InvoCare
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InvoCare Limited provides funeral, cemetery, crematoria, and related services in Australia, New Zealand, and Singapore. The last earnings update was 149 days ago. More info.
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IVC Share Price and Events
7 Day Returns
1 Year Returns
IVC Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| InvoCare (IVC) | -2.6% | -0.6% | 7.9% | 16.9% | 13.4% | 53.3% |
| AU Consumer Services | -1.1% | -0.8% | 10.3% | 33.1% | 4.5% | -22.4% |
| AU Market | 0% | 0.9% | 6.8% | 4.8% | 20.1% | 12.2% |
1 Year Return vs Industry and Market
- IVC underperformed the Consumer Services industry which returned 33.1% over the past year.
- IVC outperformed the Market in Australia which returned 4.8% over the past year.
IVC Value
Is InvoCare undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
InvoCare
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for InvoCare.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 7 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.7% |
| Perpetual Growth Rate | 10-Year AU Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year AU Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 6% |
| Consumer Services Unlevered Beta | Simply Wall St/ S&P Global | 0.74 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.741 (1 + (1- 30%) (22%)) |
0.903 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.9 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.903 * 5.96%) |
7.69% |
Discounted Cash Flow Calculation for ASX:IVC using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for InvoCare is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (AUD, Millions) | Source |
Present Value Discounted (@ 7.69%) |
|
|---|---|---|---|
| 2020 | 46.75 | Analyst x2 | 43.41 |
| 2021 | 69.75 | Analyst x2 | 60.14 |
| 2022 | 89.53 | Est @ 28.35% | 71.68 |
| 2023 | 107.91 | Est @ 20.54% | 80.23 |
| 2024 | 124.18 | Est @ 15.07% | 85.72 |
| 2025 | 138.14 | Est @ 11.24% | 88.55 |
| 2026 | 149.97 | Est @ 8.56% | 89.27 |
| 2027 | 160.00 | Est @ 6.69% | 88.43 |
| 2028 | 168.60 | Est @ 5.38% | 86.53 |
| 2029 | 176.11 | Est @ 4.46% | 83.93 |
| Present value of next 10 years cash flows | A$777.90 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2029
× (1 + g) ÷ (Discount Rate – g)
= A$176.11 × (1 + 2.31%) ÷ (7.69% – 2.31%) |
A$3,348.61 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= A$3,348.61 ÷ (1 + 7.69%)10 |
A$1,595.85 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= A$777.90 + A$1,595.85 |
A$2,373.75 |
| Equity Value per Share (AUD) |
= Total value / Shares Outstanding
= A$2,373.75 / 115.04 |
A$20.63 |
| Calculation | Result | |
|---|---|---|
| Value per share (AUD) | From above. | A$20.63 |
| Current discount | Discount to share price of
A$16.20
= -1 x (A$16.20 - A$20.63) / A$20.63 |
21.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- InvoCare's share price is below the future cash flow value, and at a moderate discount (> 20%).
- InvoCare's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for InvoCare's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
InvoCare's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in AUD | A$0.38 |
| ASX:IVC Share Price ** | ASX (2019-07-19) in AUD | A$16.2 |
| Australia Consumer Services Industry PE Ratio | Median Figure of 11 Publicly-Listed Consumer Services Companies | 16.83x |
| Australia Market PE Ratio | Median Figure of 546 Publicly-Listed Companies | 16.1x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of InvoCare.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ASX:IVC Share Price ÷ EPS (both in AUD) = 16.2 ÷ 0.38 |
42.83x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- InvoCare is overvalued based on earnings compared to the AU Consumer Services industry average.
- InvoCare is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does
InvoCare's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 42.83x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts |
20.3%per year |
| Australia Consumer Services Industry PEG Ratio | Median Figure of 8 Publicly-Listed Consumer Services Companies | 1.83x |
| Australia Market PEG Ratio | Median Figure of 361 Publicly-Listed Companies | 1.38x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 42.83x ÷ 20.3% |
2.11x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- InvoCare is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
InvoCare's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in AUD | A$1.59 |
| ASX:IVC Share Price * | ASX (2019-07-19) in AUD | A$16.2 |
| Australia Consumer Services Industry PB Ratio | Median Figure of 19 Publicly-Listed Consumer Services Companies | 1.98x |
| Australia Market PB Ratio | Median Figure of 1,693 Publicly-Listed Companies | 1.7x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ASX:IVC Share Price ÷ Book Value per Share (both in AUD) = 16.2 ÷ 1.59 |
10.18x |
* Primary Listing of InvoCare.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- InvoCare is overvalued based on assets compared to the AU Consumer Services industry average.
