Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-84

I still think that TNT appear to be doing a good job building their revenues, engaging with customers and supporting Australian businesses and government, training and developing staff in cyber security and probably paying good salaries to all their employees. But the good work ends there, and the rewards are effectively kept within the company in the form of happy customers and well paid staff with some job security. There's nothing here for the shareholders because the business doesn't generate significant profits. There are no divs, and no sign of any for probably many years. And the negligible profits means the SP doesn't grow. Its OK if you're on the inside, but no good if you're an ordinary shareholder. If they get taken over, it will probably be at a discount, so nothing much to look forward to either.

All IMHO, DYOR