If 82% of the economic interest in the ANZ P&I business is...

If 82% of the economic interest in the ANZ P&I business is equivalent to 14.4%*800m$ = 115.2m$ pa, then 100% must correspond to 115.2m$/82% = 140.5m$ pa (in NPBT terms, if my understanding is correct).

That seems to be tracking ahead of the figures released by ANZ for 1H18 (on May 1st 2018), when the aggregate of ADG and P&I reported a NPAT of 39m$ for the half year; which, assuming a 30% tax rate, would correspond to 39m$*2/(1-30%) = 111.4m$ in annual NPBT.

In particular, the ANZ P&I business alone seems to be generating, relative to IOOF's acquisition price and before any synergies are realised, a NPBT yield of 14.4% pa, corresponding to a multiple of 6.9x.


While significant uncertainty over the industry remains, it would appear that all the things the Company does (or will) have control on are tracking pretty well.