@Squeaks they are after tax numbers - thanks very much. Their...

@Squeaks
they are after tax numbers - thanks very much. Their terminology is wrong IMO, but they have always presented the numbers in that way, so I am wrong. I was mixing pre and post tax numbers too I have noticed - should have grossed up the $160 in my previous version

Rough ongoing annual numbers that I have pretty much made up on the fly:

BU = $325 x 2, - 160m ongoing impacts post tax = 490m
GO costs -60m
BU PAT = $430m
Inv income = +$50m ? (although not great next year obviously)
GO interest = $0 est?
PAT = $480/ 2937m ords = 16.3 cps per annum

Then maybe assume cost savings of $20m maybe - adds something back - maybe to 17 cps?

0.17 x 16 PE + 0.34 = $3.06 at PE of 16

Not saying that val is reasonable - but it is much better than I had. IFL is at about a forecast PE of 10x on morningstar - so maybe fixating on that PE might be dangerous.