Ann: IOOF Q4 2020 FUMA and FY20 Business and Remediation Update, page-7

I don't think anyone was too clear on an expectation given that the COVID situation landed in the middle of an industry with a changing profile. Underlying profit dropped from about $195m last year to around $128m this year. This probably delivers an EPS of about $0.38 and at $5.00 per share offers a P/E of 13. Given that we only have this anticipated result without any detail around it, I think the adjustment to the price is reasonable. It may prove to be a great buy at this price but the immediate path forward will be a little bit tricky. If they pay a dividend, it may not be any more than around $0.10 given that $0.16 has already been delivered out of the expected EPS but we'll see. Their detailed report is far more important than any dividend at this stage.