Ann: ENA signs non-binding agreement to sell its UK operations, page-7

Very good point, @Jimmy_C around the valuation implications of this given that the ENA Aus business was bought for just ~$2.5m a little over 12 months ago. At that time, the ENA Aus busines was doing $10m in GWP. It is also interesting to note that that transaction was done at 30c (3c followed by a 10/1 consolidation); so there is a big incentive for Tom Kent to get the share price back above that level. Fast forward a short space of time and the ENA Aus business is doing $15.2m GWP*. So in a little over a year it has grown 50%. Is that enough to justify a 4x uplift in market value? Possibly not. But, in the last couple of months (yet to be reflected in financials) ENA Aus has also grown from 1 office to 3 and the team has expanded more than 5x. My conclusion is that the overall market valuation ($13m EV) reflects the profitable, fast-growing nature of ENA Aus.

* $13.40m in GWP was done in the quarter ending March 31st 2022 across the entire business. Annualising, I get to a run rate of $53.6m GWP. Deducting $38.4m GWP (as calculated in my previous post), I get to $15.2m GWP (annualised) for the ENA Aus business.