Codan Limited

ASX:CDA Stock Report

Market Cap: AU$8.0b

Codan Future Growth

Future criteria checks 4/6

Codan is forecast to grow earnings and revenue by 15.8% and 11.9% per annum respectively. EPS is expected to grow by 15.9% per annum. Return on equity is forecast to be 26.6% in 3 years.

Key information

15.8%

Earnings growth rate

15.86%

EPS growth rate

Electronic earnings growth18.6%
Revenue growth rate11.9%
Future return on equity26.56%
Analyst coverage

Good

Last updated30 Apr 2026

Recent future growth updates

Recent updates

Is Codan Limited (ASX:CDA) Potentially Undervalued?

Apr 25
Is Codan Limited (ASX:CDA) Potentially Undervalued?

CDA: Execution Risk In Unmanned Will Challenge Sustained Premium Pricing

Analysts have trimmed their average price target on Codan to about A$25.00 from roughly A$24.93, citing updated assumptions that reflect a premium valuation view. This view is supported by Codan's medium term growth profile and the potential for its Minelab Africa and Unmanned segments to continue to outperform expectations.

CDA: Premium Case Will Be Tested By Execution Risk In Unmanned

Narrative update on Codan Analysts have lifted their price target on Codan to A$38.50. This reflects updated assumptions for discount rate, revenue growth, profit margin and P/E, and cites confidence that the medium term growth profile and potential outperformance in the Minelab Africa and Unmanned segments support a premium valuation.

CDA: Future Returns Will Reflect Minelab Africa And Unmanned Segment Upside

Analysts have lifted their Codan price target from A$31.74 to A$36.90, citing a higher assumed profit margin and premium P/E multiple as they factor in improving prospects for the Minelab Africa and Unmanned segments. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher assumed profit margin as a key reason for assigning a premium P/E multiple, suggesting the current valuation reflects confidence in Codan's ability to convert revenue into earnings more efficiently.

CDA: Premium P/E Will Depend On Sustained Outperformance In Unmanned Segment

Analysts have lifted their Codan price target to A$38.50. This reflects updated assumptions around its growth outlook and profitability, supported by views that the Minelab Africa and Unmanned segments can continue to outperform expectations and justify a premium P/E multiple.

CDA: Premium P/E Will Likely Strain On Reliance On Two Growth Engines

Narrative Update on Codan Analysts have lifted their price target for Codan by A$1.22 to reflect a slightly higher fair value estimate, supported by expectations that Minelab Africa and the Unmanned segment can continue to outperform and support a premium P/E multiple. Analyst Commentary Goldman Sachs has resumed coverage on Codan with a Buy rating and an A$38.50 price target, pointing to what it sees as a supportive medium term growth profile and the potential for Minelab Africa and the Unmanned segment to keep outperforming expectations.

With EPS Growth And More, Codan (ASX:CDA) Makes An Interesting Case

Feb 16
With EPS Growth And More, Codan (ASX:CDA) Makes An Interesting Case

CDA: Higher Revenue Assumptions Will Likely Magnify Already Stretched Future P/E

Analysts have lifted their price target on Codan from A$21.00 to about A$23.72, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that support a higher fair value estimate. Valuation Changes Fair Value Estimate raised from A$21.00 to about A$23.72, reflecting updated model inputs.

There Are Reasons To Feel Uneasy About Codan's (ASX:CDA) Returns On Capital

Jan 31
There Are Reasons To Feel Uneasy About Codan's (ASX:CDA) Returns On Capital

CDA: Steady Fair Value Outlook Will Rely On Margins And P/E

Analysts have increased their price target for Codan to A$42.31, reflecting small adjustments to assumptions around discount rate, revenue growth, profit margin and future P/E. These changes leave their overall valuation view largely unchanged.

Earnings Tell The Story For Codan Limited (ASX:CDA) As Its Stock Soars 28%

Jan 16
Earnings Tell The Story For Codan Limited (ASX:CDA) As Its Stock Soars 28%

CDA: Higher Margins And P/E Outlook Will Support A Bullish Repricing

Analysts have raised their price target for Codan from A$30.05 to A$42.31. This change reflects updated assumptions around revenue growth, profit margins, discount rate and future P/E expectations.

CDA: Future Returns Will Reflect Stable Outlook And Balanced Risk Profile

Analysts have modestly increased their price target for Codan by A$0.00 per share. This reflects slightly higher discount rate and future P/E assumptions, which are offset by marginally lower revenue growth and profit margin forecasts.

CDA: Rising Revenue Expectations Will Likely Expose Stretched Earnings Multiple

Analysts have lifted their price target for Codan from A$18.50 to A$21.00, as they now expect slightly faster revenue growth, marginally stronger profit margins and a higher future P/E multiple to better reflect the company’s earnings potential. Valuation Changes The Fair Value Estimate has risen modestly from A$18.50 to A$21.00, reflecting a reassessment of Codan’s long term earnings potential.

Codan Limited's (ASX:CDA) Popularity With Investors Is Clear

Dec 01
Codan Limited's (ASX:CDA) Popularity With Investors Is Clear

CDA: Dividend Announcement And Stable Outlook Will Maintain Balanced Prospects

Analysts have maintained their price target for Codan at $31.74 per share, citing stable underlying assumptions and minimal adjustments to key financial metrics. Valuation Changes Fair Value has remained stable at A$31.74 per share, reflecting no change in analyst assessment.

