I will give my simple reasoning why there is value in IFL. When...

I will give my simple reasoning why there is value in IFL. When all integrations are complete IFL will have above $400B in FUMA. In the meantime there will be all kinds of costs - reorganisation, remediation, impairment, provisions, penalties, lawsuits etc etc. The basic thing about FUMA is that you get to take a tiny slice of it as fees - say 20-25 basis points. So when they are past all the one-off costs in the interim, they get to make $800m-1000m as EBITDA and anywhere between $400-600m as NPAT which is 18-27% return on current market cap which would be a multiple of 3.6-5.4. A stable business of this size would be valued at multiples of 12-15. That is the gap some of us are hoping to reap. It could take 3-5 years but there is the dividends to pay for that wait.