For what it's worth, TNT RRR currently circa $110M with aspirations of FY21 $150M RRR. Assuming conservative 10% rev to earnings equates to $15M EBITDA less $1.5M interest, no tax due to significant company tax losses and little to no DA given the nature of the business. I'd therefore estimate forward NPAT at circa $13M.
So back of an envelope, TNT currently trading at circa 23 x projected earnings or 2 x projected rev.
Given the above numbers and current market thematics around cyber stocks, I personally think the current SP has a bit left in it. Depending on the the earnings profile and quality of future acquisitions it is feasible that we could see 50c before Xmas...of course this is all crystal balling but I don't think I'm straying too far into the realms of silliness.
TNT Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
