Why StoneMor Will Eliminate Its Dividend - 4 Warning Signs [Seeking Alpha]
StoneMor Inc. (STON)
US:NYSE Investor Relations:
stonemor.com/investors/default.aspx
Company Research
Source: Seeking Alpha
Summary Investment Thesis - Sell StoneMor Partners L.P. (NYSE: STON ) as dividend elimination will drive the stock well below $5/share. Business Overview StoneMor provides funeral and cemetery products and services in the United States as an owner or operator of 317 cemeteries and 105 funeral homes ($238 MM market cap @ closing price of 6.59 on 9/1/2017). StoneMor is structured as an MLP and is a “roll-up” that has been built through acquisitions. Revenue is roughly 80% cemeteries (lots, vaults, crypts, mausoleums, markers, opening & closing services, and marker installation) and 21% funerals (caskets and funeral services). Warning Sign #1: StoneMor can no longer rely on stock and debt issuance to fund the dividend As illustrated in the graph below, Share Issuance ($362 MM) and Net Borrowings ($62 MM) have been by far the largest sources of cash flow. With the dramatic decline in stock price and a debt rating that is way below investment grade , these cash source
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