Here is a rough valuation of AMP IMO.the bank = $1.5 Billion....

Here is a rough valuation of AMP IMO.

the bank = $1.5 Billion. [could be $1.8 billion]

the whole wealth management business including funds, super and non super platform and adviser licensee services = $5.2 billion based on 3% of total fum as a rough approximation. [range is 2% to 4%]

AMP is not substantially in the advice business. It mainly provides services to advisers. So value in advice business is in the order of a few hundred million = $200m

Life insurance is hard to value on a net basis. But let’s assume it is worth $1 billion. [could have half this value]

This suggests a value of $7.9 billion less debt. [i think corporate debt is a billion or so]

so $6.9 billion - possibly as low as $4.9 billion - possibly as high as $8.9 billion if a value creating strategy is successful.

This is gives me a SP range of $1.60 to about $2.90. I think other numbers outside this range in the next 3 years are flights of fancy or shorters trying to make money.

I will check debt but it will not change story much.