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

$37.00

13 Jan
2026

0.290

OPEN

$37.76

0.79%

HIGH

$37.80

605,434

LOW

$36.63

TARGET
$33.617 -9.1% downside
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 80.0 xxx
DPS (cps) xxx 28.5 38.5 xxx
EPS Growth xxx 27.0% 40.1% xxx
DPS Growth xxx 26.7% 35.1% xxx
PE Ratio xxx N/A 45.7 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: 6.72%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.78

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Bell Potter

13/01/2026

3

Hold

$36.70

-0.81%

Codan's 1H26 trading update flagged strong outperformance, with revenue of $394m, up 29% y/y and underlying net profit of at least $70m, up 52% y/y. Both were well ahead of consensus, Bell Potter notes.

The results were driven by surging Metal Detection sales, particularly in Africa and other global recreational markets, alongside solid Communications growth, including a full-period Kagwerks contribution.

The broker lifted FY26 EPS forecast by 12% and FY27 by 10%. Target rises to $36.70 from $27.80 on a higher EV/EBIT multiple in the valuation due to improving sentiment in the defence sector and a stronger outlook for Metal Detection.

Hold remains.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 40.30 cents and EPS of 80.60 cents.
Bell Potter forecasts a full year FY27 dividend of 46.00 cents and EPS of 92.00 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxxxx xx xxxxxxx xxxx xxxxxxxxxx

$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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Petra Capital

23/10/2025

3

Hold

$32.70

-11.62%

Petra Capital notes Codan reported a strong 1Q26 trading update, with Communications tracking at the top end of its 15–20% growth range and Minelab revenue up 16% on FY25 averages, driven by robust African demand for gold detectors.

The broker highlights group revenue guidance was unchanged, with FY26 Minelab revenue now expected at $295.6m, supported by new product releases and $24.5m in Nett Warrior orders.

Petra lifts its FY26–FY28 EPS forecasts by 2% following upgrades to Minelab, with all other assumptions unchanged.

The stock continues to attract a premium rating. Hold. Target $32.70.

FORECAST
Petra Capital forecasts a full year FY26 dividend of 38.50 cents and EPS of 77.00 cents.
Petra Capital forecasts a full year FY27 dividend of 44.50 cents and EPS of 89.00 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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CDA STOCK CHART

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