What I find intriguing is that with one final upcoming quarter of CF+ operations (due to be reported by the end of the month) ENA will have completed 4 consecutive quarters of profitability. This means ENA is likely to report a yearly profit. So, ENA will soon have an "e", which allows for a price to earnings (PE) ratio. Equivalents in the sector (PSI, SDF) trade on PEs north of 25. We will thus soon have a very clear metric to gauge valuation on (aside from p/GWP) and one would imagine the share price will track upwards as earnings grow to keep the PE steady at that ~25-30x level.

ENA moving up (+15%) today on (relatively) high volume (206,000 shares - which by comparison to most other companies is still low!).

The issue for ENA has always been low trading liquidity. But as the market actually gets to know of its existence hopefully that trading liquidity will improve. And the recent placement has added a few more shares too (9.3 million shares).

On a day when the market gradually subsided as the day progressed  ENA proved that it had a pulse (after a number of negative Trading days!) by being a top performer, up 4.5 cents (+19.6%) on (relatively) reasonable Trading volume of 318,000 shares. There was no news released by the company.

Whilst the price may fall away in coming days, my view is that the share price recently hasn't reflected the potential value in its business, and any investor seeking to build a position too quickly will cause the price up due to its low trading liquidity.

I have been building a position for quite a while, and in recent weeks it seems I have been one of the few buyers. We are now only a few weeks from the quarterly update, due by end of October. Whilst it's early days after the opening up of the UK economy (after covid lockdown), and the first quarter of TSKR trading (under the Ensurance banner) in Australia during which time there were lockdowns in the 3 eastern states.