Value checks
We assess InvoCare's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Consumer Services industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Consumer Services industry average (and greater than 0)? (1 check) InvoCare has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
IVC Future Performance
How is InvoCare expected to perform in the next 1 to 3 years based on estimates from 7 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- InvoCare's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- InvoCare's earnings growth is expected to exceed the Australia market average.
- InvoCare's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ASX:IVC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts | 20.3% |
| ASX:IVC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts | 7.1% |
| Australia Consumer Services Industry Earnings Growth Rate | Market Cap Weighted Average | 21.4% |
| Australia Consumer Services Industry Revenue Growth Rate | Market Cap Weighted Average | 12.3% |
| Australia Market Earnings Growth Rate | Market Cap Weighted Average | 7.4% |
| Australia Market Revenue Growth Rate | Market Cap Weighted Average | 3.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 597 | 110 | 79 | 4 |
| 2020-12-31 | 561 | 98 | 69 | 5 |
| 2019-12-31 | 525 | 84 | 62 | 5 |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 481 | 48 | 41 |
| 2018-09-30 | 475 | 53 | 59 |
| 2018-06-30 | 470 | 58 | 77 |
| 2018-03-31 | 468 | 67 | 87 |
| 2017-12-31 | 466 | 76 | 97 |
| 2017-09-30 | 465 | 81 | 91 |
| 2017-06-30 | 464 | 87 | 85 |
| 2017-03-31 | 463 | 82 | 78 |
| 2016-12-31 | 461 | 78 | 71 |
| 2016-09-30 | 457 | 70 | 68 |
| 2016-06-30 | 453 | 62 | 64 |
| 2016-03-31 | 450 | 63 | 60 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
All data from InvoCare Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 0.70 | 0.75 | 0.65 | 3.00 |
| 2020-12-31 | 0.61 | 0.65 | 0.54 | 4.00 |
| 2019-12-31 | 0.55 | 0.60 | 0.50 | 4.00 |
| Date (Data in AUD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.38 |
| 2018-09-30 | 0.54 |
| 2018-06-30 | 0.70 |
| 2018-03-31 | 0.79 |
| 2017-12-31 | 0.89 |
| 2017-09-30 | 0.83 |
| 2017-06-30 | 0.77 |
| 2017-03-31 | 0.71 |
| 2016-12-31 | 0.65 |
| 2016-09-30 | 0.62 |
| 2016-06-30 | 0.59 |
| 2016-03-31 | 0.54 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess InvoCare's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
InvoCare has a total score of 5/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
IVC Past Performance
How has InvoCare performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- InvoCare's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
- InvoCare's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- InvoCare's 1-year earnings growth is negative, it can't be compared to the AU Consumer Services industry average.
Earnings and Revenue History
All data from InvoCare Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 480.80 | 41.22 | 218.01 | |
| 2018-09-30 | 475.46 | 58.89 | 213.08 | |
| 2018-06-30 | 470.12 | 76.56 | 208.14 | |
| 2018-03-31 | 468.04 | 87.00 | 207.12 | |
| 2017-12-31 | 465.96 | 97.44 | 206.10 | |
| 2017-09-30 | 465.22 | 91.16 | 205.32 | |
| 2017-06-30 | 464.48 | 84.88 | 204.54 | |
| 2017-03-31 | 462.66 | 77.91 | 204.08 | |
| 2016-12-31 | 460.83 | 70.95 | 203.62 | |
| 2016-09-30 | 457.08 | 67.57 | 202.59 | |
| 2016-06-30 | 453.33 | 64.19 | 201.55 | |
| 2016-03-31 | 449.63 | 59.52 | 198.79 | |
| 2015-12-31 | 445.94 | 54.84 | 196.03 | |
| 2015-09-30 | 439.26 | 53.50 | 192.19 | |
| 2015-06-30 | 432.58 | 52.17 | 188.36 | |
| 2015-03-31 | 426.39 | 53.34 | 184.31 | |
| 2014-12-31 | 420.20 | 54.52 | 180.26 | |
| 2014-09-30 | 412.42 | 51.37 | 176.16 | |
| 2014-06-30 | 404.64 | 48.22 | 172.06 | |
| 2014-03-31 | 398.41 | 48.55 | 169.55 | |
| 2013-12-31 | 392.19 | 48.87 | 167.04 | |
| 2013-09-30 | 388.30 | 47.24 | 165.73 | |
| 2013-06-30 | 384.42 | 45.62 | 164.42 | |
| 2013-03-31 | 379.96 | 45.05 | 160.75 | |
| 2012-12-31 | 375.50 | 44.48 | 157.08 | |
| 2012-09-30 | 368.97 | 38.67 | 153.83 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Whilst InvoCare has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
- InvoCare used its assets less efficiently than the AU Consumer Services industry average last year based on Return on Assets.
