CODAN LIMITED (CDA)
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CDA

CDA - CODAN LIMITED

FNArena Sector : Hardware & Equipment
Year End: June
GICS Industry Group : Technology Hardware & Equipment
Debt/EBITDA: 0.87
Index: 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

$34.57

06 Feb
2026

-1.350

OPEN

$35.03

-3.76%

HIGH

$35.68

414,544

LOW

$34.30

TARGET
$37.483 8.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
4DS . AD8 . AKP . AVA . BLG . CYG . DDR . DRO . EOS . HTG . IKE . SEN . SLX . SPZ . TZL . WBT .
FNARENA'S MARKET CONSENSUS FORECASTS
CDA: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 57.1 81.0 xxx
DPS (cps) xxx 28.5 38.9 xxx
EPS Growth xxx 27.0% 41.8% xxx
DPS Growth xxx 26.7% 36.6% xxx
PE Ratio xxx N/A 44.6 xxx
Dividend Yield xxx N/A 1.1% xxx
Div Pay Ratio(%) xxx 49.9% 48.1% xxx

Dividend yield today if purchased 3 years ago: 5.47%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.79

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: 02/09 - ex-div 16.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx57.1
DPS All xxxxxxxxxxxxxxx28.5
Sales/Revenue xxxxxxxxxxxxxxx674.2 M
Book Value Per Share xxxxxxxxxxxxxxx288.5
Net Operating Cash Flow xxxxxxxxxxxxxxx146.6 M
Net Profit Margin xxxxxxxxxxxxxxx15.35 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx21.31 %
Return on Invested Capital xxxxxxxxxxxxxxx16.44 %
Return on Assets xxxxxxxxxxxxxxx12.37 %
Return on Equity xxxxxxxxxxxxxxx21.31 %
Return on Total Capital xxxxxxxxxxxxxxx23.04 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx93.5 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx8 M
Long Term Debt xxxxxxxxxxxxxxx153 M
Total Debt xxxxxxxxxxxxxxx161 M
Goodwill - Gross xxxxxxxxxxxxxxx323 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx40 M
Price To Book Value xxxxxxxxxxxxxxx6.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx62.4 M
Capex % of Sales xxxxxxxxxxxxxxx9.26 %
Cost of Goods Sold xxxxxxxxxxxxxxx335 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx193 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

0.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

13/01/2026

3

Neutral

$37.00

7.03%

Codan’s 1H26 trading update flagged strong outperformance, with revenue of $394m, up 29% y/y, and 5% ahead of consensus, UBS observes. Net profit of $70m was 52% higher y/y, beating consensus by 11%.

The upgrade is driven entirely by Metal Detection, with 1H26 revenue of $168m, 18% ahead of consensus and monthly sales accelerating to $31m in 2Q26, the broker notes.

Higher ARPU products, including the Gold Monster rollout and the upcoming GPZ 2 launch in Africa, are expected to further support Metal Detection momentum in 2H26, in the broker's view.

Neutral. Target rises to $37 from $34, following upgrades to FY26-27 EPS forecasts.

FORECAST
UBS forecasts a full year FY26 dividend of 39.00 cents and EPS of 79.00 cents.
UBS forecasts a full year FY27 dividend of 46.00 cents and EPS of 94.00 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

14/01/2026

1

Buy

$42.31

22.39%

Codan's trading update highlighted strong momentum, Moelis notes, with 1H26 group revenue expected to be up 29% y/y and net profit is seen 52% higher, outperforming expectations.

This is driven by standout performance in metal detection, particularly gold detectors in Africa, commentary adds.

The elevated gold price, favourable margin mix and a pipeline of new, higher-technology products underpin the broker's confidence in FY26-27 earnings growth. 

Communications is tracking in line, with upside from order book growth, Kagwerks delivery into the US DoD Nett Warrior program and potential accretive M&A.

FY26 EPS forecast increased by 13.1% and FY27 by 6.3%. Buy retained, and target rises to $42.31 from $39.68 (was $30.05 in late-August).

FORECAST
Moelis forecasts a full year FY26 dividend of 41.20 cents and EPS of 82.20 cents.
Moelis forecasts a full year FY27 dividend of 49.60 cents and EPS of 99.00 cents.

Petra Capital

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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CDA STOCK CHART

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