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: 0.96
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

$15.04

03 Mar
2025

-0.190

OPEN

$15.23

-1.25%

HIGH

$15.28

514,068

LOW

$14.83

TARGET
$17.627 17.2% 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 FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 45.0 53.5 xxx
DPS (cps) xxx 22.5 26.2 xxx
EPS Growth xxx 20.0% 19.0% xxx
DPS Growth xxx 21.6% 16.3% xxx
PE Ratio xxx N/A 28.1 xxx
Dividend Yield xxx N/A 1.7% xxx
Div Pay Ratio(%) xxx 50.1% 48.9% xxx

Dividend yield today if purchased 3 years ago: 3.09%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.50

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 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx45.0
DPS All xxxxxxxxxxxxxxx22.5
Sales/Revenue xxxxxxxxxxxxxxx550.5 M
Book Value Per Share xxxxxxxxxxxxxxx246.7
Net Operating Cash Flow xxxxxxxxxxxxxxx106.5 M
Net Profit Margin xxxxxxxxxxxxxxx14.79 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx19.06 %
Return on Invested Capital xxxxxxxxxxxxxxx14.69 %
Return on Assets xxxxxxxxxxxxxxx11.13 %
Return on Equity xxxxxxxxxxxxxxx19.06 %
Return on Total Capital xxxxxxxxxxxxxxx20.44 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx60.1 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx7 M
Long Term Debt xxxxxxxxxxxxxxx134 M
Total Debt xxxxxxxxxxxxxxx141 M
Goodwill - Gross xxxxxxxxxxxxxxx292 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx20 M
Price To Book Value xxxxxxxxxxxxxxx4.88

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx50.8 M
Capex % of Sales xxxxxxxxxxxxxxx9.23 %
Cost of Goods Sold xxxxxxxxxxxxxxx281 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx155 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

0.3

No. Of Recommendations

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

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Bell Potter

24/02/2025

3

Hold

$17.25

14.69%

Codan reported 1H25 revenue growth of 15%, underpinned by strength in the Comms division, which was up 22% and exceeded management's 10%-15% target, Bell Potter explains.

Revenue from metal detection rose 5%, which was below the target growth and below what management highlighted at the October AGM last year.

The broker notes a slightly higher-than-expected dividend per share at 12.5c, and management continues to aim for organic revenue growth of 10%-15% in Comms, along with additional growth from the Kägwerks acquisition.

Bell Potter views the result as expected and maintains a Hold rating.

No change to the $17.25 target price.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 25.30 cents and EPS of 50.80 cents.
Bell Potter forecasts a full year FY26 dividend of 30.40 cents and EPS of 60.80 cents.

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

4

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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Petra Capital

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Moelis

24/02/2025

1

Buy

$18.43

22.54%

Moelis notes Codan's 1H25 result was solid across the group, but margins were driven mainly by the communications segment. Order book for communications expanded 35% y/y to $247m which is expected to support 2H growth.

The company expects communications revenue growth to top 15% including acquisition but was cautious about Minelab, expecting to maintain 1H revenue in 2H if conditions remain stable.

The broker has incorporated expectations of stronger communications performance and more conservative Minelab into the forecast. 

Target price rises to $18.43 from $18.14, and Buy maintained.

FORECAST
Moelis forecasts a full year FY25 dividend of 27.40 cents and EPS of 54.80 cents.
Moelis forecasts a full year FY26 dividend of 34.00 cents and EPS of 67.90 cents.

Goldman Sachs

xx/xx/xxxx

1

xxxxxxxxxx xx xxxxxxxx xxxx xxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

CDA STOCK CHART

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