Reviewing the acquisition of ANZ Wealth Management, think the company will end up - even without any gains in the level of the market over the next 2 years (when ANZ Wealth will be fully integrated) , or any additional organic inflow of funds into IOOF's platforms - the company will be generating Underlying NPAT of around $270m (cf. FY2017's ~$170m in UNPAT).
Add in the likelihood of modest market movements of, say 5% pa, as well as a few billion more pa in fund inflows, and you quite easily get to UNPAT of $300m.
On the expanded issued capital base of 352m shares, that equates to EPS of 85cps.
Meaning anyone buying shares in IOOF today is doing so on a 2-year prospective P/E of somewhere between 11.0 and 11.5x.
Both in an absolute sense, and also relative to the overall market, I cannot recall seeing IFL ever being valued as cheaply.
Accordingly, a high conviction investment for me, and now one of my Top 10 largest holdings.
Reviewing the acquisition of ANZ Wealth Management, think the...
-
- There are more pages in this discussion • 81 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add IFL (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$3.13 |
Change
-0.020(0.63%) |
Mkt cap ! $1.703B | |||
| Open | High | Low | Value | Volume |
| $3.20 | $3.21 | $3.11 | $10.32M | 3.282M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 67575 | $3.13 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.14 | 41225 | 6 |
View Market Depth
| Last trade - 16.10pm 03/12/2024 (20 minute delay) ? |
| IFL (ASX) Chart |
