Ann: Acquires iQ3, page-88

A lot your discussion concerns TNT's EBITDA, but I don't think most people
bought into TNT based on the value of this, as it went from negative to positive
during June. I know I didn't. I can't see how it makes no sense to value the
company around low values of EBITDA just after they switch into profitability.
Obviously TNT wasn't worthless when its EBITDA was negative prior to June.
Once we get the positive EBITDA figures for a few months, I'm sure we will all
be doing the calculations to assess how well they are trending.

All IMHO, DYOR