Interview with Geoff Lord and Kurt Hansen, page-16

In the interview Geoff Lord spoke about the revenue multiple also noting that's it low compared to overseas peers - he also mentioned that at this stage TNT was largely an IT consulting company - here's the fundamental problem - I like cyber security as a growth thematic but I don't really like IT consulting businesses as they are low margin 'body shops' - meaning they book people out and put a margin on which is boring as there is seldom any operating leverage in this model. A Cybersecurity business that sells a product is a much better way forward and those businesses are valued on much higher revenue multiples and they deserve to be - TNT deserves its revenue multiple as it currently stands.