Thanks for pointing that out regarding the underlying NPAT i had...

Thanks for pointing that out regarding the underlying NPAT i had not seen that and regarding synergies did you read they were post or pre tax, I had assumed pre tax.

I was working off a FY21 multiple and to compensate for this i assumed no organic revenue growth and no cost reductions which were $9.4m in FY19 resulting in a 5% reduction in CTI of which i believe there may still be some way to go. 

Re your last point regarding separation costs i note that on the 2/10/18  IFL transferred $800m to ANZ on which ANZ will pay a coupon based on an annual rate of 14.4%. The funds will be returned to IFL at the end of March when the deal is expected to close. Assuming the funds are outstanding for 6 months that equates to $57.6m to be deducted from the purchase price. I also note that IFL recently sold its corporate trust business which contributed to $1m in earnings for $51.6m.  The combination of these two payments have effectively upfront funded the majority of the costs associated in realising the synergies. 

My post however was not meant to be an exact science because we could play tit for tat arguing various different points, it was merely what i considered my base point in the future from which to review the earnings base of the business on a pro forma basis.