They are approaching all time lows. To be honest I am bullish on them based on their position over the recent years but the debt fuelled bidding war they got in with Propel with ongoing dividends made me a little sick. Management who aggressively bid up acquisition opportunities over finding alternative opportunities was a warning, the fact this increased costs were extending levels of debt made it dangerous considering the increasing risk of a downturn. I am confident in saying funeral expenses will be something people cut back on when the economy tightens.
The failed US attempt and lack lustre international (Singapore/NZ) performance made me question leaderships plan and execution style.
I am looking to buy in if I can convince myself it is safe enough to ignore for a longer term position. A growing elderly population may see funeral plan sales grow post pandemic, my only real bull case.
IVC Price at posting:
$10.60 Sentiment: Hold Disclosure: Not Held
