Ann: Notice of General Meeting/Proxy Form, page-37

The share price reflects the market's view on discounted future earnings. Right now, the market seems to be pricing in very modest profitabilty (<4%) over the next few years. My view is that 12-13% net is achievable by a typical MSP. If TNT achieves this I expect 3-4x on the price. Therefore I am hodling and perhaps even btfd'ing.

Further out it is hard to say. A well run MSP can push earnings to 30+% and an eventual sale would be likely. Or TNT might actually invest in real IP and become more scalable.