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AMP
(Sydney:AMP)
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Rating:53Neutral
Price Target:
AU$2.50
▲(5.93% Upside)
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 scale and cash-flow momentum
Record platform inflows and rising assets under management indicate stronger client adoption and distribution momentum. This can support recurring administration fees, improve operating leverage, and reinforce AMP’s competitive position over the next several quarters.
Negative Factors
High leverage and weak cash conversion
A debt-heavy capital structure combined with recent negative cash generation reduces financial flexibility and makes funding needs more consequential. It can constrain investment, shareholder distributions, and the company’s ability to absorb weaker operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform scale and cash-flow momentum
Record platform inflows and rising assets under management indicate stronger client adoption and distribution momentum. This can support recurring administration fees, improve operating leverage, and reinforce AMP’s competitive position over the next several quarters.
Read all positive factors
AMP (AMP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.88B
Dividend Yield2.05%
Average Volume (3M)11.40M
Price to Earnings (P/E)32.7
Beta (1Y)1.33
Revenue Growth-4.68%
EPS Growth4.33%
CountryAU
Employees2,275
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)0.07
Shares Outstanding2,411,751,200
10 Day Avg. Volume9,541,461
30 Day Avg. Volume11,401,766
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$2.56Price Target Upside8.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.14
Revenue Forecast (FY)AU$1.36B
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 | 347.00M | 1.75B | 1.92B | 1.19B | 620.00M | 310.00M |
| 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
Neutral
2.36
Price Trends
2.43
Positive
2.06
Positive
1.76
Positive
Market Momentum
0.02
Positive
44.08
Neutral
26.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AMP, the sentiment is Neutral. The current price of 2.36 is below the 20-day moving average (MA) of 2.54, below the 50-day MA of 2.43, and above the 200-day MA of 1.76, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 44.08 is Neutral, neither overbought nor oversold. The STOCH value of 26.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$2.50B | 17.12 | 8.75% | 7.59% | -17.31% | -45.44% | |
69 Neutral | AU$3.01B | 18.96 | 49.77% | 2.53% | 586.06% | 463.96% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | AU$3.24B | 17.73 | 16.92% | 4.28% | 22.38% | 22.74% | |
63 Neutral | AU$2.00B | 21.92 | 5.64% | 7.04% | -16.00% | ― | |
53 Neutral | AU$5.88B | 32.66 | 5.08% | 2.05% | -4.68% | 4.33% |
* Financial Sector Average
AU:AMP
AMP
2.49
0.85
51.55%
AU:MFG
Magellan Financial Group Ltd
8.55
-0.81
-8.66%
AU:PPT
Perpetual Limited
17.25
-1.26
-6.82%
AU:L1G
Platinum Asset Management Ltd
1.19
0.13
12.43%
AU:PNI
Pinnacle Investment Management Group Limited
14.35
-3.01
-17.36%
AMP Corporate Events
AMP Provides Daily Update on Ongoing Share Buy-Back
Oct 1, 2026
AMP Limited has notified the market of ongoing activity in its on-market share buy-back program involving its ordinary fully paid shares traded on the ASX. The company operates in the financial services sector, where capital management initiatives...
AMP Continues On-Market Share Buy-Back, Signaling Capital Management Focus
Sep 30, 2026
AMP Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back of ordinary fully paid shares, reporting a total of 28,551,579 shares bought back before the previous day and a further 1,144,298 shares re...
AMP Extends On‑Market Share Buy‑Back With Fresh Daily Purchases
Sep 29, 2026
AMP Limited has issued an update notice to the ASX confirming continued execution of its on‑market share buy‑back program involving its ordinary fully paid shares. The latest daily notification shows that the group has repurchased a cu...
AMP Updates Investors on Progress of On‑Market Share Buy‑Back
Sep 24, 2026
AMP Limited has issued an updated notification outlining the progress of its on‑market share buy‑back program for ordinary fully paid shares on the ASX. The latest daily buy‑back disclosure, dated 25 September 2026, reports cumul...
