re: Ann: Half Year Results Summary 31 Decembe... 33 is after taking into account losses from selling off the bad debt book to Goldman Sachs.
Cash EPS was 45 cps for the half so 90 cps for the year. That gives it a P/E of around 17.
I think most of the risk is coming from life insurance, although general insurance is beginning to weaken. I just received a letter from my super fund about an increase in the cost of life insurance by about 30%. While claims in life insurance are going up and hurting life insurance companies, this will be counter-balanced by premium increases.
The sleeper could be the bank. With the non-core portfolio out of the way, it can perform well. Problem always will be the dominance of the Big 4.
Ann: Half Year Results Summary 31 December 2013 , page-9
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