Whilst i follow the logic of your post the fact of the matter is the following:
FY18 Underlying npat $191m
ANZ wealth NPAT $80m
Post tax synergies (65m * 0.7) 45.5m
Pro forma NPAT: 315.5
Current market cap at $7.04 per share $2,500m
PE = 8
Looking at it like this appears a lot more simple when attempting to calculate pro forma earnings. For conservatisim If we were to adjust this downwards by $65m ( post tax) or $100m on a pretax basis to acount for margin compression in the sector, full impact of synergies not being realised and findimgs from the roysl comission we would still arrive at a multiple of 10.
Whilst i follow the logic of your post the fact of the matter is...
Add IFL (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$3.14 |
Change
0.010(0.32%) |
Mkt cap ! $1.703B | |||
| Open | High | Low | Value | Volume |
| $3.13 | $3.18 | $3.10 | $4.755M | 1.511M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 16014 | $3.13 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.17 | 27892 | 7 |
View Market Depth
| Last trade - 16.10pm 29/11/2024 (20 minute delay) ? |
| IFL (ASX) Chart |
