Want to see AU:AMP full AI Analyst Report?
Top Page
AMP
(Sydney:AMP)
Select Model
Select Model
Rating:53Neutral
Price Target:
AU$2.00
▼(-5.21% Downside)
Action:Reiterated
Date:08/06/26
The score is held back mainly by weak financial quality—high leverage and significant recent cash outflows—despite positive earnings in some years. Offsetting this, the latest earnings call indicated improving operating momentum and stronger capital returns, while technicals show an uptrend but with overbought signals. Valuation is a secondary headwind due to the high P/E and only modest dividend yield.
Positive Factors
Platform cash flow & AUM growth
Sustained platform inflows and large AUM create a durable fee base and operating leverage. Recurring platform fees scale with assets, improving margin sustainability and underwriting long-term advice/administration revenue independent of one-off investment returns, underpinning steady cash generation.
Negative Factors
Very high leverage
Extremely high debt relative to equity materially constrains financial flexibility and increases refinancing and interest-rate vulnerability. Elevated leverage limits capacity for strategic investment or cyclical shock absorption and raises the probability that operational setbacks force deleveraging actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform cash flow & AUM growth
Sustained platform inflows and large AUM create a durable fee base and operating leverage. Recurring platform fees scale with assets, improving margin sustainability and underwriting long-term advice/administration revenue independent of one-off investment returns, underpinning steady cash generation.
Read all positive factors
AMP (AMP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.83B
Dividend Yield2.13%
Average Volume (3M)5.30M
Price to Earnings (P/E)31.7
Beta (1Y)1.40
Revenue Growth-4.68%
EPS Growth4.33%
CountryAU
Employees2,275
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.07
Shares Outstanding2,432,792,200
10 Day Avg. Volume6,364,522
30 Day Avg. Volume5,300,436
Financial Highlights & Ratios
PEG Ratio-4.48
Price to Book (P/B)1.23
Price to Sales (P/S)1.81
P/FCF Ratio-3.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.43Price Target Upside15.17% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.14
Revenue Forecast (FY)AU$1.37B
AMP Business Overview & Revenue Model
Company Description
AMP Limited operates as a prominent wealth management enterprise, serving clients across Australia and internationally. The company's operations are divided into several key segments: Australian Wealth Management (AWM), AMP Bank, AMP Capital, and ...
How the Company Makes Money
AMP makes money primarily from fees and charges earned across its wealth and advice-related operations. Key revenue streams typically include: (1) Advice-related revenue, such as fees for financial planning services (where charged), and ongoing se...
AMP Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Positive
The call presented multiple clear operating wins: strong underlying NPAT (+33%), statutory profit growth (+57%), record platform flows (+33%), S&I cash flow turnaround, materially larger China partnership earnings (more than double), disciplined capital returns (buyback + dividend) and improving margins and efficiency. Headwinds are concentrated in AMP Bank (weak ROE, NIM impact from securitisation and near-term earnings pressure), some remaining one-off simplification costs and deferred tax recognition timing, plus investor questions on sustainability of China revenue mix and normalisation of investment income. On balance the positive operating momentum, capital generation and shareholder returns materially outweigh the listed challenges.Positive Updates
Strong Underlying and Statutory Profit Growth
Underlying NPAT up 33% to $174 million and statutory profit up 57% to $154 million, driven by broad-based wealth business growth and lower litigation/remediation costs.
Negative Updates
AMP Bank Profitability and ROE Pressure
AMP Bank returns remain below targets with reported bank ROE at c.3.6% for the half; management expects near-term earnings pressure while scaling AMP Bank GO and executing capital-release actions.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Underlying and Statutory Profit Growth
Underlying NPAT up 33% to $174 million and statutory profit up 57% to $154 million, driven by broad-based wealth business growth and lower litigation/remediation costs.
