I’ve been completely wrong so far so I wouldn’t trust me. But...

I’ve been completely wrong so far so I wouldn’t trust me. But this is what I think:
1) the turnaround will take some time- maybe 2 yrs
2) TNT probably has more immediate upside
3) it wouldn’t surprise me if this flurry of corporate activity portends some major deal on the horizon- the two most obvious fits are ARQs enterprise division (they are actively looking) and RXP given the connections
4) I think there is underlying growth c10-15%, which if it is real justifies a multiple of 10x initially and then up to 15x when the market believes it. I think FCF of 3-4m is eminently achievable within 18m giving a short term (1-2 years) target of ~15c. The upside would be 2 yrs of 15% growth and ongoing improved margins (mean reversion) which could give FCF up to 6-7m and then PE expansion to 15could follow (25c target). Worst case is 2m FCF on a 10x steady state multiple which gives a 6-7c target.

That is assuming there are no more disastrous acquisitions though....