Codan Earnings: Raising our Valuation on Stronger Near-Term Outlook and Lower WACC

Codan's first-half fiscal 2026 EBIT of AUD 100 million was 52% higher than the prior year. Most of the gain was in the metal detection business, with a profit of AUD 76 million, up 86%, and in the communication business, the profit of AUD 58 million was 17% higher. Shares were flat on the day.