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: ASX100 | 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

$67.49

01 Oct
2026

1.660

OPEN

$65.58

2.52%

HIGH

$68.00

1,389,464

LOW

$64.73

TARGET
$69.80 3.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
4DS . AD8 . AVA . BLG . CYG . DDR . IKE . RKT . SEN . SLX . SPZ . TZL . WBT .
FNARENA'S MARKET CONSENSUS FORECASTS
CDA: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 96.5 151.2 xxx
DPS (cps) xxx 48.5 75.1 xxx
EPS Growth xxx 69.0% 56.7% xxx
DPS Growth xxx 70.2% 54.7% xxx
PE Ratio xxx N/A 44.6 xxx
Dividend Yield xxx N/A 1.1% xxx
Div Pay Ratio(%) xxx 50.3% 49.6% xxx

Dividend yield today if purchased 3 years ago: 6.12%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.72

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: 01/09 - ex-div 29.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202120222023202420252026
EPS Basic xxxxxxxxxxxxxxx96.5
DPS All xxxxxxxxxxxxxxx48.5
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

0.6

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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Ord Minnett

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Bell Potter

30/09/2026

1

Buy

$73.00

8.16%

Codan expects first half revenue of $400m-$410m with half of that coming from conflict regions. Revenue growth from the communication segment is expected to be around 20%. Demand is strong and expected to drive operating leverage that will result in a first half EBIT margin of 40%.

Bell Potter observes the company is actively seeking ways to mitigate supply chain-related constraints in both the communications and Minelab businesses. The broker expects 39% growth in communication revenue in FY27 and envisages scope for further upgrades if supply-chain pressures can be alleviated. Buy rating. Target rises to $73 from $60.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 74.00 cents and EPS of 146.20 cents.
Bell Potter forecasts a full year FY28 dividend of 84.00 cents and EPS of 166.60 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

25/08/2026

1

Buy

$52.93

-21.57%

Canaccord Genuity maintains its Buy recommendation for Codan with its target price increased to $52.93 from $47.05 following "impressive" FY26 results that showed ongoing rapid growth, continued margin improvement, and cash generation far ahead of expectations.

Group revenue reached $875.0m, up 30% year-on-year, while net profit after tax of $175.2m exceeded guidance and rose 69% year-on-year.

Both Minelab and Digital Tactical Communications performed strongly during FY26, and forward commentary indicates that Zetron is also experiencing an acceleration, suggesting all three major parts of the business are firing.

Commentary highlights the company ended FY26 in a net cash position of $36m, driven by robust gross cash conversion of 109% and working capital inflows.

Canaccord suggests the free cash flow profile and substantial balance sheet capacity make accretive mergers and acquisitions increasingly likely, positioning the company favourably for further growth.
Access Extra Coverage Research History >

CDA STOCK CHART

FNArena News on CDA

1
Codan’s Growth Goes (Even More) Exponential

Sep 30 2026 - Australia
2
Australian Broker Call *Extra* Edition – Sep 30, 2026

Sep 30 2026 - Daily Market Reports
3
August 2026 Results – The Wrap

Sep 08 2026 - Feature Stories
4
Rudi’s View: Resources, Healthcare & Best Buys

Sep 03 2026 - Rudi's View
5
Codan; How Much For A Drone Arms Race?

Sep 02 2026 - Small Caps

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