the profit for current year for bank is likely to be around...

the profit for current year for bank is likely to be around $150m. So $2 billion for bank makes sense. Given the loan book is about 40% of suncorp thus valuation makes sense.

NZ has always been touted at around the $500m mark. Softer markets will not have helped its sale value but let’s stick with that number.

North and super/wealth management products is a hard one to talk about ex advisers. But…….

Given the $1billion or so on the table for BT’s platform, I would put $1billion on North as a rough valuation. And again as very rough valuation I would put another billion on super/wealth management products.

‘As for the rest……. I think AMP has to lose money on supporting advisers to get the values above. This detracts up to half a billion of value.

On their Asia assets. I think they will get sold at a discount to “true value” as there is only one buyer. So I value these at something over half a billion, offsetting the adviser cost above.

So that is about $4.5 billion plus cash less debt. Can’t remember exact numbers but I will call it $5.5 billion or $1.60 per share.