I've been following Royal Mail for years and I'm increasingly skeptical about its share price, especially given the company's track record when compared to other stable, dividend-paying firms. Despite the narrative that its traditional model provides consistent dividends and defensive characteristics, the share price seems disconnected from fundamental performance metrics. Isn't it time we start questioning whether Royal Mail is overvalued due to market hype rather than inherent business strength? I'm wondering if anyone else believes that we’re witnessing a bubble driven more by investor sentiment than by actual financial recovery or strategic repositioning. Given the tough competitive environment and digitalization trends impacting mail volumes, how sustainable is this valuation? Has anyone done a deep dive into the assumptions behind the current market price? Let’s challenge the prevailing narrative here.