Ann: Acquires iQ3, page-94

Using EBITDA for a valuation is fine when the numbers are reliable,
but not when they are switching from negative to positive ! TNT has not
yet released any EBITDA data for the group, only individually for some
of the recent acquisitions. We only know revenues with any confidence.
I bought into TNT based on the revenue trend, and my own research
on likely margins in the long term.

Nor could you use EBITDA to value markets giants APT, MP1, ZIP,
all still unprofitable, and likely so for next couple of years in some cases !

All IMHO, DYOR