Ann: Funeral Market Update, page-18

As a group, consensus has missed the impacts plaguing the company to date and seem to really just track guidance. last year operating EPS was ~57.7cps so with a median of 54.3cps, they seem to be above guidance (despite the persistent overestimation of the company). I understand it though as this stock has been a pretty easy cover for years, takes time to adapt. On my numbers, operating EPS could be under 50cps for FY18 (pre-AASB15, although note they hid the financing element in the HY18 preso which negates the Revenue and EBITDA uplift from CemCrem, pg31 of the report). which in a PE of 19x (approx. small ords industrials), the SP could be at risk of drifting to the $9 range if the market thinks there are further downgrade risks in FY18 and/or a delay in a rebound through FY19.