Ann: IOOF Chairman's Message to Shareholders, page-3

They have been to hell and back over the past few years.

Many companies experiencing similar degrees of turmoil and business disruption would have either gone to the wall, or would have been severely knee-capped.

This company simply keeps on keeping on.

Last month, when the Fear-o-Meter was red-lining, the stock was trading at an astonishingly low P/E of around 6x. Even now it is probably just over 8x.

The market appears to has no idea that FY2020's earnings are a poor barometer of underlying earnings, given the company will only see 5 months's contribution from ANZ P&I and loss of coupon interest irt Ex-ANZ aligned dealer groups.

FY2021 will be the first clean profit year for IFL for some time given how long it took to finalise the ANZ Wealth acquisition and the disruption brought about by the Royal Commission.

I reckon EPS of 50cps is on the cards- even if we see no recovery in the market.