Cashflow positive this year? Yeah right... you'd need more than...

Cashflow positive this year? Yeah right... you'd need more than a miracle for that

Without even countering your points, there's a simple way to check if management/directors think TNT is undervalued. Are they buying shares at this "cheap" levels? 

Doesn't look like they are, so it's probably fair to assume that they're not confident in their abilities to make this a sustainable and profitable business.

With ASIC and ASX asleep, it's shareholders' responsibility to put pressure on the management and make them earn their salaries. But it sounds like no one even had the courage to ask them hard questions at the AGM.