CODAN LIMITED (CDA)
Share Price Analysis and Chart

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CDA

CDA - CODAN LIMITED

FNArena Sector : Hardware & Equipment
Year End: June
GICS Industry Group : Technology Hardware & Equipment
Debt/EBITDA: 0.2
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS | ALL-TECH

Codan is an Australian manufacturer and supplier of communications, metal detection and mining technology. Founded in 1959, the company listed on the ASX in 2003. Its core clientele are gold prospectors in Africa.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$56.09

09 Nov
2026

1.600

OPEN

$53.63

2.94%

HIGH

$56.50

587,242

LOW

$53.11

TARGET
$69.775

-0.02 change from previous day

 24.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
4DS . AD8 . AVA . BLG . CYG . DDR . IKE . RKT . SEN . SLX . SPZ . TZL . WBT .
FNARENA'S MARKET CONSENSUS FORECASTS
CDA: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 96.5 152.1 xxx
DPS (cps) xxx 48.5 75.5 xxx
EPS Growth xxx 69.0% 57.6% xxx
DPS Growth xxx 70.2% 55.6% xxx
PE Ratio xxx N/A 37.6 xxx
Dividend Yield xxx N/A 1.3% xxx
Div Pay Ratio(%) xxx 50.3% 49.6% xxx

Dividend yield today if purchased 3 years ago: 6.17%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.85

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 01/09 - ex-div 29.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx96.5
DPS All xxxxxxxxxxxxxxx48.5
Sales/Revenue xxxxxxxxxxxxxxx875.0 M
Book Value Per Share xxxxxxxxxxxxxxx334.5
Net Operating Cash Flow xxxxxxxxxxxxxxx249.3 M
Net Profit Margin xxxxxxxxxxxxxxx20.02 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202120222023202420252026
Return on Capital Employed xxxxxxxxxxxxxxx30.94 %
Return on Invested Capital xxxxxxxxxxxxxxx26.24 %
Return on Assets xxxxxxxxxxxxxxx19.32 %
Return on Equity xxxxxxxxxxxxxxx30.94 %
Return on Total Capital xxxxxxxxxxxxxxx35.90 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx176.0 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202120222023202420252026
Short-Term Debt xxxxxxxxxxxxxxx8 M
Long Term Debt xxxxxxxxxxxxxxx50 M
Total Debt xxxxxxxxxxxxxxx57 M
Goodwill - Gross xxxxxxxxxxxxxxx315 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx51 M
Price To Book Value xxxxxxxxxxxxxxx13.19

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202120222023202420252026
Capex xxxxxxxxxxxxxxx63.3 M
Capex % of Sales xxxxxxxxxxxxxxx7.23 %
Cost of Goods Sold xxxxxxxxxxxxxxx409 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx224 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

01/10/2026

3

Neutral

$68.50

22.13%

UBS points to the robust trading update from Codan with earnings forecasts upgraded in line with the mid-point of increased 1H27 guidance.

EPS forecasts rise by 22% for FY27 and 20% for FY28, although the analyst flags substantial upside risk to the top end of the EBIT margin range of 40% compared to 26% a year ago.

Management reiterated FY28 and beyond revenue growth targets of 10%-15% which should be achievable off a higher FY27 base, commentary suggests, potentially supplemented by acquisitions.

Codan has an October 20 Investor Day which is expected to provide further detail on growth opportunities. Target rises to $68.50 from $48.

A Neutral rating is retained as the valuation is considered as fairly priced at circa 44x and a PEG ratio of 1.7x.

FORECAST
UBS forecasts a full year FY27 dividend of 74.00 cents and EPS of 148.00 cents.
UBS forecasts a full year FY28 dividend of 83.00 cents and EPS of 168.00 cents.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

27/10/2026

1

Buy

$75.26

34.18%

Canaccord Genuity maintains a Buy rating for Codan with its target price increased to $75.26 from $74.09 following an annual general meeting trading update featuring ongoing demand growth.

First-half 2027 communications revenue is guided to $410m to $420m, driven by unprecedented order levels for unmanned systems in conflict areas.

Full-year FY27 communications revenue growth is guided towards the upper end of 30% to 40%.

The analyst highlights high earnings quality, robust balance sheet capacity reaching a net cash position exceeding $300m in FY28, and a 31% five-year EPS compound annual growth rate out to FY30.
Access Extra Coverage Research History >

CDA STOCK CHART

FNArena News on CDA

1
Australian Broker Call *Extra* Edition – Oct 27, 2026

Oct 27 2026 - Daily Market Reports
2
September In Review: Higher Yields Bite Equities

Oct 05 2026 - Australia
3
Weekly Ratings, Targets, Forecast Changes – 02-10-26

Oct 05 2026 - Weekly Reports
4
Codan’s Growth Goes (Even More) Exponential

Sep 30 2026 - Australia
5
Australian Broker Call *Extra* Edition – Sep 30, 2026

Sep 30 2026 - Daily Market Reports

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