- InvoCare's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess InvoCare's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Consumer Services industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
InvoCare has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
IVC Health
How is InvoCare's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up InvoCare's finances.
The net worth of a company is the difference between its assets and liabilities.
- InvoCare is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- InvoCare's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from InvoCare Company Filings, last reported 6 months ago.
| Date (Data in AUD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 174.69 | 410.04 | 14.78 |
| 2018-09-30 | 174.69 | 410.04 | 14.78 |
| 2018-06-30 | 167.06 | 329.65 | 11.42 |
| 2018-03-31 | 167.06 | 329.65 | 11.42 |
| 2017-12-31 | 282.42 | 245.08 | 15.53 |
| 2017-09-30 | 282.42 | 245.08 | 15.53 |
| 2017-06-30 | 247.40 | 255.75 | 16.73 |
| 2017-03-31 | 247.40 | 255.75 | 16.73 |
| 2016-12-31 | 234.21 | 237.20 | 11.53 |
| 2016-09-30 | 234.21 | 237.20 | 11.53 |
| 2016-06-30 | 207.67 | 256.23 | 12.55 |
| 2016-03-31 | 207.67 | 256.23 | 12.55 |
| 2015-12-31 | 203.44 | 234.96 | 8.68 |
| 2015-09-30 | 203.44 | 234.96 | 8.68 |
| 2015-06-30 | 180.78 | 246.86 | 14.36 |
| 2015-03-31 | 180.78 | 246.86 | 14.36 |
| 2014-12-31 | 187.96 | 235.26 | 10.49 |
| 2014-09-30 | 187.96 | 235.26 | 10.49 |
| 2014-06-30 | 170.49 | 243.42 | 14.93 |
| 2014-03-31 | 170.49 | 243.42 | 14.93 |
| 2013-12-31 | 170.70 | 229.73 | 8.90 |
| 2013-09-30 | 170.70 | 229.73 | 8.90 |
| 2013-06-30 | 155.25 | 237.32 | 6.65 |
| 2013-03-31 | 155.25 | 237.32 | 6.65 |
| 2012-12-31 | 151.89 | 232.59 | 6.08 |
| 2012-09-30 | 151.89 | 232.59 | 6.08 |
- InvoCare's level of debt (234.7%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (134.7% vs 234.7% today).
- Debt is not well covered by operating cash flow (11.8%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
Financial health checks
We assess InvoCare's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) InvoCare has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
IVC Dividends
What is InvoCare's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
A$2,000 of
InvoCare
shares you are expected to receive
A$46
in your first year as a dividend.
Dividend Amount
- InvoCare's pays a lower dividend yield than the bottom 25% of dividend payers in Australia (2.53%).
