Refer to IFL announcement 17/10/2017: 2 pages 'ANZ Sale to IOOF'
25x NPAT.
Underlying earnings, yes the multiple was less.
15.5 x FY2017A UNPTAT
The risk with underlying, is are there future 'underlying' adjustments.
NPAT is a cleaner number.
IOOF ifl strategic entry point, page-9
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