Read all positive updates
Company Guidance
On FY‑26 guidance, AMP reiterated that wealth margins remain consistent with prior guidance while increasing partnership guidance to an annualised 12–15% return on investment (up from a prior 10% benchmark), and flagged AMP Bank NIM to stay broadly stable at ~1.25%; controllable costs are expected to be in line with prior guidance. Management also confirmed pro‑forma FY‑26 capital returns of ~$425m (including today’s $150m on‑market buyback and a $0.03 interim dividend, 20% franked, up from prior $0.02 guidance), after generating $236m surplus capital in 1H (returning $201m, ~85%) and lifting group surplus capital to $322m; $56m of DTAs were utilised in the half leaving on‑balance‑sheet net DTA of $418m. Operational metrics underpinning the guidance include AUM >$167bn (Platforms AUM $92.7bn; Super & Investments AUM $62.6bn), Platforms net cash flows $3.1bn (up 33%), China partnerships contributing $56m with CLPC/CLAMP payout ratios ~41%/40% and China AUM growth (CLPC pension AUM +9% H1, 12% CAGR since 2021), and AMP Bank CET1 surplus improving to ~$89m (above the 10.5% midpoint).AMP Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
32
Negative
Cash Flow
25
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.53B | 2.54B | 856.00M | 2.58B | 2.24B | 1.65B |
| Gross Profit | 952.00M | 791.00M | 856.00M | 2.73B | 864.00M | 2.25B |
| EBITDA | 294.00M | 1.75B | 1.92B | 1.19B | 625.00M | 285.00M |
| Net Income | 189.00M | 133.00M | 150.00M | 265.00M | 387.00M | -252.00M |
Balance Sheet | ||||||
| Total Assets | 33.70B | 34.21B | 33.16B | 33.88B | 34.95B | 32.20B |
| Cash, Cash Equivalents and Short-Term Investments | 1.75B | 7.36B | 7.18B | 1.44B | 1.82B | 2.92B |
| Total Debt | 29.19B | 29.64B | 28.71B | 28.92B | 29.53B | 26.25B |
| Total Liabilities | 30.00B | 30.47B | 29.51B | 30.00B | 30.77B | 28.22B |
| Stockholders Equity | 3.70B | 3.74B | 3.65B | 3.87B | 4.17B | 3.98B |
Cash Flow | ||||||
| Free Cash Flow | -2.39B | -1.45B | 169.00M | -137.00M | 933.00M | 1.63B |
| Operating Cash Flow | -2.36B | -1.38B | 216.00M | -105.00M | 963.00M | 1.68B |
| Investing Cash Flow | 128.00M | -472.00M | -478.00M | 1.25B | -1.32B | -565.00M |
| Financing Cash Flow | 2.90B | 1.82B | 201.00M | -1.74B | -511.00M | -722.00M |
AMP Technical Analysis
Positive
2.11
Price Trends
1.97
Positive
1.73
Positive
1.63
Positive
Market Momentum
0.11
Positive
64.55
Neutral
62.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AMP, the sentiment is Positive. The current price of 2.11 is below the 20-day moving average (MA) of 2.28, above the 50-day MA of 1.97, and above the 200-day MA of 1.63, indicating a bullish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 64.55 is Neutral, neither overbought nor oversold. The STOCH value of 62.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:AMP.
AMP Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | AU$3.15B | 12.55 | 14.31% | 5.99% | -12.42% | -36.36% | |
70 Outperform | AU$4.16B | 22.37 | 16.92% | 3.60% | 22.38% | 22.74% | |
69 Neutral | AU$3.38B | 21.84 | 49.77% | 0.92% | 586.06% | 463.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
53 Neutral | AU$5.83B | 31.73 | 5.08% | 1.87% | -4.68% | 4.33% | |
41 Neutral | AU$2.26B | -130.20 | -1.00% | 6.01% | 2.23% | 96.71% |
* Financial Sector Average
AU:AMP
AMP
2.35
0.70
42.60%
AU:MFG
Magellan Financial Group Ltd
11.05
1.16
11.70%
AU:PPT
Perpetual Limited
19.58
-0.54
-2.67%
AU:L1G
Platinum Asset Management Ltd
1.36
0.56
70.43%
AU:PNI
Pinnacle Investment Management Group Limited
17.89
-2.66
-12.93%
AMP Corporate Events
AMP launches new on-market buy-back of ordinary shares
Aug 5, 2026
AMP Limited has notified the market of a new on-market share buy-back of its ordinary fully paid shares, under an Appendix 3C filing dated 6 August 2026. The announcement signals that the company intends to repurchase stock on the ASX, which may s...
