THIS! I'm long on TNT, and there is great potential for this...

THIS! I'm long on TNT, and there is great potential for this entity. But to use June as the 'run-rate' metric is strange and quite frankly misleading. June is undoubtedly one of their largest revenue recognition months, while January is probably their smallest. You have to look at full year annualised turnover, or perhaps month vs. month comparison.

I think some people will get a bit of shock when the annual report comes out and revenue is actually about $80-100m.

However the item I'm most interested in is the EBITDA. These guys had huge costs associated with acquisition expenses in past quarterlys. These are not recurring costs and we should see a very healthy EBITDA number in the quarterly upcoming.