Ann: Acquires iQ3, page-79

you’re right. EBITDA sitting at around 11m however I’m fairly sure I’ve seen 20-25 guides for fy21. Either way, just shows how far TNT has to go in terms of justifying the current price let alone a higher one.

I don’t think they have proven anything aside from being able to acquire a related business. What evidence is there of synergies leading to profit? North, p&sc, rivium have all appreciated marginally since acquisition. What evidence are you referring to? The market likes what it sees but the share price is reflective of the hesitance to assume these synergies will be huge. Market leader in a hot sector combined with novice traders entering the market during covid, perfect storm with lots of inflated valuations.