AMP Releases Unaudited 1H 26 Operational Data Pack
Aug 5, 2026
AMP Limited has released its unaudited 1H 26 Data Pack, providing a detailed operational financial summary for shareholders across its core business units including platforms, superannuation and investments, New Zealand wealth management, partners...
AMP outlines 1H 2026 results and cautions on non-IFRS metrics
Aug 5, 2026
AMP Limited has released its 1H 2026 results presentation, offering a high-level overview of its current financial position, operational performance, and key metrics for the half year. The company emphasises that the material is a summary only, pr...
AMP lifts profit 33% and boosts buybacks on strong wealth and retirement flows
Aug 5, 2026
AMP reported a 33% rise in underlying net profit after tax to $174 million for the first half of 2026, with statutory profit up 57% and assets under management climbing to $167.6 billion, reflecting momentum across its wealth and retirement franch...
AMP declares interim dividend of AUD 0.03 per share
Aug 5, 2026
AMP Limited has declared a new interim dividend of AUD 0.03 per ordinary fully paid share for the six‑month period ended 30 June 2026, reinforcing its practice of returning capital to shareholders. The dividend will trade ex‑dividend o...
AMP files 2026 half‑year results and reports with ASX
Aug 5, 2026
AMP Limited has released its half‑year results for the period ended 30 June 2026, lodging its Appendix 4D, directors’ report, and financial report with the ASX in line with listing requirements. The documents complement the companyR...
AMP clarifies capital structure as conditional rights lapse
Jul 8, 2026
AMP Limited has notified the market of the lapse of 29,927 AMPAB rights, which were conditional rights to securities that have ceased because the conditions were not met or can no longer be satisfied as of June 30, 2026. The cessation marginally r...
AMP issues 3.5 million unquoted rights under employee incentive scheme
Jul 8, 2026
AMP Limited has notified the market of the issue and transfer of 3,489,938 unquoted rights securities under its employee incentive scheme. The rights, designated under ASX code AMPAB, were issued on 10 April 2026 and are not intended to be quoted ...
AMP schedules webcast for 1H 2026 results and cashflow update
Jul 2, 2026
AMP will release its first half 2026 financial results and second quarter 2026 cashflows on 6 August, accompanied by an analyst and investor briefing led by CEO Blair Vernon and CFO Jackie Cleary. The listen-only webcast underlines AMP’s ong...
AMP Cancels 40 Million Shares After On‑Market Buy‑Back
Jun 19, 2026
AMP Limited has announced the cancellation of 40,052,903 ordinary fully paid shares following completion of an on-market share buy-back. The reduction in issued capital is expected to adjust the company’s share base and may enhance capital m...
AMP Director Michael Hirst Increases Indirect Shareholding via On-Market Purchase
Jun 16, 2026
AMP Limited has disclosed a change in director Michael Hirst’s interests, with an increase in his indirect shareholding through Hirst Holdings Pty Ltd. Hirst acquired 30,000 AMP ordinary shares on-market at AUD 1.5508 per share, lifting his ...
AMP updates market on progress of on‑market share buy‑back
Jun 9, 2026
AMP Limited has continued its on-market share buy-back program, targeting its ordinary fully paid shares listed on the ASX under the code AMP. The company reported that a total of 85,202,835 shares had been repurchased before the previous trading ...
AMP Updates Market on Progress of Ongoing On‑Market Share Buy‑Back
Jun 8, 2026
AMP Limited has disclosed an update to its on‑market share buy‑back program involving its ordinary fully paid shares listed on the ASX. The company reported that a total of 81,605,929 shares had been repurchased before the previous tra...
AMP trims controlled interest in its own shares, updates market on voting power
Jun 5, 2026
AMP Limited has notified the market under an exemption in subsection 259C(2) of the Corporations Act about its current interest in its own shares held through AMP Limited and its controlled entities. The filing shows that AMP’s controlled en...
AMP Updates Market on Progress of On-Market Share Buyback
Jun 4, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buyback program for its ordinary fully paid shares. The company reported that a total of 75,165,599 shares had been repurchased before the previous t...