CDA: Dividend Announcement And Stable Outlook Will Maintain Balanced Prospects

Analysts have made no change to their price target for Codan, maintaining it at $31.74. They cited stable revenue growth and profit margin forecasts, despite a slight uptick in the discount rate.

We Ran A Stock Scan For Earnings Growth And Codan (ASX:CDA) Passed With Ease

Nov 06
We Ran A Stock Scan For Earnings Growth And Codan (ASX:CDA) Passed With Ease

CDA: Profit Margin Risks Will Outweigh Benefits Of Upcoming Dividend

Analysts have raised their price target for Codan from $28.41 to $31.74, citing improved revenue growth expectations and an uptick in forecast profit margins as key drivers for the adjustment. What's in the News Codan Limited announced an ordinary fully paid dividend of AUD 0.16 per share for the six months ended June 30, 2025 (Key Developments).

Heightened Defense Spending And Resilient Communications Will Create New Markets

Narrative Update on Codan: Analyst Price Target Adjustment Analysts have maintained their price target for Codan at $28.41, reflecting continued confidence in the company's financial outlook despite minor adjustments to growth assumptions and discount rates. What's in the News Codan Limited has declared an ordinary fully paid dividend of AUD 0.160 per share for the six months ended June 30, 2025 (Key Developments).

Is Codan (ASX:CDA) A Risky Investment?

Oct 16
Is Codan (ASX:CDA) A Risky Investment?

Heightened Defense Spending And Resilient Communications Will Create New Markets

Analysts have raised Codan's fair value estimate from $27.18 to $28.41. This change reflects ongoing confidence in the company's financial outlook and performance metrics.

Why Codan Limited (ASX:CDA) Could Be Worth Watching

Oct 02
Why Codan Limited (ASX:CDA) Could Be Worth Watching

Here's What's Concerning About Codan's (ASX:CDA) Returns On Capital

Sep 18
Here's What's Concerning About Codan's (ASX:CDA) Returns On Capital

Minelab's Upcoming Products And Tactical Communications Expansion Will Strengthen Market Position In Future

Consensus analyst price targets for Codan have risen sharply, mainly reflecting improved expectations for profitability and growth—as evidenced by both higher net profit margins and an uplift in forecast P/E—resulting in a new fair value estimate of A$25.59. What's in the News Codan Limited announced an ordinary fully paid dividend of AUD 0.16 per share for the six months ended June 30, 2025.

Codan Limited (ASX:CDA) Stocks Shoot Up 26% But Its P/E Still Looks Reasonable

Aug 08
Codan Limited (ASX:CDA) Stocks Shoot Up 26% But Its P/E Still Looks Reasonable

A Look At The Fair Value Of Codan Limited (ASX:CDA)

Aug 05
A Look At The Fair Value Of Codan Limited (ASX:CDA)
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Minelab's Upcoming Products And Tactical Communications Expansion Will Strengthen Market Position In Future

Codan's acquisition strategy and focus on recurring revenue are set to improve revenue stability and net margins.

Earnings and Revenue Growth Forecasts

ASX:CDA - Analysts future estimates and past financials data (AUD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
6/30/20281,0642211752688
6/30/20279641951492308
6/30/20268541671151878
12/31/202576212997160N/A
9/30/202571811690154N/A
6/30/202567410384147N/A
3/31/20256329666126N/A
12/31/20245908947105N/A
9/30/20245708551106N/A
6/30/20245508156106N/A
3/31/20245317855104N/A
12/31/20235117554101N/A
9/30/2023484714291N/A
6/30/2023456683180N/A
3/31/2023459753682N/A
12/31/2022461824285N/A
9/30/2022484913068N/A
6/30/20225061011852N/A
3/31/20225031002860N/A
12/31/2021499993969N/A
9/30/20214689574100N/A
6/30/202143790108131N/A
3/31/202140483101122N/A
12/31/20203727593112N/A
9/30/20203606987108N/A
6/30/20203486481104N/A
3/31/2020331597397N/A
12/31/2019313546591N/A
9/30/201929250N/A77N/A
6/30/201927146N/A62N/A
3/31/201926747N/A62N/A
12/31/201826448N/A62N/A
9/30/201824745N/A55N/A
6/30/201823042N/A48N/A
3/31/201822339N/A46N/A
12/31/201721737N/A44N/A
9/30/201722240N/A60N/A
6/30/201722644N/A76N/A
3/31/201721738N/A75N/A
12/31/201620832N/A75N/A
9/30/201618924N/A61N/A
6/30/201617015N/A48N/A
3/31/201615514N/A39N/A
12/31/201514113N/A29N/A
9/30/201514213N/A30N/A
6/30/201514413N/A31N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CDA's forecast earnings growth (15.8% per year) is above the savings rate (3.5%).

Earnings vs Market: CDA's earnings (15.8% per year) are forecast to grow faster than the Australian market (12% per year).

High Growth Earnings: CDA's earnings are forecast to grow, but not significantly.

Revenue vs Market: CDA's revenue (11.9% per year) is forecast to grow faster than the Australian market (6.4% per year).

High Growth Revenue: CDA's revenue (11.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CDA's Return on Equity is forecast to be high in 3 years time (26.6%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/04 23:19
End of Day Share Price 2026/05/04 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Codan Limited is covered by 13 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Josh KannourakisBarrenjoey Markets Pty Limited
Baxter KirkBell Potter
Daniel LaingBell Potter