can't see any adjustments.
Financial information on the underlying ANZ business is scant.
To me it was interesting to see the ANZ statement (sold on 25x NPAT) and IFL investor presentation which presented alot more fluffy reasons for buying and using 'underlying' numbers, EPS accreditation, cost synergy benefits etc.
If I am too conservative by using NPAT, thats ok, maybe i loose the opportunity to buy in because my numbers are too conservative.
On the other hand, by being conservative, I place my capital at less risk.
Hence the reason to use NPAT.
I prefer to use 'back of the envelope' calculations to come up with 'rough numbers' to work with.
I prefer to be 'approximately correct' than 'precisely wrong'.
Based on these numbers, I then start to get an investment feel for the stock.
I then look for a margin of safety to compensate for my 'rough figures'.
IFL Price at posting:
$8.10 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)