Ann: ENN FY21 Preliminary Results Presentation, page-2

Hi,
I had a look at this company for the first time.
It looks quite interesting.
It is usually a good mix to have a strong growth and a high yield (5.4 % based on last dividend).

It also looks quite defensive, as most of their revenues comes from their asset management business, even if they also have a smaller co-investment business.

I guess one of the challenge is to value this company.
It looks cheap for its growth profile, with an EV/EBITDA of 13.5 x.
But I wonder what part of their EBITDA is recurring.