AMP Updates Market on Progress of On-Market Share Buy-Back
Sep 23, 2026
AMP Limited has disclosed an update on its on-market share buy-back program involving its ordinary fully paid shares listed on the ASX under the code AMP. The company reported that a total of 24,342,930 shares had been repurchased prior to the lat...
AMP Continues Daily On-Market Share Buy-Back Program
Sep 21, 2026
AMP Limited has reported an update on its on-market share buy-back program, confirming the continued repurchase of its ordinary fully paid shares listed on the ASX. The latest notification, dated September 22, 2026, records a cumulative total of 2...
AMP cancels 21 million shares after on-market buy-back
Sep 21, 2026
AMP Limited has cancelled 21,040,985 ordinary fully paid shares following completion of an on-market buy-back executed on September 18, 2026. The reduction in issued capital is formally recorded as a cessation of securities, reflecting the company...
AMP Expands On-Market Share Buy-Back With Fresh Daily Purchases
Sep 20, 2026
AMP Limited has been conducting an on-market share buy-back of its ordinary fully paid shares, as disclosed in its latest update to the Australian Securities Exchange dated 21 September 2026. The program, originally notified in early August, refle...
AMP Continues On-Market Share Buy-Back With Daily ASX Update
Sep 15, 2026
AMP Limited, a financial services group listed on the ASX, provides wealth management, banking, and investment solutions under its ordinary fully paid shares trading as AMP. The company actively manages its capital structure through on-market buy-...
AMP Updates Investors on Progress of On-Market Share Buy-Back
Sep 14, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares under ticker AMP. The financial services group continues to actively manage its capital structure through repu...
AMP Updates Market on Progress of On-Market Share Buy-Back
Sep 10, 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 is using this buy-back as part of its broader capital management strategy, aiming to refine its b...
AMP Updates Market on Progress of Daily On‑Market Share Buy‑Back
Sep 7, 2026
AMP Limited has provided an updated notification to the ASX on its ongoing on‑market share buy‑back of ordinary fully paid shares, dated 8 September 2026. The latest disclosure confirms that the company continues to execute daily repur...
AMP Issues Daily Update on Ongoing On-Market Share Buy-Back
Sep 1, 2026
AMP Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares. The company remains active in repurchasing its stock, reflecting a continuing focus on capital management through re...
AMP Updates Market on Progress of On-Market Share Buy-Back
Sep 1, 2026
AMP Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for ordinary fully paid shares. The latest daily buy-back report, dated 1 September 2026, follows the initial notification on 6 Augu...
AMP trims controlled voting stake in its own shares
Aug 28, 2026
AMP Limited has notified the Australian Securities Exchange of an updated disclosure regarding its interest in AMP Ltd shares under an exemption in the Corporations Act. The filing shows that AMP and its controlled entities now control voting or d...
AMP updates market on progress of on-market share buy-back
Aug 27, 2026
AMP Limited has continued its on-market share buy-back program for its ordinary fully paid shares, disclosing that a total of 6,536,784 securities had been repurchased prior to the latest trading day. The company reported that it bought back an ad...
AMP gains S&P upgrade as AMP Bank outlook turns negative
Aug 26, 2026
AMP Limited has received an upgrade to its issuer credit rating from SP Global Ratings, moving to BBB+ from BBB with a stable outlook, while AMP Bank’s BBB+ rating was affirmed but its outlook shifted to negative. All other ratings from Fitc...
AMP exits substantial holder status in Nuix after dilution
Aug 25, 2026
AMP Limited has notified the Australian Securities Exchange that it has ceased to be a substantial holder in Nuix Ltd, following dilution of its position caused by new share issues at the software company. The change reflects reductions in relevan...
AMP Updates ASX on Daily Progress of On‑Market Share Buy‑Back
Aug 23, 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 latest filing, dated 24 August 2026, reports daily activity under the program, including cumu...
AMP Steps Up Daily On-Market Share Buy-Back Activity
Aug 20, 2026
AMP Limited has reported a fresh update to its ongoing on-market share buy-back program involving its ordinary fully paid shares listed on the ASX. The latest notification shows that 2,426,899 shares were repurchased on the previous trading day, f...
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 ...
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.