CODAN LIMITED (CDA)
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CDA - CODAN LIMITED

FNArena Sector : Hardware & Equipment
Year End: June
GICS Industry Group : Technology Hardware & Equipment
Debt/EBITDA: 0.96
Index: 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

$15.34

19 Sep
2024

-0.060

OPEN

$15.55

-0.39%

HIGH

$15.84

465,688

LOW

$15.34

TARGET
$15.40 0.4% upside
Franking for last dividend paid out: 100%
OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS
CDA: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 45.0 54.3 xxx
DPS (cps) xxx 22.5 25.0 xxx
EPS Growth xxx 20.0% 20.8% xxx
DPS Growth xxx 21.6% 11.1% xxx
PE Ratio xxx N/A 28.4 xxx
Dividend Yield xxx N/A 1.6% xxx
Div Pay Ratio(%) xxx 50.1% 46.0% xxx

Dividend yield today if purchased 3 years ago: 1.72%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 1.46

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 © 2024 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

0.5

No. Of Recommendations

2
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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UBS

23/08/2024

1

Buy

$16.20

5.61%

UBS notes expectations were high going into the FY24 result and Codan delivered a strong outcome. The communications segment grew revenue by 16%, underpinning EBIT growth of 19%. The results have strengthened the broker's conviction in its Buy thesis.

FY25 EBIT is estimated at $133m. The business continues to take market share as command centres in the US and UK undergo a structural shift to digitise operating infrastructure. Target is raised to $16.20 from $13.10.

FORECAST
UBS forecasts a full year FY25 EPS of 53.00 cents.
UBS forecasts a full year FY26 EPS of 62.00 cents.
Access Stockbroker Research History >
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

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Canaccord Genuity

28/08/2024

1

Buy

$15.34

0%

Canaccord Genuity raises its target for Codan to $15.34 from 10.83 following FY24 results displaying revenue growth and
margin expansion, with forward commentary suggesting more of the same. FY24 profit beat the broker's forecast by 8%.

Thanks to the Metal Detection division increasing 2H pre-tax profit margins by circa 240bps half-on-half to 36.7%, overall margins were a highlight for the broker.

Also, Communications segment revenue grew by 19% on the previous corresponding period (16% was organic), coming in ahead of management's targeted level of 10-15%.

The Buy rating is maintained.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 26.00 cents and EPS of 54.00 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 31.00 cents and EPS of 63.00 cents.
Access Extra Coverage Research History >

CDA STOCK CHART

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Sep 12 2024 - Rudi's View
2
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Australian Broker Call *Extra* Edition – Aug 28, 2024

Aug 28 2024 - Daily Market Reports
4
FNArena Corporate Results Monitor – 23-08-2024

Aug 23 2024 - Australia
5
Rudi’s View: Model Portfolios, Best Ideas & Conviction Calls

Aug 15 2024 - Rudi's View

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