I posted in early March along these lines.
I liked the energy with which Geoff Lord ascended to the chairmanship at TNT, and the clear vision he bought and where they expected to get to. I didn't own TNT at the time, but that soon changed.
I felt that VOR got a number of things wrong in the back half of last year and we lost considerable momentum as a consequence.
I have long believed VOR is in the right space and still do. However, we appear to lack the energy that some others are prepared to show. Sure we can comfortably aim for 20-30% organic growth, maybe we will get 30-40% with the strong cyber tailwinds. (Which would still be very decent achievements).
Somebody said it - SEER looked like the type of business VOR should have been looking at. That acquisition has added close to $40m in MC to TNT inside 3 weeks. It was perfectly timed in relation to Federal Govt initiatives. They also have ample capacity to keep acquiring.
I'm not baying for blood, nor am I saying VOR have been asleep at the wheel, but the slow and steady approach comes at a potential cost - both opportunity & real.
However, from time to time you do have to wonder if somebody is capable of taking VOR by the reins and saying giddy up.
