Ann: Funeral Market Update, page-21

Brokers (except Morningstar) have never liked this stock. Perhaps because it is a pure value play and that investment model has been on the nose for a couple of years. I personally believe a lot of analysts focus too much on the short-term profit\ebit factors which are going to be affected by the capital expenditure for the Protect & Grow\Regional Acquisition strategy. I would have thought a company investing in its business to both protect its 25% market-share and grow it to a target range of 40% should be commended. As long as Revenues continue to grow, along with the increase in the pre-paid funeral "float" then I am comfortable. It is by some measure my largest holding.

Morningstar have a fair-value price of $16. 7 other brokers have a price range between $10.40 and $12.80. Morningstar have always had a "value" bent when analysing companies. Will be interesting to see who is right