AMP FY16 normalised profit $486m. AMP announced a $500m on market buyback.
FY18 reported profit is likely to remain flat on FY17 numbers and AMP’s ability to deliver against cost out in FY17 and continued cost discipline in future periods is the key to sustaining group EPS growth.
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FY18 profit is likely to remain in the range of $900m – $930m, EPS $0.35 and DPS of $0.29 placing the stock on a forward yield 5.7%.
We remain cautions on AMP until the technical picture becomes more supportive. Support may begin building above $5.00.
