AMP FACTS

1 Last

Squizz956

5,387 Posts.

365

19/12/23

10:42

Post #: 71522142

Happy to hear alternate views - no paid downrampers/shorters please.
This is opinion only and should not be taken as financial advice.

1
AMP AMP Low Valuation AMP High Valuation
2
$000s $000's
3 Platforms NPAT (FY23-24 first half annualised) 88,000

4 Platforms Valuation @ 15x PE (normalised NPAT) 1,320,000 1,320,000 1,760,000
5 New Zealand Wealth NPAT (FH annualised FY24) 34,000

6 New Zealand Wealth NPAT @ 17x PE 578,000 578,000 680,000
7 AMP Platforms Valuation
1,898,000 2,440,000
8 Bank

9 Deposits 20,000,000

10 Bank NPAT (First half 24 annualised) 114,000

11 Bank Value@ NTA x 1.3x 2,300,000 2,300,000 2,500,000
12 Equity Investments @ 18x PE (annualised China Life cont investments) 52,000 1,040,000 1,040,000
13 Master Trust NPAT 1H FY 23-24 56,000

14 Master Trust Valuation at 10x 560,000 560,000 560,000
15 Advice and Group Losses - Deduction on Valuation($34m x 15x - annualised) 1,020,000 1,020,000 1,020,000
16 Current cash 1,600,000

17 Cash and comitted cash
1,600,000
18 Corporate Debt (ie excludes bank deposits classified as liabilities) 1,100,000

19 Net Cash
500,000 1,000,000
20 Enterprise Value (net of debt)
4,778,000 6,980,000
21 Current Market Cap
2,500,000
22 No of Shares 2,800,000
2,800,000
23 Enterprise Value per share
1.71 2.49
24 Market value per share
0.94
25 Current Market Discount to Fair Value
81.5% 165.2%

	This is opinion only and should not be taken as financial advice.
1		AMP	AMP Low Valuation	AMP High Valuation
2		$000s	$000's
3	Platforms NPAT (FY23-24 first half annualised)	88,000
4	Platforms Valuation @ 15x PE (normalised NPAT)	1,320,000	1,320,000	1,760,000
5	New Zealand Wealth NPAT (FH annualised FY24)	34,000
6	New Zealand Wealth NPAT @ 17x PE	578,000	578,000	680,000
7	AMP Platforms Valuation		1,898,000	2,440,000
8	Bank
9	Deposits	20,000,000
10	Bank NPAT (First half 24 annualised)	114,000
11	Bank Value@ NTA x 1.3x	2,300,000	2,300,000	2,500,000
12	Equity Investments @ 18x PE (annualised China Life cont investments)	52,000	1,040,000	1,040,000
13	Master Trust NPAT 1H FY 23-24	56,000
14	Master Trust Valuation at 10x	560,000	560,000	560,000
15	Advice and Group Losses - Deduction on Valuation($34m x 15x - annualised)	1,020,000	1,020,000	1,020,000
16	Current cash	1,600,000
17	Cash and comitted cash		1,600,000
18	Corporate Debt (ie excludes bank deposits classified as liabilities)	1,100,000
19	Net Cash		500,000	1,000,000
20	Enterprise Value (net of debt)		4,778,000	6,980,000
21	Current Market Cap		2,500,000
22	No of Shares	2,800,000		2,800,000
23	Enterprise Value per share		1.71	2.49
24	Market value per share		0.94
25	Current Market Discount to Fair Value		81.5%	165.2%