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Park Lawn Corporation - Q3-2020 Earnings, Price Target Update

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Park Lawn Corporation (PLC-TSX) has grown to become one of the larger North American providers of death care products and services. Products and services are provided both at the time of need (at-need) and on a pre-arranged basis (pre-need). PLC operates in 5 Canadian provinces and 15 U.S. states as of Sept-30-2020. Operations include 114 cemeteries, 108 funeral homes (including 21 on-sites, where a funeral home is located on a cemetery) and 39 crematoria businesses, each of which serviced different areas and provided a different combination of products and services. At Mar-31-2017, they operated 34 cemeteries and mausoleums, 17 cremation facilities, and 29 funeral homes, chapels and planning offices located in Ontario, Quebec, Manitoba, Saskatchewan, British Columbia and Michigan. Since 2013 PLC has grown from 6 cemetery properties in Toronto. Primary products and services are: cemetery lots, crypts, niches, monuments, caskets, urns and other merchandise, funeral services and after life celebration services. Growth strategy includes organic initiatives and future acquisitions. Organic initiatives include the build-out of inventory at new or existing cemetery properties, remodeling of existing funeral homes, construction of new stand-alone funeral homes and construction of new on-site funeral homes (referred to as combination properties). The death care industry continues to be a highly fragmented market in North America. Canadian acquisitions tend to have lower multiples than in the U.S.

The initial six cemeteries in the Greater Toronto area include the Park Lawn Cemetery, Riverside Cemetery & Crematorium, Sanctuary Park Cemetery, Westminster Cemetery, Crematorium & Mausoleum, Forest Lawn Crematorium & Mausoleum, and Hillcrest Cemetery. The cemeteries have been in operation since 1892. The cemeteries and crematoria offer products and services associated with cremation, burial rights and services.

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