IOOF Holdings Limited (ASX:IFL) peaked at $11.84 in October 2017 but has since fallen back to $9.40 at the time of writing, up almost 5% on Tuesday. IOOF is in the wealth business, offering financial advice, superannuation, investment management and trustee services.
IOOF is in the process of buying ANZ Wealth, with a recent update reassuring investors that any future liabilities from ANZ Wealth as a result of the royal commission will not impact IOOF. According to the update "ANZ has provided various indemnities in favour of IOOF in relation to liability arising from a claim by a client made within five years."
IOOF released a statement highlighting the strong performance of ANZ Wealth, which was reported today, with 1H18 NPAT at $39 million compared to $33 million in 1H17.
IOOF is trading on a forward price to earnings ratio of 17.5x, and the current dividend yield is 5.9% fully franked.