IFL is a medium term play... it will take time to integrate fully ANZ and even longer to integrate MLC. I think they will be able to find a lot more in synergies given the sheer scale they are creating. Combining IOOF / ANZ P&I / MLC removes at least 3 layers of management.
From memory IFL raised stock @$10/share to buy ANZ P&I and $3.50/share to buy MLC - so at current prices - ANZ P&I is valued at 30% of what was paid and MLC is 10% cheaper off an already well priced deal when compared to what KKR paid for CFS (i.e. 50% less)
However, there is still quite a bit of stock to be absorbed by the market so its recovery will take some time.
IOOF powerhouse, page-4
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Last
$2.67 |
Change
0.170(6.80%) |
Mkt cap ! $1.790B | |||
| Open | High | Low | Value | Volume |
| $2.57 | $2.68 | $2.55 | $8.019M | 3.038M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 43929 | $2.67 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.68 | 32333 | 5 |
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| Last trade - 16.10pm 23/07/2024 (20 minute delay) ? |
| IFL (ASX) Chart |