Ann: Acquires iQ3, page-91

Your valuation methods treat TNT on par with classic blue chip companies whose growth have stagnated. The tailwinds behind cyber combined with the board's experience in acquisitions provide opportunity for rapid growth. Another potential catalyst for growth would be from a legal perspective, concerning minimum cyber security requirements being imposed on SME's.

And you have ignored their intention to develop their own proprietary products that will offer higher margins and growth if successful. This is simply not akin to a matured company such as Woolworths, and won't be within the next 5 years minimum. Don't bother patronising me with high school rhetoric.