I still see more downside here, 21c wouldn't surprise me,...

I still see more downside here, 21c wouldn't surprise me, especially within the context of broader market sentiment. Going to be a while before this revisits mid thirties and above, but happy to be proven wrong.

I think investors are wanting to see how well TNT can integrate all the recent acquisitions and achieve a well-oiled and fully aligned organisation, both in terms of services offered and having their people aligned. It's not an easy task and can take a lot of time from a technological perspective and dealing with people/change . Plenty of businesses acquire, very very few do it well.