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.
Ann: ANZ Wealth Management updated financial information, page-8
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