Business
JPMorgan’s three key things in any AMP break-up – The Australian Financial Review
There’s three constraints weighing on the potential sale of AMP’s assets, according to analysts at JPMorgan.
The final constraint according to JPMorgan was that AMP Capital had several different streams of value, but most potential acquirers would have their eyes on its real assets business.
In terms of how much a break-up could worth, JPMorgan modelled two scenarios in its note to clients on Thursday.
Its first sum-of-the-parts scenario valued AMP’s wealth management arm on a 16 times post tax earnings multiple similar to IOOF’s purchase of NAB’s MLC Wealth.
“This SOTP valuation implies that AMP is…
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