If the FTSE falls below 2,500, AMP's UK liabilities on their capital gauranteed products will blow out to such a degree that they'll eliminate any profits from their Australian operations.
What is a company such as AMP worth?
Answer: AMP is a financial services company. For this very reason, it has a very low NTA. Financial sevices companies get priced at a multiple of their earnings. What will be fair value for AMP if they heve negative earnings for a number of years?
Think about it.
Note: i didn't say AMP will get to $2.00... i have merely said that if the FTSE goes below 2,500, and AMP have not hedged between their outstanding positions between now and then, then they'll be in deep poo-- and $2.00 will be the conequence.
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