Honestly bit ridiculous the SP action today - suspect a little predatory trading pile-on the ex-div date to drive down and pick up cheap.
Sum of parts valuation looks silly at current SP, far too big a discount applied to wealth division even if sector still currently on the nose post Hayne R.C. and wven allowing for a little softness in FUM fir current equity invesror/sentiment weakness and disruptive challenger platforms I still think this is valued at silly levels.
Can only pit it down to uncertainty discount due to Wealth "Cost to Serve" dislocation, and current market is most unkind to any form of uncertainty. Still, one would think its an unprofitable start-up with this Val, rather than a wealth management powerhouse...
If market can't close the gap this year, I reckon we'll see a save PE outfit or large trade player step in and make a play based on sum-of-parts valuation...
IFL Price at posting:
$3.03 Sentiment: Hold Disclosure: Held
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