Ann: Change of Director's Interest Notice - TL, page-3

ENA will be a very solid cash-generative machine in the coming years IMO. Moreover, that profit is likely to be valued highly (high multiples) due to its largely recurring nature and the (protective) high margins of the business coupled with the defensive characteristics of the industry. This is a mini PSI/AUB/SDF in the making and these peers are trading on an average trailing PE of 37.