Can't disagree. Maybe there is some sign that things have stopped getting worse that I haven't noticed.
The market is obviously valuing the business partly on the odds of survival, and the CEO is not willing to separate off (and flog off) any of the parts, so the risk has gone up since the cap raise - so it is all or nothing for the time being. I also think the market cannot value the business higher while the underlying value of the business is reducing, via funds under management leaving at arguably a much faster rate than even before.
There is no rule that says that businesses always survive something like this. Looks like a vicious cycle continuing to worsen. We need to see that stop. Nothing to stop it so far.
If there was a segment performing well that was improving profits, I might change my view.
The market and anybody who has bought might obviously disagree. I doubt we will see a more profitable banking div under current conditions. But we will see soon enough either way.
All IMO
AMP Price at posting:
$1.81 Sentiment: Sell Disclosure: Held
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