AMP Ltd

AMP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$1.42	Tkk	Xlybl

AMP: Tracking Slowly to Better Profitability

Shaun Ler

Oct 18, 2023

We maintain our fair value estimate for no-moat AMP at AUD 1.35 per share. Platform net outflows (excluding pension) of 1.9% of funds under administration and loan growth of 4.1% for the first nine months of 2023 are tracking our full-year forecasts of 2.2% and 5.0%, respectively. Shares screen as undervalued at current prices. A rerating is contingent on moderating net outflows and a rebound in operating margins from the lows experienced in 2022-23, which we consider likely.

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