Dignity (DTY)

Dignity DTY Logo

The UK’s only listed provider of funeral related services

14-Mar-2018 – 853p – £425.9m – PER 12.6

Results For The 12 Months To End December 2017 – Seems to be in-line (ish). Outlook statement does not sound particularly bullish except deaths are up 7% so far in 2018, expectation was no increase.

3 times cheaper than 6 months ago, in-line is not going to get me interested yet.

18-Apr-2018 – 932.5p – £466.3m – PER 13.7

Trading Update For Q1 2018 – Revenue was approximately £95m compared to £93m last time with EBIT (£37.5m) flat (but significantly ahead of the Board’s expectations). Continues to conduct price and service trials. FY Results expected to be ahead of current market expectations.

Encouraging, perhaps turning a corner. I remain Neutral for now and will watch for updates.

12-Nov-2018 – 1044p – £522.1m – PER 14.6

Q3 Trading Update – Revenue flat with Underlying Operating Profit down -14%, the only thing rising, the number of deaths (up 3%) – In-line with current FY market expectations.

Not enough here to change my Neutral stance.

15-Jan-2019 – 720p – £360m – PER 10.4

Trading Update For The 12 Months To End December 2018 – Expects to report Operating Profit circa £79m, ahead of current market expectations, expectations for 2019 are unchanged.

I don’t see much reason to be “bottom picking” here.

13-Mar-2019 – 742p – £371m – PER 10.8

Results For The 12 Months To 28th December 2018 – Revenue down -3%, Underlying PBT down -30% and Underlying EPS fown -33%, the Dividend is flat. Competition and Markets Authority investigation into industry likely to commence this year.

I still don’t see any reason to be “bottom picking” here just yet.

13-May-2019 – 676p – £338m – PER 9.9

Trading Update For Q1 2019 – Revenue down -15%, Underlying Operating Profit down -12%, even the number of deaths is down -12% (that’s high!). This performance is below the Board’s expectations. If the death rate rises (to “normal” levels) FY profits will be £3m – £4m lower than originally anticipated.

I still see no reason to go “bottom picking” here.

31-Jul-2019 – 614p – £307m – PER 9

Interim Results For The 6 Months To End June 2019 – Revenue down -11% with Underlying PBT down -45% and EPS down -46%, deaths are down just -7%! Warns FY guidance is based on more deaths.

I still see no reason to go “bottom picking” here.

Stockopedia Banner