2. the earnings from these acquisition seem like they will not...

2. the earnings from these acquisition seem like they will not be kicking in strongly over this half, which is forecast to earn $38m npat for the half year, similar to the $74m npat fully year profit for last year

the point is CDD traded up to $8.64 this year, probably because investors thought earnings from the many acquisitions would kick in

but the profit guidance of $36m to $40m for the 1H13 shows either:

1. earnings from new acquisitions are not kicking in

or

2. there is a drop in earnings elsewhere

CDD increased their shares on issue by 23% & increased their debt by 92% but their NPAT, forecast for 1H13, remains essentially unchanged & their EPS for 1H13 has fallen by 7% (compared to the previous period)