Hey Tony, good to hear Julian's been promoting. I think with any roll up play, we need scale and higher SP to make acquisitions at lower multiples. Without this, unfortunately EPS would not grow which would make no sense making further acquisitions as it will only lead to dilution. Having said this, TNT isn't a pure roll-up, they've also got decent organic growth so we'll see if SP heads north by next Q.
Cheers
TNT Price at posting:
6.4¢ Sentiment: Buy Disclosure: Held
