AMP’s FVE of AUD 5.50 Unchanged After Solid 2017 Results, with Potential Sale of Low-Growth Business
We retain our AUD 5.50 fair value estimate for narrow-moat AMP following solid 2017 results, with underlying net profit after tax, or NPAT, of AUD 1,040 million a material improvement on the 2016 result of AUD 466 million, and slightly better than our forecast of AUD 1,016 million. AMP also hinted at potential sales of low growth Australian wealth protection, New Zealand, and mature businesses. At this stage, management are not ready to provide much detail other than indicating they are progress...AMP is a wealth management company in Australia and New Zealand, with an international investment management business and a retail banking business in Australia. Co. provides retail customers in Australia and New Zealand with financial advice, superannuation, retirement income and investment products. Co. also provides superannuation services for businesses, administration, banking and investment services for self-managed superannuation funds, income protection, disability and life insurance, and selected banking products. As of Dec 31 2015, Co. had total assets under management of A$226.00 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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