- InvoCare's dividend is below the markets top 25% of dividend payers in Australia (5.79%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 7 Analyst Estimates (S&P Global) | See Below |
| Australia Consumer Services Industry Average Dividend Yield | Market Cap Weighted Average of 10 Stocks | 2.2% |
| Australia Market Average Dividend Yield | Market Cap Weighted Average of 415 Stocks | 4% |
| Australia Minimum Threshold Dividend Yield | 10th Percentile | 1.4% |
| Australia Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
| Australia Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in A$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.58 | 1.00 |
| 2022-12-31 | 0.55 | 1.00 |
| 2021-12-31 | 0.51 | 6.00 |
| 2020-12-31 | 0.46 | 8.00 |
| 2019-12-31 | 0.42 | 8.00 |
| Date (Data in A$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-21 | 0.370 | 2.445 |
| 2018-08-15 | 0.450 | 3.787 |
| 2018-02-19 | 0.460 | 3.450 |
| 2017-08-15 | 0.440 | 2.738 |
| 2017-02-22 | 0.425 | 2.948 |
| 2016-10-03 | 0.393 | 2.955 |
| 2016-02-15 | 0.380 | 2.929 |
| 2015-08-17 | 0.365 | 3.194 |
| 2015-02-16 | 0.365 | 2.786 |
| 2014-02-19 | 0.345 | 3.096 |
| 2013-02-18 | 0.340 | 3.088 |
| 2012-08-16 | 0.313 | 3.546 |
| 2012-02-21 | 0.298 | 3.671 |
| 2011-02-21 | 0.283 | 3.922 |
| 2010-08-19 | 0.268 | 3.868 |
| 2010-02-17 | 0.253 | 4.156 |
| 2009-08-20 | 0.245 | 4.168 |
| 2009-02-19 | 0.235 | 4.476 |
| 2008-08-21 | 0.230 | 4.656 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Income/ dividend checks
We assess InvoCare's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can InvoCare afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) InvoCare has a total score of 2/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
IVC Management
CEO
| COMPENSATION | A$1,098,888 |
| AGE | 50 |
| TENURE AS CEO | 4.2 years |
CEO Bio
Mr. Martin Alistair John Earp, MSc, BSc (Hons), MBA, has been Chief Executive Officer and Managing Director of InvoCare Limited since May 1, 2015. Mr. Earp served as the Chief Executive Officer of Campus Living Villages Pty Limited and served as its Acting Chief Executive Officer of CLFM since September 2009. He served as Global Chief Executive Officer of Century Campus Housing Management L.P. Mr. Earp served as an Acting Chief Executive Officer of Campus Living Villages Pty Limited since September 2009. He served as the Chief Executive Officer of SWW Energy Limited (alternate name, Australian Biodiesel Group Limited) from April 30, 2007 to November 30, 2007 and also served as its Interim Chief Operating Officer since August 2006. He has extensive experience in managing businesses and project development. He worked for Transfield Holdings for 12 years, occupying a number of operational roles including General Manager of Airtrain and Business Development Manager for Airport Link, as well as working in the business development team on a range of projects. He also worked for an English based consultancy firm that specialized in providing advice for large infrastructure projects, with a focus on public private partnerships. He advised bidders for privately financed toll roads and rail franchises under the privatization of the UK railways (National Express, Virgin Rail, Midland Mainline). He served as the Chief Scientist at the Department of Transport, providing assistance with restructuring the Department’s research programs to encourage increased private sector involvement in Government research projects. He has been Executive Director at InvoCare Limited since April 13, 2015. Mr. Earp holds an MBA from the Australian Graduate School of Management, a Masters in Traffic Engineering and a degree in Transportation Management and Planning.
CEO Compensation
- Martin Alistair's compensation has been consistent with company performance over the past year, both up more than 20%.
- Martin Alistair's remuneration is lower than average for companies of similar size in Australia.
Management Team Tenure
Average tenure of the InvoCare management team in years:
- The tenure for the InvoCare management team is about average.
Management Team
Martin Alistair Earp
CEO, MD & Executive Director
A$1M
50
4.2 yrs
Josée Lemoine
Chief Financial Officer
A$600K
2.8 yrs
Graeme Rhind
Chairman of New Zealand
2.4 yrs
Damien MacRae
Chief Operating Officer of Australia & New Zealand
A$736K
1.4 yrs
Leng Wee
Chief Executive Officer of Singapore Casket Company
A$451K
11.5 yrs
Keiron Humbler
Group Executive of Business Operations
3.3 yrs
Fergus Kelly
Chief Marketing Officer
4.1 yrs
Amanda Tober
Group Executive of People & Culture
1.8 yrs
Phillip Friery
0.3 yrs
Heidi Aldred
Company Secretary
0.3 yrs
Board of Directors Tenure
Average tenure and age of the InvoCare board of directors in years:
- The average tenure for the InvoCare board of directors is less than 3 years, this suggests a new board.
