Codan Management
Management criteria checks 3/4
Codan's CEO is Alf Ianniello, appointed in Jan 2022, has a tenure of 4.25 years. total yearly compensation is A$2.17M, comprised of 46.8% salary and 53.2% bonuses, including company stock and options. directly owns 0.074% of the company’s shares, worth A$5.63M. The average tenure of the management team and the board of directors is 3.4 years and 4.3 years respectively.
Key information
Alf Ianniello
Chief executive officer
AU$2.2m
Total compensation
| CEO salary percentage | 46.84% |
| CEO tenure | 4.3yrs |
| CEO ownership | 0.07% |
| Management average tenure | 3.4yrs |
| Board average tenure | 4.3yrs |
Recent management updates
Recent updates
Is Codan Limited (ASX:CDA) Potentially Undervalued?
Apr 25
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 16CDA: 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
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 16CDA: 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 01CDA: 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 06CDA: 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 16Heightened 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 02Here's What's Concerning About Codan's (ASX:CDA) Returns On Capital
Sep 18Minelab'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 08A Look At The Fair Value Of Codan Limited (ASX:CDA)
Aug 05These 4 Measures Indicate That Codan (ASX:CDA) Is Using Debt Reasonably Well
May 04
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.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Dec 31 2025 | n/a | n/a | AU$129m |
| Sep 30 2025 | n/a | n/a | AU$116m |
| Jun 30 2025 | AU$2m | AU$1m | AU$103m |
| Mar 31 2025 | n/a | n/a | AU$96m |
| Dec 31 2024 | n/a | n/a | AU$89m |
| Sep 30 2024 | n/a | n/a | AU$85m |
| Jun 30 2024 | AU$1m | AU$973k | AU$81m |
| Mar 31 2024 | n/a | n/a | AU$78m |
| Dec 31 2023 | n/a | n/a | AU$75m |
| Sep 30 2023 | n/a | n/a | AU$71m |
| Jun 30 2023 | AU$1m | AU$987k | AU$68m |
| Mar 31 2023 | n/a | n/a | AU$75m |
| Dec 31 2022 | n/a | n/a | AU$82m |
| Sep 30 2022 | n/a | n/a | AU$91m |
| Jun 30 2022 | AU$1m | AU$519k | AU$101m |
Compensation vs Market: Alf's total compensation ($USD1.55M) is below average for companies of similar size in the Australian market ($USD2.60M).
Compensation vs Earnings: Alf's compensation has increased by more than 20% in the past year.
CEO
Alf Ianniello (52 yo)
4.3yrs
Tenure
AU$2,172,626
Compensation
Mr. Alfonso Ianniello, also known as Alf, Wharton GCP, GradCertMgmt, BEng(Electronics), serves as Managing Director, Director and Chief Executive Officer at Codan Limited since January 4, 2022. He began as...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD, CEO & Director | 4.3yrs | AU$2.17m | 0.074% A$ 5.6m | |
| CFO & Company Secretary | 17.9yrs | AU$909.42k | 0.064% A$ 4.9m | |
| President & Executive General Manager of Zetron | 7.2yrs | AU$1.36m | 0.053% A$ 4.1m | |
| President & Executive General Manager of DTC | no data | AU$1.63m | 0.067% A$ 5.1m | |
| President & Executive GM of Minelab | 2.5yrs | AU$1.44m | 0.016% A$ 1.2m | |
| Chief Operating Officer | less than a year | no data | no data | |
| Manager of Investor Relations & Deputy CFO | no data | no data | no data | |
| General Counsel & Joint Company Secretary | 3.6yrs | no data | no data | |
| Executive General Manager of Strategy | 2.8yrs | no data | no data | |
| Chief Human Resource Officer | 3.3yrs | no data | no data |
3.4yrs
Average Tenure
Experienced Management: CDA's management team is considered experienced (3.4 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| MD, CEO & Director | 4.3yrs | AU$2.17m | 0.074% A$ 5.6m | |
| Independent Non-Executive Director | 10.4yrs | AU$165.00k | 0.018% A$ 1.4m | |
| Independent Non-Executive Chairman | 11.2yrs | AU$250.00k | 0.071% A$ 5.4m | |
| Independent Non-Executive Director | 3.1yrs | AU$140.00k | 0.014% A$ 1.1m | |
| Independent Non-Executive Director | 3.2yrs | AU$140.00k | 0.011% A$ 825.0k |
4.3yrs
Average Tenure
Experienced Board: CDA's board of directors are considered experienced (4.3 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/04/30 11:23 |
| End of Day Share Price | 2026/04/30 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/06/30 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* 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. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Josh Kannourakis | Barrenjoey Markets Pty Limited |
| Daniel Laing | Bell Potter |
| Baxter Kirk | Bell Potter |