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: 0.2
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

$48.88

20 Aug
2026

5.400

OPEN

$47.63

12.42%

HIGH

$50.24

1,143,830

LOW

$46.37

TARGET
$44.45

+1.38 change from previous day

 -9.1% downside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
4DS . AD8 . AVA . BLG . CYG . DDR . IKE . SEN . SLX . SPZ . TZL . WBT .
FNARENA'S MARKET CONSENSUS FORECASTS
CDA: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 96.5 108.5 xxx
DPS (cps) xxx 0.0 51.9 xxx
EPS Growth xxx 69.0% 12.5% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 45.2 xxx
Dividend Yield xxx N/A 1.1% xxx
Div Pay Ratio(%) xxx N/A 47.8% xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

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 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx96.5
DPS All xxxxxxxxxxxxxxx0.0
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

0.5

No. Of Recommendations

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

UBS

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

30/04/2026

3

Hold

$41.30

-15.51%

Codan's FY26 trading update exceeds Bell Potter and consensus expectations with FY26 earnings (EBIT) of around $235m some 10%-11% above expectations, reflecting 76% growth y/y.

Net profit after tax guidance is also a beat by 11% above consensus with Minelab trading ahead of the robust 1H26 results due to favourable gold price and recent production releases the analyst explains.

EPS forecasts are raised by 11% for FY26 and 8% for FY27 with target price rising to $41.30 from $37.70. No change to Hold rating. The shares are viewed as trading at fair value.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 50.80 cents and EPS of 101.70 cents.

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

(xx/xx/xxxx)

xx.xx%

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Moelis

25/05/2026

1

Buy

$57.56

(20/08/2026)

17.76%

Moelis maintains a Buy rating for Codan with a $48.74 target price following the acquisition of US-based engineering company Adaptive Dynamics.

The transaction involves an upfront and contingent consideration payment of -$21m and is expected to be earnings neutral in the first year of ownership.

The acquired entity specialises in anti-jamming and interference mitigation technologies for mission-critical communications and unmanned systems.

The technology intellectual property is applicable across land, maritime, and airborne applications with a strong focus on United States defence.

The broker views the acquisition as highly complementary to the existing product portfolio, positioning the business to capitalise on accelerated industry research and development demand.

FORECAST
Moelis forecasts a full year FY27 dividend of 60.80 cents and EPS of 120.60 cents.
Moelis forecasts a full year FY28 dividend of 67.60 cents and EPS of 134.10 cents.
Access Extra Coverage Research History >

CDA STOCK CHART

FNArena News on CDA

1
FNArena Corporate Results Monitor – 20-08-2026

Aug 20 2026 - Australia
2
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Jul 16 2026 - Rudi's View
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Jun 17 2026 - Rudi's View
5
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