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AMP LIMITED (AMP)

AMP LIMITED (AMP)

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General Information
Company Name: AMP Limited
Stock Code: AMP
Website: www.amp.com.au
GICS Sub-Industry: Life & Health Insurance
Market Cap ($M): 12,047
Equiv. Shares (M): 2,855

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 4.220 $ 4.260 $ 4.270 $ 4.220 $ 4.230 5,621,295 $ -0.010  -0.236 %

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 30th Jan 2012
12 Month Target Price (average): $5.149
Brokers Surveyed: 8

Company Overview

Business Description:
AMP Limited (AMP) is a major Australasian wealth manager and life insurer. The group comprises AMP Financial Services, which owns Australia's largest financial planning network and has leading market shares in a range of products and platforms, and AMP Capital Investors, a fund manager.

Strategy Analysis:
AMP´s strategy is to strengthen its position in its core markets of Australia and New Zealand while making selective investments in Asia through AMP Capital Investors (AMPCI). AMP balances investment for long-term growth with cost control and protection of the company´s capital and liquidity positions. AMP aims to driver strong value growth by investing in distribution and enhanced products and services. The five growth platforms are: 1. Grow financial planner capacity and broaden distribution: increase planner numbers and improve their productivity, develop broader, complementary distribution channels. 2, Expand to Asia through AMPCI: expand Asian distribution channels and alliances to market existing Australian and global products, establish investment capabilities in Asia to manage Asian assets. 3. Grow customer in high value segments: provide relevant product offers to customers in ways that create value. 4. Reshape AMPCI into a high value-add investment manager: continue to invest in investment professionals to support stronger business growth, expand investment capabilities in specialized, high-margin segments. 5. Invest in key growth enablers; build the brand, attract and retain talented staff, improve technology platforms. With the integration of the Australian and New Zealand operations of AXA Asia-Pacific Holdings AMP aims to broaden and diversify its distribution and achieve significant merger synergies. AMP reported NPAT down 18% to $349m for the half-year ended 30 June 2011. The Company reported an underlying profit of A$455m for the half-year, which includes a A$61m contribution from AXA for the second quarter of 2011, following the merger of the two businesses on 30 March 2011. Revenues from ordinary activities were $3.93bn, compared to $900m last year. Diluted EPS was 14.3 cents compared to 20.8 cents last year. Net operating cash flow was $1.49bn compared to $1.30bn last year. The interim dividend declared was 15 cents in line with 15 cents last year. Looking ahead, AMP continues to support proposed regulatory reform that will lead to better consumer outcomes and increase consumer confidence in the financial services profession.


Financial Summary
Year to Dec NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2012  F 1,002.0 35.1 4.3 12.0 29.1 6.9 30.0
2011  F 888.2 33.7 -1.8 12.5 25.8 6.1 30.0
2010  A 735.0 34.3 -2.0 16.5 30.0 5.3 60.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F 2010 A 2011 F 2012 F
AMP Limited (AMP) $12,075 M -0.0343 -0.0601 0.0430 11.5574 12.2965 11.7893 0.0709 0.0670 0.0695

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
AMP 2.04 12.3 2.97 10.00
Market 0.80 12.5 1.38 1.16
Sector 0.77 12.3 1.04 0.35

Directors
Name Position Start Date
Mr Craig Dunn Chief Executive Officer,Managing Director 01 January 2008
Mr Peter Edward Mason Non-Executive Chairman 20 October 2003
Mr Richard (Rick) Hugh Allert Non-Executive Director 17 February 2011
Ms Patricia (Patty) Elizabeth Akopiantz Non-Executive Director 17 February 2011
Mr Geoff Roberts Non-Executive Director 31 March 2011
Mr John Leonard Palmer Non-Executive Director (other) 24 July 2007
Dr Nora Lia Scheinkestel Non-Executive Director (other) 01 September 2003
Dr James Brian Clark Non-Executive Director (other) 01 January 2008
Mr Paul Anthony Fegan Non-Executive Director (other) 01 August 2009
Ms Catherine Michelle Brenner Non-Executive Director (other) 16 June 2010
Peter Roger Shergold Non-Executive Director (other) 14 May 2008

Management
Name Position
Paul Leaming Chief Financial Officer
Lee Barnett Chief Information Officer
Vicki Vordis Company Secretary
Brian Salter Company Secretary
Darryl John Mackay Company Secretary
Brian Salter General Counsel ,Company Secretary
Fiona Wardlaw General Manager - Human Resources
Matthew Percival General Manager-Public Affairs
Jonathan Deane General Manager-Strategy
Stephen Dunne Managing Director - AMP Capital Investors
Craig Meller Managing Director - AMP Financial Services

Calendar of Events
Date Event
16 August 2012 Report (Interim)
22 March 2012 Report (Annual)
16 February 2012 Report (Prelim)
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