AMP may be a household name but its branding hasn’t been enough to stop the share price falling into the abyss. Rumours have been circulating that CEO Francesco De Ferrari might be about to depart in the next few days unfortunately we believe this would be a move the market will take badly. The company has failed to recover from the Hayne Royal Commission, amongst other things, and it’s going to need a very brave and talented person to turn around this embattled wealth manager.
The business now comprises AMP Bank, Australian Superannuation & managed funds business and of course financial advice, these 3 combined are now valued at $4.5bn. If we see ongoing sustained selling back towards $1 MM feels the valuation will become compelling as a turnaround / break-up story.
MM would have speculative interest in AMP ~$1.
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