Board of Directors
Bart Vogel
Chairman
A$173K
62
0.8 yrs
Martin Alistair Earp
CEO, MD & Executive Director
A$1M
50
4.3 yrs
Graeme Rhind
Chairman of New Zealand
8.1 yrs
Richard Davis
Non-Executive Director
A$139K
64
7.4 yrs
Keith Skinner
Independent Non-executive Director
A$50K
66
0.8 yrs
Robyn Stubbs
Independent Non-Executive Director
A$139K
55
2.5 yrs
Megan Quinn
Independent Non-Executive Director
A$35K
54
0.8 yrs
Jackie McArthur
Independent Non-Executive Director
A$35K
48
0.8 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by InvoCare individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (A$) | Value (A$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 06. Jun 19 | Buy | Jacqueline McArthur | Individual | 03. Jun 19 | 03. Jun 19 | 2,000 | A$15.52 | A$31,040 | ||
| 09. Apr 19 | Buy | Jacqueline McArthur | Individual | 04. Apr 19 | 04. Apr 19 | 2,000 | A$14.45 | A$28,900 | ||
| 05. Apr 19 | Buy | Keith Skinner | Individual | 04. Apr 19 | 04. Apr 19 | 1,084 | A$13.85 | A$15,013 | ||
| 01. Apr 19 | Sell | Richard Davis | Individual | 01. Apr 19 | 01. Apr 19 | -10,000 | A$14.05 | A$-140,500 | ||
| 18. Mar 19 | Sell | Richard Davis | Individual | 12. Mar 19 | 13. Mar 19 | -50,000 | A$13.80 | A$-690,000 | ||
| 14. Mar 19 | Sell | Macquarie Investment Management Australia Limited | Company | 04. Mar 19 | 04. Mar 19 | -1,817 | A$14.85 | A$-26,982 | ||
| 14. Mar 19 | Buy | Macquarie Investment Management Australia Limited | Company | 14. Feb 19 | 07. Mar 19 | 54,794 | A$14.41 | A$0 | ||
| 14. Mar 19 | Sell | Macquarie Group, Ltd., Banking & Securities Investments | Company | 14. Feb 19 | 11. Mar 19 | -207,963 | A$14.96 | A$0 | ||
| 14. Mar 19 | Buy | Macquarie Group, Ltd., Banking & Securities Investments | Company | 14. Feb 19 | 11. Mar 19 | 259,072 | A$14.96 | A$0 | ||
| 14. Mar 19 | Sell | Macquarie Investment Management Limited | Company | 14. Feb 19 | 07. Mar 19 | -19,032 | A$14.97 | A$0 | ||
| 14. Mar 19 | Buy | Macquarie Investment Management Limited | Company | 15. Feb 19 | 11. Mar 19 | 15,021 | A$14.88 | A$0 | ||
| 12. Mar 19 | Buy | Realindex Investments Pty Limited | Company | 04. Dec 18 | 27. Feb 19 | 90,518 | A$11.32 | A$1,024,743 | ||
| 12. Mar 19 | Sell | Colonial First State Asset Management (Australia) Limited | Company | 29. Nov 18 | 27. Feb 19 | -7,932 | A$11.98 | A$-95,059 | ||
| 12. Mar 19 | Buy | Colonial First State Asset Management (Australia) Limited | Company | 23. Nov 18 | 07. Mar 19 | 616,400 | A$11.92 | A$7,333,787 | ||
| 18. Feb 19 | Sell | Macquarie Investment Management Limited | Company | 15. Oct 18 | 13. Feb 19 | -40,481 | A$12.79 | A$0 | ||
| 18. Feb 19 | Buy | Macquarie Investment Management Limited | Company | 15. Oct 18 | 12. Feb 19 | 51,492 | A$12.82 | A$0 | ||
| 18. Feb 19 | Sell | Macquarie Investment Management Australia Limited | Company | 20. Dec 18 | 31. Dec 18 | -7,678 | A$10.61 | A$0 | ||
| 18. Feb 19 | Buy | Macquarie Investment Management Australia Limited | Company | 31. Oct 18 | 31. Jan 19 | 93,719 | A$11.91 | A$0 | ||
| 18. Feb 19 | Sell | Macquarie Group, Ltd., Banking & Securities Investments | Company | 15. Oct 18 | 13. Feb 19 | -396,984 | A$12.85 | A$0 | ||
| 18. Feb 19 | Buy | Macquarie Group, Ltd., Banking & Securities Investments | Company | 15. Oct 18 | 13. Feb 19 | 697,624 | A$12.81 | A$0 | ||
| 23. Nov 18 | Buy | Realindex Investments Pty Limited | Company | 23. Jul 18 | 19. Nov 18 | 258,784 | A$12.21 | A$3,160,480 | ||
| 23. Nov 18 | Buy | Colonial First State Asset Management (Australia) Limited | Company | 30. Jul 18 | 22. Nov 18 | 1,772,395 | A$12.28 | A$21,558,442 | ||
| 09. Sep 18 | Sell | Richard Davis | Individual | 06. Sep 18 | 06. Sep 18 | -40,000 | A$12.65 | A$-506,000 | ||
| 27. Aug 18 | Buy | Bart Vogel | Individual | 27. Aug 18 | 27. Aug 18 | 2,965 | A$12.58 | A$37,300 | ||