AMP expands on-market share buy-back with latest daily repurchase update
Jun 3, 2026
AMP Limited has disclosed an update to its ongoing on-market share buy-back program, confirming that a total of 67,041,189 ordinary fully paid shares had been repurchased before the most recent trading day. The company continues to report daily ac...
AMP Continues Daily On‑Market Share Buy‑Back Program
Jun 2, 2026
AMP Limited has disclosed updated details of its on‑market share buy‑back, confirming that a total of 64,041,189 ordinary fully paid shares had been repurchased before the previous trading day. The company reported buying back an addit...
AMP Cancels Nearly 59 Million Shares After On-Market Buyback
Jun 2, 2026
AMP Limited has cancelled 58,894,797 ordinary fully paid shares following completion of an on-market buyback, as disclosed in its latest capital notification. The reduction in issued capital is part of the group’s capital management activiti...
AMP Advances On-Market Buy-Back With Ongoing Daily Share Repurchases
Jun 1, 2026
AMP Limited has reported an update to its on-market share buy-back program for its ordinary fully paid shares, disclosing that a cumulative 62,523,091 shares had been repurchased before the latest reporting date, with an additional 1,518,098 share...
AMP Expands On‑Market Share Buy‑Back with Fresh Daily Purchases
May 31, 2026
AMP Limited has reported an update to its on‑market share buy‑back program involving its ordinary fully paid shares, disclosing that a total of 58,894,797 securities had been repurchased prior to the latest trading day. The company als...
AMP Updates Market on Daily Progress of On-Market Share Buy-Back
May 26, 2026
AMP Limited has disclosed an update on its on-market share buy-back program for its ordinary fully paid shares listed on the ASX under the code AMP. The company reported cumulative repurchases of 52,044,579 shares prior to the latest trading day, ...
AMP Continues On-Market Buy-Back, Lifts Total Repurchased Shares
May 24, 2026
AMP Limited has disclosed an update to its on-market share buy-back program, confirming that it is repurchasing its ordinary fully paid shares on the ASX as part of a broader capital management initiative. The company reported that a total of 49,5...
AMP appoints seasoned dealmaker Jackie Cleary as new CFO to support capital-focused strategy
May 22, 2026
AMP Limited has appointed seasoned financial services executive Jackie Cleary as its new Chief Financial Officer, reporting to Chief Executive Officer Blair Vernon and joining the company’s executive team in Sydney. Cleary, who brings more t...
AMP Updates Market on Progress of On‑Market Share Buy‑Back
May 21, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The company reported that a total of 45,587,025 shares had been repurchased prior to the most recent trading ...
AMP Updates Market on Progress of Daily On-Market Share Buy-Back
May 12, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The update confirms that, as of 13 May 2026, the company has repurchased a cumulative 35,083,234 shares befor...
AMP Updates Market on Daily Progress of On‑Market Share Buy‑Back
May 11, 2026
AMP Limited has disclosed an update to its on-market share buy-back program, covering ordinary fully paid shares under the ASX code AMP. The update forms part of its ongoing capital management, with the company providing daily notifications as it ...
AMP continues on‑market share buy‑back with daily update
May 10, 2026
AMP Limited has continued its on‑market share buy‑back of ordinary fully paid shares, disclosing that a total of 30,467,318 securities had been repurchased before the previous trading day. The company reported that a further 2,696,119 ...
Perpetual exits substantial shareholder status in AMP Limited
May 8, 2026
AMP Limited has disclosed that Perpetual Limited and its related bodies corporate have ceased to be substantial shareholders in the company as of 6 May 2026. The change, lodged with the corporate regulator, indicates Perpetual’s voting inter...
AMP Steps Up Daily On-Market Share Buy-Back Reporting
May 8, 2026
AMP Limited has provided an updated notification on its ongoing on-market share buy-back of ordinary fully paid shares, reporting that a total of 28,501,939 securities had been repurchased prior to the latest trading day. The company disclosed tha...
AMP Updates Market on Progress of Ongoing On-Market Share Buy-Back
May 7, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. The filing reports that a total of 25,971,005 shares had been repurchased before the previous trading day, wi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.