CODAN LIMITED (CDA)
Share Price Analysis and Chart

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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

$57.90

11 Nov
2026

0.750

OPEN

$58.58

1.31%

HIGH

$58.91

475,835

LOW

$56.66

TARGET
$70.238 21.3% 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 96.5 153.1 xxx
DPS (cps) xxx 48.5 76.0 xxx
EPS Growth xxx 69.0% 58.7% xxx
DPS Growth xxx 70.2% 56.6% xxx
PE Ratio xxx N/A 36.6 xxx
Dividend Yield xxx N/A 1.4% xxx
Div Pay Ratio(%) xxx 50.3% 49.6% xxx

Dividend yield today if purchased 3 years ago: 6.09%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.86

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

1.0

No. Of Recommendations

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

UBS

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxx

$xx.xx

xx.xx%

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

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

10/11/2026

1

Outperform

$65.60

13.30%

Macquarie lowers its target for Codan to $65.60 from $67.70 after applying a higher discount rate to future cash flows following the -$244m acquisition of Eventide. The latter is a US-based mission-critical recording and analytics provider.

The broker considers the acquisition strategically attractive, strengthening subsidiary Zetron's emergency communications offering and providing international expansion opportunities.

Commentary explains Eventide supplies around two-thirds of US public safety answering centres, with potential to expand recurring revenue through AI-enabled services.

Management expects to leverage Zetron's global distribution network to accelerate Eventide's expansion beyond North America, including into defence markets, the analyst explains.

FORECAST
Macquarie forecasts a full year FY27 dividend of 76.80 cents and EPS of 161.00 cents.
Macquarie forecasts a full year FY28 dividend of 82.10 cents and EPS of 182.40 cents.

Ord Minnett

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

11/11/2026

1

Buy

$75.63

30.62%

Moelis maintains its Buy rating for Codan with its target price increased to $75.63 from $73.55 following the acquisition of US-based Eventide Communications for an enterprise value of $244m.

The transaction brings critical recording, evidence management, and AI analytics to the existing Zetron portfolio, priced at a multiple of approximately 14x 2026 EBITDA which drops to roughly 10x including run-rate synergies.

The analyst expects mid-single-digit EPS accretion in the first full year of ownership, alongside broader strategic benefits as the public safety network modernises.

Moelis incorporates four months of Eventide contribution into FY27 earnings estimates, assuming the transaction closes by the end of February 2027 funded primarily via existing debt facilities.

FORECAST
Moelis forecasts a full year FY27 dividend of 75.50 cents and EPS of 150.10 cents.
Moelis forecasts a full year FY28 dividend of 85.60 cents and EPS of 169.70 cents.
Access Extra Coverage Research History >

CDA STOCK CHART

FNArena News on CDA

1
Australian Broker Call *Extra* Edition – Nov 12, 2026

Nov 12 2026 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Nov 11, 2026

Nov 11 2026 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Oct 27, 2026

Oct 27 2026 - Daily Market Reports
4
September In Review: Higher Yields Bite Equities

Oct 05 2026 - Australia
5
Weekly Ratings, Targets, Forecast Changes – 02-10-26

Oct 05 2026 - Weekly Reports

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