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

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
$7.15 28 Jun 2022	-0.010 OPEN $7.15	-0.14% HIGH $7.20	437,014 LOW $7.02

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$7.15

28 Jun
2022

-0.010

OPEN

$7.15

-0.14%

HIGH

$7.20

437,014

LOW

$7.02

TARGET

$11.60

62.2% upside

Franking for last dividend paid out: 100%

OTHER COMPANIES IN THE SAME SECTOR
ALU . CSV . LGD . SDA . TZL . PVS . WBT . IKE . AD8 . AKP . AVA . SEN . RVS . BLG . DDR . EOS . 4DS . HTG . SLX . CYG .

FNARENA'S MARKET CONSENSUS FORECASTS

Title	FY20 Actual	FY21 Actual	FY22 Forecast	FY23 Forecast
EPS (cps)	xxx	50.1	54.9	xxx
DPS (cps)	xxx	27.0	28.5	xxx
EPS Growth	xxx	41.2%	9.6%	xxx
DPS Growth	xxx	45.9%	5.6%	xxx
PE Ratio	xxx	N/A	12.6	xxx
Dividend Yield	xxx	N/A	4.1%	xxx
Div Pay Ratio(%)	xxx	53.9%	51.9%	xxx

Dividend yield today if purchased 3 years ago: 7.78%

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: 23/02 - ex-div 13c (franking 100%)

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2022 FactSet UK Limited. All rights reserved

Title	2016	2017	2018	2019	2020	2021
EPS Basic	xxx	xxx	xxx	xxx	xxx	50.1
DPS All	xxx	xxx	xxx	xxx	xxx	27.0
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	437.0 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	168.3
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	131.3 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	20.67 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2016	2017	2018	2019	2020	2021
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	32.79 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	28.82 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	21.13 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	32.79 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	44.00 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	88.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

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EXPERT VIEWS

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Sentiment Indicator

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No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	24/05/2022	1	Outperform	$11.60	62.24%	Codan expects second half profit to match first half, taking FY22 to a record $100m, in line with Macquarie's forecasts. Management also noted the integration of both DTC and Zetron are tracking ahead of schedule, and their opportunity pipelines are expanding. Key growth drivers for Minelab include further penetration of new geographic markets and new product releases that will drive market share gains. The DTC and Zetron FY22 results could provide the market with more confidence around future M&A optionality, the broker suggests, given Codan’s strong cash generation. Valuation remains undemanding. Outperform and $11.60 target retained. FORECAST Macquarie forecasts a full year FY22 dividend of 28.50 cents and EPS of 54.90 cents. Macquarie forecasts a full year FY23 dividend of 29.50 cents and EPS of 57.80 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

24/05/2022

Outperform

$11.60

62.24%

Codan expects second half profit to match first half, taking FY22 to a record $100m, in line with Macquarie's forecasts. Management also noted the integration of both DTC and Zetron are tracking ahead of schedule, and their opportunity pipelines are expanding.

Key growth drivers for Minelab include further penetration of new geographic markets and new product releases that will drive market share gains.

The DTC and Zetron FY22 results could provide the market with more confidence around future M&A optionality, the broker suggests, given Codan’s strong cash generation. Valuation remains undemanding. Outperform and $11.60 target retained.

FORECAST
Macquarie forecasts a full year FY22 dividend of 28.50 cents and EPS of 54.90 cents.
Macquarie forecasts a full year FY23 dividend of 29.50 cents and EPS of 57.80 cents.

Access Stockbroker Research History >

CDA STOCK CHART

FNArena News on CDA

1	May In Review: Small Cap Shares Underperform Jun 06 2022 - Australia

2	Australian Broker Call Extra Edition – May 31, 2022 May 31 2022 - Daily Market Reports

3	Codan: The Benefit Of Diversification May 26 2022 - Australia

4	Australian Broker Call Extra Edition – May 25, 2022 May 25 2022 - Daily Market Reports

5	Rudi’s View: A Bear Market Anomaly That Confuses May 05 2022 - Rudi's View

Latest Hardware & Equipment News

1	Codan: The Benefit Of Diversification May 26 2022 - Australia

2	Treasure Chest: Opportunity In Codan Sep 30 2021 - Treasure Chest

3	The Danger Of Treating The Tech Sector As One Lump Sep 15 2021 - Weekly Reports

4	Does Altium Represent Value? Sep 03 2021 - Australia

5	Audinate: A Covid And Reopening Beneficiary Aug 25 2021 - Small Caps

6	Turnaround In Live Events Boosts Audinate Jul 12 2021 - Australia

7	Codan To The Fore In Critical Communications Apr 08 2021 - Australia

8	Resounding Comeback For Audinate Feb 23 2021 - Small Caps

9	Improved Confidence Yet To Play For Altium Feb 16 2021 - Australia

10	Audinate Forging The Future Oct 19 2020 - Australia

Dividend Yield Today On Last Actual Payout :	3.91
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
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CODAN LIMITED (CDA)
Share Price Analysis and Chart