I was thinking along the same lines. Looks like TNT are paying c...

I was thinking along the same lines. Looks like TNT are paying c 5x LTM EBITDA for the acquisition ($5m cash upfront + $1m earn out and 40m shares using current SP = ~$9m scrip = ~$14m purchase price for business that did $2.7m unaudited EBITDA).

From memory Jeff said he was looking to pay 3-4x EBIT (correct me if I’m wrong). Hard to see vendors accepting that sort of price when TNT is highly acquisitive and happy to pay a premium...