I think one will find that if they apply a similar profit...

I think one will find that if they apply a similar profit multiple (EBIT) to the ENA Aus business, it will come out above the current market valuation ($21m MC, $13m EV). It has previously been said that p/GWP was not a useful measure (in its own right) of valuation for MGA insurance businesses. And that's what's being missed here in the discussion. The ENA Aus business deserves a higher valuation on an absolute basis compared to the ENA UK business because it is more profitable today (+ higher margin, + faster growth).