Discount? even if TNT achieves 20m EBIT which at 10% margin puts revenue at 200m in fy!!22!!, You still end up with an EV/EBIT ratio of 20 which is high too consider it good value for a company with mostly non recurring revenue.
can SP go higher temporarily? Sure but I wouldn't be calling a 10% drop in SP from ATH a discount by any measure unless you can see years into the future