CODAN LIMITED (CDA)
Share Price Analysis and Chart

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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: 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
$16.12 24 Mar 2025	-0.120 OPEN $16.03	-0.74% HIGH $16.23	365,459 LOW $15.87

TARGET

$17.583

9.1% upside

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

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	30.1	xxx
Dividend Yield	xxx	N/A	1.6%	xxx
Div Pay Ratio(%)	xxx	50.1%	48.9%	xxx

Dividend yield today if purchased 3 years ago: 3.18%

DIVIDEND YIELD CALCULATOR

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	2019	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	xxx	45.0
DPS All	xxx	xxx	xxx	xxx	xxx	22.5
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	550.5 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	246.7
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	106.5 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	14.79 %

EPS Basic

Negative
Growth
Slowing

DPS All

Negative
Growth
Slowing

Sales/Revenue

Negative
Growth
Slowing

Book Value Per Share

Negative
Growth
Slowing

Net Operating Cash Flow

Negative
Growth
Slowing

Net Profit Margin

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	19.06 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	14.69 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	11.13 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	19.06 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	20.44 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	60.1 M

Return on Capital Employed

Negative
Growth
Slowing

Return on Invested Capital

Negative
Growth
Slowing

Return on Assets

Negative
Growth
Slowing

Return on Equity

Negative
Growth
Slowing

Return on Total Capital

Negative
Growth
Slowing

Free Cash Flow ex dividends

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	7 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	134 M
Total Debt	xxx	xxx	xxx	xxx	xxx	141 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	292 M
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	20 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	4.88

Short-Term Debt

Negative
Growth
Slowing

Long Term Debt

Negative
Growth
Slowing

Total Debt

Negative
Growth
Slowing

Goodwill - Gross

Negative
Growth
Slowing

Cash & Equivalents - Generic

Negative
Growth
Slowing

Price To Book Value

Negative
Growth
Slowing

Title	2019	2020	2021	2022	2023	2024
Capex	xxx	xxx	xxx	xxx	xxx	50.8 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	9.23 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	281 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	155 M
Research & Development	xxx	xxx	xxx	xxx	xxx	-
Investments - Total	xxx	xxx	xxx	xxx	xxx	0 M

Capex

Negative
Growth
Slowing

Capex % of Sales

Negative
Growth
Slowing

Cost of Goods Sold

Negative
Growth
Slowing

Selling, General & Admin. Exp & Other

Negative
Growth
Slowing

Research & Development

Investments - Total

Negative
Growth
Slowing

Negative

Growth

Slowing

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	1	xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
UBS	25/02/2025	1	Buy	$18.50	14.76%	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%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

xx/xx/xxxx

xxxxxxx xx xxxxxxxxxx xxxx xxxxxxx

$xx.xx

xx.xx%

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

UBS

25/02/2025

Buy

$18.50

14.76%

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

xxxx

$xx.xx

xx.xx%

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

Display All Commentary

No. Of Recommendations

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
Goldman Sachs	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Canaccord Genuity	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Petra Capital	26/02/2025	3	Hold	$16.22	0.62%	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%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial

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CDA STOCK CHART

FNArena News on CDA

1	Weekly Ratings, Targets, Forecast Changes – 21-03-25 Mar 24 2025 - Weekly Reports

2	Rudi’s View: Post February Conviction Calls Mar 13 2025 - Rudi's View

3	Codan’s Growing Communications Segment Mar 13 2025 - Small Caps

4	Australian Broker Call Extra Edition – Feb 26, 2025 Feb 26 2025 - Daily Market Reports

5	FNArena Corporate Results Monitor – 24-02-2025 Feb 24 2025 - Australia

Latest Hardware & Equipment News

1	Codan’s Growing Communications Segment Mar 13 2025 - Small Caps

2	In Brief: Dicker Data, Light & Wonder, Codan Dec 20 2024 - Weekly Reports

3	Dicker Data’s Pick And Shovel AI Strategy Dec 03 2024 - Small Caps

4	Audinate’s Recurring Revenue Opportunity Oct 08 2024 - Small Caps

5	Dicker Data Preps For PC Refresh Cycle Upswing Sep 17 2024 - Small Caps

6	In Brief: Audinate, BlueScope & Nuix For Gen.Ai Aug 23 2024 - Weekly Reports

7	First Shock Of The Season, What’s Next Audinate? Aug 12 2024 - Australia

8	Codan’s Communication Upside Jun 18 2024 - Small Caps

9	And Now For Something Different: Royalties Apr 02 2024 - Small Caps

10	Dicker Data Still PC Mar 07 2024 - Small Caps

Dividend Yield Today On Last Actual Payout :	1.40
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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CODAN LIMITED (CDA)
Share Price Analysis and Chart