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

$36.24

26 Feb
2026

1.880

OPEN

$35.12

5.47%

HIGH

$36.27

344,544

LOW

$34.71

TARGET
$37.75 4.2% 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
CDA: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 57.1 84.0 xxx
DPS (cps) xxx 28.5 38.1 xxx
EPS Growth xxx 27.0% 47.2% xxx
DPS Growth xxx 26.7% 33.8% xxx
PE Ratio xxx N/A 42.3 xxx
Dividend Yield xxx N/A 1.1% xxx
Div Pay Ratio(%) xxx 49.9% 45.4% xxx

Dividend yield today if purchased 3 years ago: 5.09%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.80

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: 02/09 - ex-div 16.00c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 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

0.3

No. Of Recommendations

4
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

20/02/2026

3

Neutral

$36.30

0.17%

Macquarie notes Codan’s 1H26 headline numbers were pre-reported, with revenue up 29% to $393.5m and underlying NPAT of $71.2m slightly ahead of expectations, supported by strong operating leverage in Metal Detection.

Metal Detection revenue rose 46% with margins expanding to 45%, driven by elevated gold prices and new product releases, while Communications grew 19% but faces a slightly softer outlook due to Zetron trading conditions and integration impacts.

Management expects Communications to deliver 15-20% revenue growth in FY26 and maintains a 30% margin target by FY27, while 2H26 Metal Detection revenue is guided to be at least in line with the strong first half.

Macquarie leaves FY26 EPS forecast unchanged but trims FY27 and FY28 forecasts by -4% to reflect lower Communications growth assumptions.  Neutral retained and target cut to $36.30 from $38.75.

FORECAST
Macquarie forecasts a full year FY26 dividend of 39.50 cents and EPS of 83.60 cents.
Macquarie forecasts a full year FY27 dividend of 44.90 cents and EPS of 99.70 cents.

UBS

xx/xx/xxxx

3

xxxxxxx

$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

Moelis

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Canaccord Genuity

21/01/2026

1

Buy

$40.28

11.15%

Canaccord Genuity continues to rate Codan as a Buy with an upgraded target of $40.28 from $37.54, boosted by an improvement in the growth outlook as its product offering is set to benefit from a rise in global defence spending and record high gold prices.

Management lifted 1H26 guided revenue to 29% growth y/y and up 7% h/h, with net profit after tax guided to at least $70m, which is some 11% above the analyst's prior forecast and up 52% y/y.

The broker upgrades EPS estimates by 5% for FY26 and FY27.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 37.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 45.00 cents.

Petra Capital

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

CDA STOCK CHART

FNArena News on CDA

1
Australian Broker Call *Extra* Edition – Feb 24, 2026

Feb 24 2026 - Daily Market Reports
2
FNArena Corporate Results Monitor – 20-02-2026

Feb 20 2026 - Australia
3
Australian Broker Call *Extra* Edition – Jan 21, 2026

Jan 21 2026 - Daily Market Reports
4
In Brief: Rio Tinto, Light & Wonder, Codan

Jan 16 2026 - Weekly Reports
5
Rudi’s View: Pre-February Top Picks & Favourites

Jan 15 2026 - Rudi's View

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