Invocare’s Medium- to Long-Term Outlook is Attractive, Despite a Challenging Fiscal 2018 Ahead
While wide-moat-rated Invocare’s fiscal 2017 result was broadly in line with our expectations, the soft outlook commentary was disappointing. Notwithstanding, we believe there is no immediate cause for alarm and our long-term thesis is intact. The company guided to low-single-digit EBITDA growth, and flat EPS in fiscal 2018, which is below our projections and market expectations. The chief cause is the ongoing reinvestment program ‘Protect and Grow’ which will require temporary closure of severa...
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