Ann: Redemption of Internal Notes issued by AMP Bank to AMP Ltd, page-30

Apr 2, 2024

Australia's diversified financials companies remain a mixed bag, says Jefferies analysts Simon Fitzgerald and William Richardson in a note. They say that the companies, which include financials like AMP and Challenger, as well as tech companies Hub24 and Netwealth, have disparate business models and unique earnings drivers. Still, Jefferies views the December reporting season as being broadly better than it was expecting, noting six of the nine div-fin companies under Jefferies coverage beat market estimates. It adds that the diversified financials forward median price-earnings ratio has increased in recent months and remains in line with long term averages at 13.9 times. Jefferies reckons AMP is worth a look, but Netwealth is overvalued.