Ive got the same numbers. Seems like the sum of the parts is less than the whole. Im just not sure how the organic growth numbers are calculated tbh as its inconsistent with what theyve presented if we just did a quick calc based on the acq numbers. That aside, if we did a val based on the usual multiple they acq businesses at ie 5-6x ebitda, its currently overvalued whilst using the avg 10-14x, its fairly valued. If the normalised NPAT of 10m comes to fruition next year, then with a p/e of 19, youre still only looking at a 190m mkt cap so not much upside i dont think. 20c is looking quite far fetch. Guess this is a hold for another year....
TNT Price at posting:
11.5¢ Sentiment: Hold Disclosure: Held
