Codan Ltd

CDA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Codan: Initiating on Narrow-Moat Producer of Specialized Communication and Metal Detection

Esther Holloway

Mar 24, 2025

We initiate coverage on Codan with a fair value estimate of AUD 19.50 per share. We assign Codan a narrow moat rating, Medium Morningstar Uncertainty Rating, and Exemplary Capital Allocation Rating. Shares are about 17% undervalued, and we think the market has not fully factored in the considerable growth trajectory for its Zetron command center software.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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Codan Ltd

Codan: Initiating on Narrow-Moat Producer of Specialized Communication and Metal Detection

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