Tesserent now ranks with Megaport

A quick comparison between the financials for TNT and Megaport (MP1) in their last 4C quarterly
reports show the two companies are now surprisingly similar in scale (following TNT's
recent expansion phase).
TNT's annualised revenue (customer receipts) is now ~$82m compared with ~$103m for MP1,
whilst the annualised staff costs are ~$33m for TNT and ~$40m for MP1. So after the last
set of acquistions by TNT, the numbers suggest both companies now have more or less
similar staffing numbers. (Actually, the 4C states TNT's RRR is >$110m, so possibly TNT's
revenue may be slightly higher than MP1).

In addition, TNT is profitable with a positive EBITDA whereas MP1 remains unprofitable
(but forecast to become profitable in ~2023).

There's one big difference between TNT and MP1, however.
TNT has a market cap of ~$330 million, whilst MP1 is ~$2.1 billion.
That's a difference in the MC of more than six times.
I cannot find, nor think of, a reasonable explanation why this should be so.

The only marked difference I have found between TNT and MP1 is the percentage of stock
held by "Institutions" (TNT = 1.2%) (MP1 = 45%)*. Maybe TNT's SP will re-rate as more
institutional investors buy in, and this could happen at any time given TNT and MP1 are
generating similar revenue (and especially given TNT has now become profitable)

*share register info may not be current. DYOR

All IMHO, DYOR