IOOF ifl strategic entry point, page-13

"can't see any adjustments.
Financial information on the underlying ANZ business is scant.
To me it was interesting to see the ANZ statement (sold on 25x NPAT) and IFL investor presentation which presented alot more fluffy reasons for buying and using 'underlying' numbers, EPS accreditation, cost synergy benefits etc."

I see.

There is, however, a way to test the veracity of IOOF's claims about Underlying NPAT, and that is by comparing them with the cash flows generated by the business (because a P&L - being an outworking of all sorts of interpretations of accounting standards and audit assumptions - might tell some lies, but - by definition - the Cash Flow Statement always tells the truth).

And as you, yourself said earlier, "Cash Flow per share has been consistently higher than EPS", suggesting that Underlying NPAT for IOOF is a quite legitimate measure of the true financial performance of the business.

Ditto for the track record of synergy benefits, about which you also state that IOOF management have a good execution track record.

So, I'm a bit confused why you list as "fluffy", the things which you earlier give credence to.