IFL is a medium term play... it will take time to integrate fully ANZ and even longer to integrate MLC. I think they will be able to find a lot more in synergies given the sheer scale they are creating. Combining IOOF / ANZ P&I / MLC removes at least 3 layers of management.
From memory IFL raised stock @$10/share to buy ANZ P&I and $3.50/share to buy MLC - so at current prices - ANZ P&I is valued at 30% of what was paid and MLC is 10% cheaper off an already well priced deal when compared to what KKR paid for CFS (i.e. 50% less)
However, there is still quite a bit of stock to be absorbed by the market so its recovery will take some time.
IFL Price at posting:
$3.14 Sentiment: Buy Disclosure: Held
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