ARBOR MEMORIAL SERVICES INC. $30 (Toronto symbol ABO.A; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 10.6 million; Market cap: $318.0 million; SI Rating: Average) owns 41 cemeteries, 27 crematoria, three reception centres located on cemetery premises and 93 funeral homes in eight provinces.
Arbor gets most of its revenue from advance sales of cemetery plots and memorial services. It holds this cash in trust until it performs a service. Meanwhile, it earns interest income from this cash. Interest income typically accounts for just under 10% of Arbor’s total revenue.
In its third fiscal quarter ended July 31, 2007, revenue rose 8.1%, to $57.7 million from $53.4 million a year earlier. Most of the increase came from higher demand for funeral services, as well as value-added services such as receptions and catering. Sales of new cemetery plots rose 7.3%. Earnings in the quarter crept up to $0.40 a share from $0.39.
Arbor’s thin-trading shares are up 30% in the past year. The stock now trades at 15.0 times the $2.00 a share it should earn in fiscal 2007. The $0.07 dividend yields 0.2%.
The long-term outlook for Arbor is bright. Demand for funeral services is growing as the population ages. A shortage of land available to expand cemeteries or build new ones will let Arbor charge higher prices, and make it harder for new competitors to entry the industry.
Arbor is a buy.
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