AMP don’t make it easy but their numbers are a mix of pre and post tax. I think that you will find the earnings are post tax. Costs are of course pretax.
This means and that I think that the actual valuation becomes about 18 cents x 16 = $2.88 plus capital return using the basis you have applied as top end valuation. Applying a more conservative 12 times gives us $$2.16 plus capital return.
This is based on the business as it is today less the sale of the life business.
Ann: AMP provides update ahead of FY 18 results announcement, page-18
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