CDD 0.00% 22.0¢ cardno limited

GT I will not argue with you re work expectations in property -...

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    GT I will not argue with you re work expectations in property - but then I have confidence that there are a lot of other areas where they can apply some grey hair and charge high margins. Also they have a bit of a tilt towards black swan environmental events - which is where at some stage there are acceptable odds of a surge in the SP if I change my mind.

    In this case my analysis is very backwards looking, and I am looking through the cycle as best I can. The cycles in a business like CDD can really move further than anybody expects in either direction IMO. I just hope they are maintaining a decent latent capacity for work and not wrong sizing.
 
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