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

$28.34

22 Aug
2025

2.140

OPEN

$26.57

8.17%

HIGH

$28.63

910,663

LOW

$26.26

TARGET
$24.483

+3.38 change from previous day

 -13.6% 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 72.9 xxx
DPS (cps) xxx 28.5 35.1 xxx
EPS Growth xxx 27.0% 27.6% xxx
DPS Growth xxx 26.7% 23.2% xxx
PE Ratio xxx N/A 40.6 xxx
Dividend Yield xxx N/A 1.2% xxx
Div Pay Ratio(%) xxx 49.9% 48.2% xxx

Dividend yield today if purchased 3 years ago: 4.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.96

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: 03/09 - ex-div 12c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.7

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

22/08/2025

3

Hold

$27.80

-1.91%

Codan reported better than expected FY25 results, with revenue up 22%, beating Bell Potter and consensus.

Metal detection revenue grew 16% on last year and 21% in 2H25, which was a big surprise. Group earnings (EBIT) up 28% was again a beat, and net profit after tax rose 27%.

The analyst points to DTC’s unmanned systems as a key driver, with circa $100m in revenue generated in FY25, more than double FY24. Minelab Africa sales rebounded, up 54% on 1H25, with improved political stability.

Bell Potter has upgraded its EPS estimates by 19% for FY26 and 14% for FY27.

Hold rating retained. Target hiked to $27.80 from $17.25.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 36.10 cents and EPS of 72.20 cents.
Bell Potter forecasts a full year FY27 dividend of 41.70 cents and EPS of 83.30 cents.

UBS

xx/xx/xxxx

1

xxx

$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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Canaccord Genuity

25/08/2025

1

Buy

$28.26

-0.28%

Codan's FY25 result beat expectations on all metrics, highlights Canaccord Genuity. Underlying net profit grew 29% y/y, beating the broker's forecast by 8%, and net debt was -26% lower than forecast.

Communications revenue growth was stronger than expected despite some order delays and FY26 guidance is for 15-10% growth.

The metal detection business is entering a "golden period" in the broker's view, supported by gold price tailwinds and launch of four new products in FY26.

Overall, the broker believes the company is a high-margin growth business, leveraged to multiple structural tailwinds (gold, drones, defence, public safety) with M&A upside still to come.

Buy. Target lifted to $28.26 from $17.90.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 37.00 cents and EPS of 77.50 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 45.00 cents and EPS of 93.10 cents.

Petra Capital

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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CDA STOCK CHART

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