I think it's difficult to suggest with a straight face this deal is net positive in terms of valuation read-through. They have just sold the UK biz to a knowledgeable buyer for 21% GWP, and we know scale is critical to valuation and that Aus is less than half UK's size. If we rudimentarily apply a 21% GWP to Aus, it's worth $3m...exactly what they paid for it 12 months ago.
Ann: ENA signs non-binding agreement to sell its UK operations, page-8
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