I agree with your forecast numbers, and maybe that is...

I agree with your forecast numbers, and maybe that is management's approach too. However, the elephant in the room here is that the market cap (and SP) has never been tracking the EBITDA (or the revenue) on any kind of accepted industry multiple over the past year, as far as I can see. An MC of 25x EBITDA (or 5.5x revenue as another guide) has nearly always given a significantly higher market cap than TNT has actually achieved, and the company has been undervalued on these metrics. Over the last year, both the revenue and EBITDA have been increasing, but the SP has gone sideways, or downwards. I think it is down to market sentiment.

All IMHO, DYOR