Serial market underperformer AMP has only fallen -5.5% in 2022 making it almost a celebrity in a year when many market favourites have been simply hammered by rising bond yields. AMP has an NTA ~20% above today’s price much of which could be realised if / when the company sells its fund’s management business. Due to its discount to fair value, we regard AMP as a defensive play which we feel will again challenge $1.20 over the next year i.e. more than 20% higher.
MM likes AMP in the mid-90c region
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