|
| Company Name: |
AMP Limited |
| Stock Code: |
AMP |
| Website: |
www.amp.com.au |
| Market Cap ($M): |
9,912 |
| Equiv. Shares (M): |
2,078 |
|
|
 |
|
| 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 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
3rd Jul 2009 |
| 12 Month Target Price (average) : |
$5.736 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
1.1000 |
| % of Sector: |
2.4747 |
| Sector: |
Financials |
| Industry Group: |
Insurance |
| Industry: |
Insurance |
|
|
|
|
|
| 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. |
|
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.
|
| 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 |
|
| AMP |
-0.4175 |
-9.8299 |
-28.1627 |
| Sector |
-0.1450 |
3.0087 |
-23.2190 |
| Market |
4.1522 |
5.1573 |
-25.9847 |
|
| 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 |
|
| 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 |
|
| 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 |
|
| WestLB Asset Management |
5.08 |
| Barclays Global Investors Australia Limited |
5.01 |
|
| 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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