IOOF ifl strategic entry point, page-24

"i was referring to the ANZ wealth purchase, not the IFL accounts.
For IFL yes i would be happier to look at underlying, because I can track through IFL financial history."

Well, on the measure that IFL are using, namely "Underlying" - and for which you have some acceptance given the demonstrated track record - 15x is the multiple.

So, I'm still not too sure why you would actively reference a figure which you acknowledge you are unable to reconcile (ANZ's) [*], rather than a figure that you ordinarily consider to be legitimate (IFL's).

It's entirely your prerogative to do otherwise, but the vast majority of people would place greater emphasis on financial date that they could verify, as opposed to figures whose derivation is not known.

[*] Especially when the vendor managers would have a natural desire to communicate a higher, rather than a lower, number to their constituents.