Ann: Acquires Ludus Cybersecurity, page-8

Note the valuation multiple (5x earnings) and where this sits in relation to TNT . We can assume a slightly higher multiple should apply to TNT. Even if we increase the multiple on earnings by 50% to 7.5x, TNT will need to be posting profits of 20m to justify the current MC. Note too the 50k p.a drag on earnings that the interest on the debt facility will take up, effectively reducing the acquired earnings by 15% on day 1.
Exciting acquisition spree but would be surprised to see this announcement light a fire under the SP.