PFP

PFP: Death Care Consolidator - Demographic Tailwinds Meet Valuation Headwinds

Fair value $4.46 vs current $5.10 (12% overvalued). Quality consolidator (7.9/10) with 90% integration success, 11.1% revenue CAGR, 102% cash conversion. Demographic certainty (2.8% death volume growth through 2035) offset by acquisition pipeline maturation and 12% premium pricing.