Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-6

I'd say this 4C is only average to poor. Net cash flow is negative again, EBITDA is tiny at $2.5m, margin has actually gone down pcp (6.5% vs 7.1%). At this rate they will be struggling to get to the annual EBITDA of ~$20m that was the combined EBITDA of the individual companies at the time they were acquired, not even making any assumptions about net growth in EBITDA since then. If they can't make good money in the present climate with a high level of interest in all things to do with cyber security, then I'm wondering if the company is performing in any sense of the word. I'd say TNT has yet to prove it itself as a roll-up, this is still a work in progress.

All IMHO, DYOR