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

$21.07

04 Aug
2025

-0.580

OPEN

$21.17

-2.68%

HIGH

$21.41

298,810

LOW

$21.06

TARGET
$17.583 -16.5% 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 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 40.9 xxx
Dividend Yield xxx N/A 1.2% xxx
Div Pay Ratio(%) xxx 50.1% 48.9% xxx

Dividend yield today if purchased 3 years ago: 2.62%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.03

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

0.7

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

1

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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UBS

25/02/2025

1

Buy

$18.50

-12.20%

Codan provided a strong first half result with UBS highlighting the higher-multiple communications segment that delivered 31% earnings growth and a "very strong" EBIT margin expansion to 26.6%.

The company's FY25 organic communications revenue growth guidance has been reiterated at 10-15%.

UBS suspects the latter may have disappointed the market, given it implies a material slowdown in organic revenue growth in the second half, but considers any fears largely unfounded.

Buy rating. Target rises to $18.50 from $16.20.

FORECAST
UBS forecasts a full year FY25 dividend of 27.00 cents and EPS of 54.00 cents.
UBS forecasts a full year FY26 dividend of 33.00 cents and EPS of 66.00 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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Petra Capital

26/02/2025

3

Hold

$16.22

-23.02%

Petra Capital notes Codan's 1H25 result was mixed with communications segment doing the heavy lifting while Minelab was a drag, resulting in weaker-than-expected cash generation. Operating cash flow was down -3% y/y.

Still, the broker lifted EPS estimates for FY25-26 by 2-3% on a 209bps increase in communications EBITDA which more than offset a -6% fall in Minelab revenue.

Hold rating and target price is $16.22.

FORECAST
Petra Capital forecasts a full year FY25 dividend of 28.00 cents and EPS of 55.60 cents.
Petra Capital forecasts a full year FY26 dividend of 35.50 cents and EPS of 70.50 cents.

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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CDA STOCK CHART

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