Codan Ltd CDA

Stock XASX Rating as of Oct 23, 2026

A$55.20 −1.33 (2.35%)

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As of Oct 23, 2026, 5:10:27 AM Delayed Price Closed

Company Report

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Codan: Drone Communication Sales Growth Driven by Demand From War

Esther Holloway Oct 20, 2026

Codan has provided updated fiscal 2027 guidance. For the communications business, this includes modestly upgraded first-half revenue and full-year growth at the upper end of the previously announced 30%-40% range. It is also guiding a moderately upgraded first-half group net income.

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Price vs Fair Value

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CDA is trading within a range we consider fairly valued.

Price

A$55.20

Oct 23, 2026

Fair Value

V@j

Sep 30, 2026

Uncertainty

LOCK|&Q

1-Star Price: LOCK|.C@G
5-Star Price: LOCK|.L
Economic Moat: LOCK|N@$>c
Capital Allocation: LOCK|#?zztt!k

Bulls Say, Bears Say

Bulls

Growth in emergency call center software is underpinned by the US government’s next-generation 911 software mandate, requiring upgrades of old technology and increasing the value of the addressable market.

Bears

Metal detection sales are exposed to cyclicality, with a pullback from customers at low points in the economic cycle.

Trading Information

Previous Close Price: A$56.53
Day Range: A$54.24–55.65
52-Week Range: A$25.18–70.14
Bid/Ask: A$54.71 / A$55.70
Shares Outstanding: 182.32M
Market Cap: A$10.06B
Volume/Avg: 1M / 730,965

Key Statistics

Price/Earnings (Normalized): 57.45
Price/Sales: 11.80
Dividend Yield (Trailing): 0.88%
Dividend Yield (Forward): 0.88%
Dividend Payment Schedule: Mar, Sep
Total Yield: 0.88%

Company Profile

Codan designs and sells communications products and metal detection devices. Its global customer base includes military, security, emergency responders, broadcasters, government, humanitarian organizations, utilities, and mining. Earnings are skewed to its communications business. This business provides command center technology used to coordinate public transport, emergency services, utilities, and broadcasting. Codan also produces lightweight radios suitable for attaching to drones. In metal detection, it produces hand-held metal detection devices, sold to organizations and individuals such as gold prospectors and hobbyist treasure hunters. Customers also use this equipment for safety and security. About half of group revenue comes from North America, and one-fourth from Europe.

Sector: Technology
Industry: Scientific & Technical Instruments
Stock Style Box: Mid Growth
Total Number of Employees: 730
Website: https://www.codan.com.au

Competitors

Valuation

Metric	CDA	LMT	MSI
Price/Earnings (Normalized)	57.45	20.84	29.09
Price/Book Value	16.90	13.53	29.68
Price/Sales	11.80	1.72	6.56
Price/Cash Flow	41.41	14.55	25.55

Price/Earnings

CDA

LMT

MSI

Financial Strength

Metric	CDA	LMT	MSI
Quick Ratio	0.64	1.06	0.78
Current Ratio	1.49	1.26	1.10
Interest Coverage	37.97	8.03	7.19

Quick Ratio

CDA

LMT

MSI

Profitability

Metric	CDA	LMT	MSI
Return on Assets (Normalized)	19.28%	11.13%	14.85%
Return on Equity (Normalized)	31.09%	86.91%	115.76%
Return on Invested Capital (Normalized)	26.13%	26.73%	25.93%

Return on Assets

CDA

LMT

MSI

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