The down side risk is that with so many acquisitions in a short time, TNT have yet to show they can successfully glue all those businesses together and benefit from it. This will be only proven when there is evidence of increasing margins and organic growth. New revenue replacing old revenue is not "growth".
admin costs are not under control and market is beginning to price in the above down side risks.
TNT Price at posting:
22.5¢ Sentiment: None Disclosure: Not Held
