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.
https://hotcopper.com.au/attachments/tnt-png.2971118/?temp_hash=99009892bca21dbbff875660ecc1f070" target="_blank" rel="noreferrer noopener">
![](<a href=)
https://hotcopper.com.au/attachments/tnt-png.2971118/?temp_hash=99009892bca21dbbff875660ecc1f070" alt="
https://hotcopper.com.au/data/attachments/2963/2963594-fbb982acb6fb70acf95ff9a1e4472efb.jpg" class="bbCodeImage LbImage">