Ann: Investor Presentation Notice, page-16

The shaded areas in green, below, are my best guess at what a fair p/GWP and PSR multiple is.

In terms of the p/GWP multiple, above $100m AUD in GWP, I'm assuming a 50-80% p/GWP multiple is fair based on what we have heard about acquisitions in the space for fast-growing MGA entities.

In terms of the PSR multiple, AUB/SDF/PSI (ENA's closest peer group on the ASX) actually trades at 5-7x TEV/LTM rev, which reflects the highly recurring nature of insurance underwriting revenue and high gross margins. But, I have been conservative and suggested 3-4x revenue is a fair valuation range at this stage due to the smaller scale of ENA.

In the last half, ENA did $29m AUD in GWP (up 70% YoY) [so running at c.$60m annualised) and $3.6m in revenue (up 49% YoY) [so running at $7.2m annualised].

I really like the story playing out here, so personally, I'm planning to hold this one for the long term. Let's see where we get to this week and next, now that the overhang is cleared. It could move quickly — that's the benefit of having an aligned and tight shareholder register.