Dignity: Turning Around Under New Leadership, with Catalyst

Simon Caufield of SIM Limited presented his investment thesis on Dignity plc (UK: DTY) at Best Ideas 2022.

Thesis summary:

Dignity plc, with origins tracing back to 1812, is the UK’s largest, and only vertically-integrated nationwide end-of-life business with three divisions.

Funeral services had been badly managed for years, so the share price is down nearly 80% from its high in 2016. New leadership has embarked on a turnaround with significant potential.

The high-quality cremations business alone could be worth up to 60% more than the entire group enterprise value of £750 million. There is also a funeral plans business with float of £1 billion.

Simon estimates potential investment returns of 4x. A possible catalyst (see Simon’s presentation) should encourage a re-rating in the first half of 2022.

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About the instructor:

Simon Caufield is Managing Director at SIM Limited, a UK-based investment firm. Simon founded the firm in 2007 after selling his stake in Nomis Solutions, a B2B enterprise software company he founded in 2002. His circle of competence is deep value, cyclicals and deceptively cheap compounders amongst the industrial and consumer discretionary sectors.

Previously, Simon was a management consultant for more than a decade, including at Mercer Management Consulting. Simon has an MA in Engineering from Cambridge University and an MBA from London Business School.

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