This business has massive operating leverage which will...

This business has massive operating leverage which will translate into strong organic growth, (plus acquisitions). recent falls (or lack of growth in profits) is due to either the fall in death rate last year which hit ivc because of its high fixed costs or because of its location closures for renovations. this thing is relatively expensive on a pe basis, but looks ok so long as management delivers plus its yield is above 6 if. uncounted the franking credits, plus the business isn't going to be hit too hard by the pandemic. also unlike some other high yield stocks that are at the top of the cycles this ones got room to go.
also this business has a pretty strong moat, not only does it have the brands and local people but it has the resources and capital to refurbish (unlike smaller players with single locations). plus they've got that funds management business which has about 200m in the clear (which on a 5-10% return will contribute about 10-20m to the bottom line with no extra cost, this should only grow as a portion of EBIT).