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

Back of the envelope valuation:

• In FY22, ENA AUS reported EBITDA of $1.4m AUD
• I'll use an EV/EBITDA multiple of ~24 (in line with the closest peer: PSI). ENA is of a much smaller scale than PSI but is also growing much faster, so I think this is more than fair.
• This leads to an EV of $1.4m x 24 = $33.6m AUD
• Adding back cash in hand of ~$8m AUD (from the sale of ENA UK), I arrive at a market cap = $33.6m + $8m (no debt) = $41.6m
• There are currently 90m SOI
• Thus, I arrive at a current fair value share price = 41.6/90 = 46c/share

ENA is drastically undervalued in my opinion and it remains one of my largest positions.

Management and the board evidently think so too.