| 20. Aug 18 | Sell | AustralianSuper Pty Ltd | Company | 09. Mar 18 | 15. Aug 18 | -2,636,241 | A$14.59 | A$-38,462,757 | ||
| 20. Aug 18 | Buy | AustralianSuper Pty Ltd | Company | 08. Mar 18 | 10. Aug 18 | 1,478,192 | A$14.41 | A$21,306,015 | ||
| 31. Jul 18 | Sell | Macquarie Investment Management Australia Limited | Company | 16. Jul 18 | 26. Jul 18 | -7,025 | A$14.12 | A$0 | ||
| 31. Jul 18 | Buy | Macquarie Investment Management Australia Limited | Company | 17. Jul 18 | 26. Jul 18 | 12,283 | A$14.15 | A$0 | ||
| 31. Jul 18 | Sell | Macquarie Group, Ltd., Banking & Securities Investments | Company | 16. Jul 18 | 26. Jul 18 | -19,524 | A$14.20 | A$0 | ||
| 31. Jul 18 | Buy | Macquarie Group, Ltd., Banking & Securities Investments | Company | 16. Jul 18 | 26. Jul 18 | 20,555 | A$14.18 | A$0 | ||
Management checks
We assess InvoCare's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) InvoCare has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
IVC News
Simply Wall St News
If You Had Bought InvoCare (ASX:IVC) Shares Five Years Ago You'd Have Made 60%
For example, long term InvoCare Limited (ASX:IVC) shareholders have enjoyed a 60% share price rise over the last half decade, well in excess of the market return of around 13% (not including dividends). … During five years of share price growth, InvoCare actually saw its EPS drop 3.3% per year. … We note that for InvoCare the TSR over the last 5 years was 86%, which is better than the share price return mentioned above.
Simply Wall St - – Full articleWill InvoCare Limited's (ASX:IVC) Earnings Grow In The Year Ahead?
Since InvoCare Limited (ASX:IVC) released its earnings in December 2018, analyst consensus outlook appear cautiously optimistic, as a 44% increase in profits is expected in the upcoming year, against the past 5-year average growth rate of 9.6%. … To understand the overall trajectory of IVC's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … ASX:IVC Past and Future Earnings, June 27th 2019 By 2022, IVC's earnings should reach AU$73m, from current levels of AU$41m, resulting in an annual growth rate of 18%.
Simply Wall St - – Full articleInvoCare Limited (ASX:IVC): What Does The Future Look Like?
Since InvoCare Limited (ASX:IVC) released its earnings in December 2018, analysts seem cautiously optimistic, with profits predicted to increase by 44% next year against the past 5-year average growth rate of 9.6%. … To understand the overall trajectory of IVC's earnings growth over these next fews years, I've fitted a line through these analyst earnings forecast to determine an annual growth rate from the slope. … ASX:IVC Past and Future Earnings, June 27th 2019 By 2022, IVC's earnings should reach AU$73m, from current levels of AU$41m, resulting in an annual growth rate of 18%.
Simply Wall St - – Full articleShould We Be Delighted With InvoCare Limited's (ASX:IVC) ROE Of 24%?
The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for InvoCare: 24% = AU$41m ÷ AU$175m (Based on the trailing twelve months to December 2018.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … In my book the highest quality companies have high return on equity, despite low debt. … If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
Simply Wall St - – Full articleHere's What InvoCare Limited's (ASX:IVC) P/E Is Telling Us
The formula for price to earnings is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for InvoCare: P/E of 40.21 = A$15.21 ÷ A$0.38 (Based on the trailing twelve months to December 2018.) Is A High P/E Ratio Good? … A higher P/E ratio means that investors are paying a higher price for each A$1 of company earnings. … ASX:IVC Price Estimation Relative to Market, June 3rd 2019 InvoCare's P/E tells us that market participants think the company will perform better than its industry peers, going forward.
