"The risk with underlying, is are there future 'underlying' adjustments.
NPAT is a cleaner number."
NPAT the cleaner number?
How so?
What about if the adjustments to get from underlying to reported are valid, such as allocated overheads, or acquisition-related expenses or expenses related direct removal of mark-to-market movements in underlying securities?
Surely in order to make the determination of which is the "cleaner" number - "Reported or Underlying" - one needs to form an assessment of the adjustments that are made to get from one to the other.
I've not seen any of the adjustments that have needed to be made.
Do you know where it was published?
IFL Price at posting:
$8.05 Sentiment: Buy Disclosure: Held
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