The Curran & Co report about TNT looks very comprehensive and...

The Curran & Co report about TNT looks very comprehensive and
well researched, but with a somewhat conservative outlook IMO. C&C seem to
discount TNT's plans for future acquisitions that will be undertaken in Phase 2,
(e.g. in the Prelim Final report 31 Aug - FY21 future focus - "Complete Phase 2 acquisitions").
As many posters have commented, we may assume that this means 2 or more
further acquisitions yet to be announced to the market, if TNT does go ahead
with further expansion.

The C&C report says
"However, we are not forecasting any additional acquisitions and expect that FY22
revenue will grow 42.9% from organic growth drivers alone. "

and

"For the sake of conservatism, we are not assuming any additional purchases,
despite TNT targeting $100m run rate by the end of FY21; future revenue growth
that we forecast is the result of organic drivers such as integration synergies
and Cyber Security market growth."

So I guess if TNT do announce additional acquisitions, the C&C numbers and
valuations in their report will become out of date, and would have to be
adjusted upwards.

All IMHO, DYOR