Simply Wall St - – Full articleWhat Kind Of Shareholder Owns Most InvoCare Limited (ASX:IVC) Stock?
View our latest analysis for InvoCare ASX:IVC Ownership Summary, May 24th 2019 What Does The Institutional Ownership Tell Us About InvoCare? … We can see that InvoCare does have institutional investors; and they hold 27% of the stock. … General Public Ownership The general public, who are mostly retail investors, collectively hold 70% of InvoCare shares.
Simply Wall St - – Full articleIs There An Opportunity With InvoCare Limited's (ASX:IVC) 33% Undervaluation?
Today we will run through one way of estimating the intrinsic value of InvoCare Limited (ASX:IVC) by taking the expected future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (A$, Millions) A$37.23 A$35.87 A$71.63 A$103.11 A$135.55 A$166.33 A$193.93 A$217.80 A$238.07 A$255.24 Growth Rate Estimate Source Analyst x3 Analyst x3 Analyst x3 Est @ 43.94% Est @ 31.45% Est @ 22.71% Est @ 16.59% Est @ 12.31% Est @ 9.31% Est @ 7.21% Present Value (A$, Millions) Discounted @ 8.66% A$34.26 A$30.37 A$55.83 A$73.95 A$89.46 A$101.03 A$108.40 A$112.03 A$112.70 A$111.19 Present Value of 10-year Cash Flow (PVCF)= A$829.22m "Est" = FCF growth rate estimated by Simply Wall St We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. … ASX:IVC Intrinsic value, May 16th 2019 Important assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.
Simply Wall St - – Full articleInvoCare Limited (ASX:IVC): Can Growth Justify Its May Share Price?
InvoCare Limited (ASX:IVC) is considered a high-growth stock, but its last closing price of A$15.32 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … InvoCare is poised for significantly high earnings growth in the near future
Simply Wall St - – Full articleInvestors In InvoCare Limited (ASX:IVC) Should Consider This, First
Today we'll take a closer look at InvoCare Limited (ASX:IVC) from a dividend investor's perspective. Owning a strong dividend company and reinvesting the dividends is widely seen as an attractive way of growing your wealth.. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1
Simply Wall St - – Full articleDid InvoCare Limited (ASX:IVC) Insiders Sell Shares?
So we'll take a look at whether insiders have been buying or selling shares in InvoCare Limited (ASX:IVC). … We generally consider it a negative if insiders have been selling on market, especially if they did so below the current price, because it implies that they considered a lower price to be reasonable. … Please do note, however, that sellers may have a variety of reasons for selling, so we don't know for sure what they think of the stock price.
Simply Wall St - – Full articleIVC Company Info
Description
InvoCare Limited provides funeral, cemetery, crematoria, and related services in Australia, New Zealand, and Singapore. The company operates 290 funeral locations, and 16 cemeteries and crematoria under various brands. It also offers HeavenAddress, an online memorial community service; LifeArt coffins; and Guardian Plan, a prepaid funeral plan. In addition, the company operates MyGriefAssist, an online grief resource Website; and MyMemorial, a Website that provides range of cremation and burial memorial options, as well as provides digital funeral planning services under the Funeral Planner brand name. InvoCare Limited was incorporated in 2001 and is headquartered in North Sydney, Australia.
Details
| Name: | InvoCare Limited |
| IVC | |
| Exchange: | ASX |
| Founded: | 2001 |
| A$1,863,600,582 | |
| 115,037,073 | |
| Website: | http://www.invocare.com.au |
| Address: |
InvoCare Limited 40 Miller Street, Level 2, North Sydney, New South Wales, 2060, Australia |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ASX | IVC | Ordinary Shares | Australian Securities Exchange | AU | AUD | 04. Dec 2003 | |
| CHIA | IVC | Ordinary Shares | Chi-X Australia | AU | AUD | 04. Dec 2003 |
Number of employees
Current staff
Industry
| Specialized Consumer Services | |
| Consumer Services |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/07/20 10:34 |
| End of day share price update: | 2019/07/19 00:00 |
| Last estimates confirmation: | 2019/07/19 |
| Last earnings filing: | 2019/02/21 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
