Happy to hear alternate views - no paid downrampers/shorters...

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%