25 EBITA margin narrowing to 23% from 25.8% previously forecast. A recovery in volumes in FY26 is expected, leading to margin improvement forecast.

Buy. Target cut to $5.50 from $6.30.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 11.90 cents and EPS of 14.50 cents.
Bell Potter forecasts a full year FY26 dividend of 11.80 cents and EPS of 15.00 cents.

Morgan Stanley

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

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EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Moelis	28/05/2025	1	Buy	$5.54	24.22%	Moelis notes Propel Funeral Partners has downgraded expectations for FY25, guiding to $222.5m revenue and $55m EBITDA, respectively -4% and -8% below consensus. The culprit: softer-than-expected organic death volumes, especially in Q2. A largely fixed cost base is amplifying the impact, with margins now forecast at 24.7%, down from 25.9%. Moelis has trimmed its earnings and dividend forecasts across FY25–27 by up to -19%, and now assumes more conservative operating leverage. Buy rating retained with reference to the defensive nature of the deathcare sector, Propel’s high-quality assets, and ample room to grow via acquisition (the company has just 9% share in a fragmented market). With no major acquisitions announced this half and CEO succession still in transition, commentary suggests upside will depend on execution. A number of potential deals remain in the pipeline, though timing is unclear. Target price trimmed to $5.54 from $6.10. FORECAST Moelis forecasts a full year FY25 dividend of 12.50 cents and EPS of 14.90 cents. Moelis forecasts a full year FY26 dividend of 14.00 cents and EPS of 16.80 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Moelis

28/05/2025

Buy

$5.54

24.22%

Moelis notes Propel Funeral Partners has downgraded expectations for FY25, guiding to $222.5m revenue and $55m EBITDA, respectively -4% and -8% below consensus.

The culprit: softer-than-expected organic death volumes, especially in Q2. A largely fixed cost base is amplifying the impact, with margins now forecast at 24.7%, down from 25.9%.

Moelis has trimmed its earnings and dividend forecasts across FY25–27 by up to -19%, and now assumes more conservative operating leverage.

Buy rating retained with reference to the defensive nature of the deathcare sector, Propel’s high-quality assets, and ample room to grow via acquisition (the company has just 9% share in a fragmented market).

With no major acquisitions announced this half and CEO succession still in transition, commentary suggests upside will depend on execution. A number of potential deals remain in the pipeline, though timing is unclear.

Target price trimmed to $5.54 from $6.10.

FORECAST
Moelis forecasts a full year FY25 dividend of 12.50 cents and EPS of 14.90 cents.
Moelis forecasts a full year FY26 dividend of 14.00 cents and EPS of 16.80 cents.

Access Extra Coverage Research History >

PFP STOCK CHART

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Dividend Yield Today On Last Actual Payout :	3.22
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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PROPEL FUNERAL PARTNERS LIMITED (PFP)
Share Price Analysis and Chart