Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-13

I agree that a further big acquisition might be transformational for TNT, but I'm wondering how they might afford it ? It could also break the back of the company. I doubt they have cash to do it, and a cap raise at this SP would bring too much dilution. If they funded it with 50% cash + shares as previously, that too would be unpopular. They really need to build up cash to make further acquisitions, so it just comes back to generating bigger profits. They've said that "organic growth" has been occurring for some time, but until they can generate an annual EBITDA of >$20m, greater than the sum of the parts, I'm really not convinced.

All IMHO, DYOR