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: 0.87
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

$30.60

26 Aug
2025

1.000

OPEN

$29.20

3.38%

HIGH

$30.60

1,026,978

LOW

$29.04

TARGET
$28.183 -7.9% downside
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 FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 57.1 74.5 xxx
DPS (cps) xxx 28.5 35.8 xxx
EPS Growth xxx 27.0% 30.6% xxx
DPS Growth xxx 26.7% 25.5% xxx
PE Ratio xxx N/A 40.2 xxx
Dividend Yield xxx N/A 1.2% xxx
Div Pay Ratio(%) xxx 49.9% 48.0% xxx

Dividend yield today if purchased 3 years ago: 4.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.95

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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx57.1
DPS All xxxxxxxxxxxxxxx28.5
Sales/Revenue xxxxxxxxxxxxxxx674.2 M
Book Value Per Share xxxxxxxxxxxxxxx288.5
Net Operating Cash Flow xxxxxxxxxxxxxxx146.6 M
Net Profit Margin xxxxxxxxxxxxxxx15.35 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx21.31 %
Return on Invested Capital xxxxxxxxxxxxxxx16.44 %
Return on Assets xxxxxxxxxxxxxxx12.37 %
Return on Equity xxxxxxxxxxxxxxx21.31 %
Return on Total Capital xxxxxxxxxxxxxxx23.04 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx93.5 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx8 M
Long Term Debt xxxxxxxxxxxxxxx153 M
Total Debt xxxxxxxxxxxxxxx161 M
Goodwill - Gross xxxxxxxxxxxxxxx323 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx40 M
Price To Book Value xxxxxxxxxxxxxxx6.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx62.4 M
Capex % of Sales xxxxxxxxxxxxxxx9.26 %
Cost of Goods Sold xxxxxxxxxxxxxxx335 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx193 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

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

25/08/2025

1

Outperform

$27.15

-11.27%

Codan reported a robust FY25 earnings beat according to Macquarie, with net profit after tax 5% better than expected and 4% above consensus.

Revenue also beat by 5% versus consensus, a rise of 23% on the prior year with good organic growth and the Kagwerks acquisition.

Metal detection revenue lifted 16% on the prior year with a 310bps rise in the margin. FY26 communications revenue guidance is 15%-20% with a long-term 10%-15% growth rate. Metal detection will be supported by four new products and good West African conditions.

Macquarie lifts its EPS forecasts by 14% for FY26 and 12% for FY27. Target price rises 60% to $27.15 from $17 due to the upgrade in earnings estimates, with smaller rises in outer year forecasts.

Outperform rating retained.

FORECAST
Macquarie forecasts a full year FY26 dividend of 36.20 cents and EPS of 80.40 cents.
Macquarie forecasts a full year FY27 dividend of 41.20 cents and EPS of 91.60 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

Petra Capital

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Moelis

26/08/2025

1

Buy

$30.05

-1.80%

Coming in 4.5% ahead of the Moelis forecast, Codan delivered FY25 revenue of $674.2m, up 22.5% year-on-year. Group earnings (EBIT) of $146m rose 28.1% to beat the broker's estimate by 3.9%.

Profit of $103.5m also rose by 27.3% as both Communications and Metal Detection exceeded the analyst's expectations.

Communications organic revenue grew 19%, exceeding 10-15% guidance. Moelis notes Domo Tactical Communications (DTC) revenue more than doubled and Kagwerks performed to plan.

Elsewhere, the broker notes Metal Detection was supported by strong Minelab Africa demand and the launch of the premium Gold Monster 2000.

FY26 guidance points to 15-20% Communications growth and four new Minelab product launches, with acquisitions also being pursued.

Moelis raises its EPS forecasts by 5-10% over FY26-FY28, implying a three-year CAGR of around 25%. The target price jumps to $30.05 from $18.43. Buy rating retained.

FORECAST
Moelis forecasts a full year FY26 dividend of 35.80 cents and EPS of 71.50 cents.
Moelis forecasts a full year FY27 dividend of 45.30 cents and EPS of 90.50 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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CDA STOCK CHART

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