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AMP Limited (AMP)

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General Information
Company Name: AMP Limited
Stock Code: AMP
Website: www.amp.com.au
Market Cap ($M): 9,912
Equiv. Shares (M): 2,078
 Research Report Available

Report price : $16.50 (inc. GST)
Research by : Aegis Equities Research

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Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
  $ 4.770 $ 4.810 $ 4.830 $ 4.760 $ 4.830 5,604,601 $ -0.060  -1.242 %

Current Broker Consensus Recommendation more
Recommendation : Hold
Recommendation Date : 3rd Jul 2009
12 Month Target Price (average) : $5.736
Brokers Surveyed : 10

Market Statistics
% of Market: 1.1000
% of Sector: 2.4747
Sector: Financials
Industry Group: Insurance
Industry: Insurance

Company Overview
Company Overview
AMP is a leading Australian diversified financial services organisation and a major provider of personal insurance, superannuation, pensions, investment and other financial services in Australia and New Zealand. It has strong positions in many of the markets in which it operates. Based on total assets under management, AMP is one of the largest fund managers in Australia.
Company History
In 1849, the Australian Mutual Provident Society (AMP) was registered under the Friendly Society Act of NSW for providing life insurance products. In 1958, AMP Fire & General Insurance was formed. In 1989, AMP acquired Pearl Assurance, the first of a number of life insurance and financial services acquisitions in the UK. In December 2003, the UK businesses were divested through a demerger. In 1998, the AMP demutualised and was listed on the ASX. In 2000, AMP acquired GIO and sold it in 2001.
Differentiating Factor
AMP enjoys a strong brand name in Australia and is a market leader in many of its products. Its key strengths in Australia include a strong, well-regarded distribution network.
Major Customers & Competitors
AMP operates through financial planners and agents in addition to its direct contact with policyholders and investors. Business is also conducted direct with companies who choose to invest in AMP products. Major competitors include other investment and funds management companies such as NAB/MLC, CBA/Colonial, Westpac/BT/Asgard and ANZ/ING.

Financial Summary
Year to Dec
NPAT
Rep $M
NPAT1
Adj $M
EPS
c
EPS chg
%
PER
x
PER rel
All Ords x
PER rel
Sector x
DPS
c
Yield
%
Franking
%
ROE
%
2006A 915 970 51.5 14.9 9.3 0.6 0.6 40.0 8.4 85 40.5
2007A 1,056 960 51.3 -0.3 9.3 0.7 0.7 46.0 9.6 85 48.5
2008A 580 810 43.2 -15.8 11.0 0.8 0.8 40.0 8.4 85 41.8
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.

Peer Comparison
P/E (x) EPS Change (%) Dividend Yield (%)
Company Code Last Price Mkt Cap 07A 08F 07A 08F 07A 08F
QBE Insurance Group QBE $19.43 $19,912M 10.3321 9.1349 22.3365 13.1053 6.4848 6.8451
AMP AMP $4.77 $9,912M 12.1623 11.3931 -9.2625 6.7518 6.4990 7.0231
Suncorp-Metway SUN $6.54 $8,307M 11.5323 11.6900 -33.6652 -1.3490 6.2691 6.1162
AXA Asia Pacific AXA $3.73 $7,775M 12.7070 11.4911 -16.2010 10.5814 4.0214 4.1555
Insurance Australia Group IAG $3.52 $7,333M 30.3920 12.3622 45.0919 145.8461 1.9886 4.8295

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
AMP -0.4175 -9.8299 -28.1627
Sector -0.1450 3.0087 -23.2190
Market 4.1522 5.1573 -25.9847

Ratio Comparison
Year AMP Sector Market
P/E (x) FY07 9.3 13.8 14.2
FY08 11.0 14.0 13.8
Yield (%) FY07 9.6 9.5 6.0
FY08 8.4 9.2 6.1
EV/EBIT (x) FY07 7.0 5.7 8.7
FY08 8.4 5.8 8.0
EV/EBITDA (x) FY07 7.0 5.6 7.4
FY08 8.4 5.7 6.7

Directors
Name Position
P Mason Non-Executive Chairman
R Grellman Director
Dr N Scheinkestel Director
C Dunn Managing Director / CEO
J Palmer Non-Executive Director
J B Clark Director
Professor P Shergold Non-executive Director

Management
Name Position
C Dunn Managing Director
P Leaming CFO
S Dunne MD, AMP Capital Investors
C Meller Managing Director, AMP Financial Services
J Deane GM, Strategy and Development
B Salter General Counsel

Substantial Shareholders
Name % Holding
WestLB Asset Management 5.08
Barclays Global Investors Australia Limited 5.01

Calendar of Events
Date Event
20-Aug-2009 Reporting Date for Half Yearly Result
14-May-2009 AGM Date for Final Year Result
09-Apr-2009 Dividend Date Payable for Final Year Result (16c 85% franked)
26-Mar-2009 Reporting Date for Final Year Result
13-Mar-2009 Dividend Record Date for Final Year Result (16c 85% franked)


Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
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