I really hope they address the apparent low growth of the...

I really hope they address the apparent low growth of the revenues in the AGM today. Just as an example, here's some data from their "Investor Update" ann from September (slide 19) that illustrates the uneven revenue growth for different parts of TNT. For North/Ludus/Seer, there was an overall 25% growth since acquisition, for IQ3, there was a 25% fall since acquisition. Net change averaged over these two groups (North+Ludus+Seer+iQ3) is a 3% drop in revenue since acquisition. Not great. Overall EBITDA increased by 28%. It would be interesting to know if the same thing is playing out across all of the TNT acquisitions. I'm actually encouraged that management put out this information for shareholders - it shows transparency.

Case Studies: Acquisition of North, Seer and iQ3

................................Acquisition..................North/Ludus/Seer......................iQ3
Annual turnover pre/post-acquisition..........$19.8 / $25.0m..............$25.0m / $18.5m
EBITDA pre/post-acquisition.......................$3.8m / $5.4m................$3.0m / $3.3m
Consideration (per SPA).................................$21.5m.............................$18.1m
Implied EBITDA multiple............................5.7x / 4.0x 6.0x / ......................5.4x

All IMHO, DYOR