A: Thanks for the question about Invocare.

The analysts were slightly underwhelmed by the FY17 financial result, and disappointed with the guidance for FY18.

Around $13.02, it is a little below their consensus target price of $13.84, but with 1 buy/2 neutral and 4 sell recommendations, sentiment on the stock is negative.

I share their concerns about concentration/competition risk (ie it will have trouble growing market share), and that there are potentially disruptive business models to this industry. At $13.002, on a multiple of 22x FY18 earnings and 21x FY19 earnings, I don’t think it is particularly cheap.

Is it a good buy? Not in my opinion.

Regards