SCI - Carriage Services Offers Both An Attractive Valuation And Strong Fundamentals

• Carriage Services is a leader in the deathcare industry, operating 170 funeral homes and 31 cemeteries and generating $377 million in revenue.
• A promising acquisition pipeline should provide a foundation for continued growth, and ongoing portfolio optimization should also yield continued improvements in ROIC.
• Rather than quickly reverting to pre-Covid levels, death trends in the U.S. should remain elevated and grow faster than population growth given demographics and life expectancy trends.
• A recent share price of less than $40 offers an extremely attractive entry point to Carriage shares when compared to conservative fair value estimates of $60-$65 per share.

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