I appreciate the write up and agree with your points, but the one thing here and the reason why the SP isn't rocketing so to speak is that a majority of this growth has been bought inorganically. I have been holding for over a year now and am still bullish on a potential re-rate down the line, but I think that whilst we are in a predominant acquisition/purchasing growth phase that our shareholder returns will be lower.
Dilution has to be factored in here to get a realistic view on the value of growth being delivered to SH's. For example my avg buy in price is ~19.6c which corresponded to a MC of ~140m (not fully diluted) at the time last year. If there was no dilution I'd be looking at ~100% gain at current MC (again not fully diluted), but that isn't relevant as a majority of turnover/stat rev etc has been inorganically purchased.
Now I'm not downramping but am providing what I believe to be a slightly more balanced view, and yes I am aware of the already reported synergies etc, which is the reason I am still holding - as I believe synergies will continue to be developed (and higher margin investments that Tesserent are making in other co's).
I welcome any viewpoints/counter cases contrary or similar.
TNT Price at posting:
26.5¢ Sentiment: Hold Disclosure: Held