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

Not long to go now before the Q4-FY22 quarterly is out (due to be reported by the end of the month). If this one is also CF+, ENA will have completed 4 consecutive quarters of CF profitability. In this situation, ENA would be likely to report a yearly profit. So, it appears that ENA will soon have an "e", which allows for a price to earnings (PE) ratio. The two closest equivalents in the sector (PSI, SDF) trade on PEs north of 25. Investors will thus soon have a very clear metric to gauge valuation on (aside from p/GWP multiple) and one would imagine the share price will track upwards as/if/when earnings grow to keep the PE steady at that ~25-30x level. Let's see how the next few months play out.