AMP Ltd

AMP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.97	Tjs	Rpmt

AMP Earnings: Turnaround Strategy Bearing Fruit

Shaun Ler

Aug 8, 2024

No-moat AMP’s first-half 2024 result surpassed expectations. Surprises included better-than-expected platform and master trust flows, improvement in advice business productivity, and variable cost savings. Underlying net profit after taxes grew by 5% from the prior comparable period to AUD 118 million. We raise our fair value estimate to AUD 1.25 per share from AUD 1.20, mainly reflecting stronger flows into both platforms and master trusts.

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