Codan Past Earnings Performance
Past criteria checks 6/6
Codan has been growing earnings at an average annual rate of 9.8%, while the Electronic industry saw earnings growing at 5.2% annually. Revenues have been growing at an average rate of 12.7% per year. Codan's return on equity is 28.8%, and it has net margins of 20%.
Key information
9.84%
Earnings growth rate
9.72%
EPS growth rate
| Electronic Industry Growth | 16.11% |
| Revenue growth rate | 12.72% |
| Return on equity | 28.79% |
| Net Margin | 20.02% |
| Last Earnings Update | 30 Jun 2026 |
Recent past performance updates
Recent updates
Narrative Update • Sep 04
CDA: Future Returns Will Balance Acquisition Expansion With Execution And Earnings Risks
Analysts have lifted their Codan price target from A$42.61 to A$49.96, citing updated assumptions around fair value, discount rate, revenue growth, profit margins and future P/E as key drivers of the change. What’s in the News for Codan Codan is actively seeking acquisitions and investments, with management emphasising a focus on opportunities that align with its product and technology road maps and support diversification of earnings.
Narrative Update • Aug 21
CDA: Higher Fair Value Will Rely On Acquisition Execution And Margins
Analysts have lifted their price target for Codan from A$48.74 to A$57.56, reflecting updated assumptions for revenue growth, profit margins and future P/E multiples within their valuation models. What's in the News for Codan Codan Limited is seeking acquisitions, with management highlighting that the company is actively looking for targets that align with its product and technology road maps.Narrative Update • Jun 29
CDA: Higher Fair Value Framework Will Rely On Revenue Assumptions
Analysts have raised their Codan valuation reference from A$42.31 to A$48.74, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E as the key drivers behind the revised price target framework. What’s in the News for Codan No recent Codan specific news items were identified in the provided sources.Narrative Update • Jun 15
CDA: Future Returns Will Balance Defence Communications Demand And Execution Risks
Analysts have slightly increased their Codan price target to A$42.61 from A$42.34, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E that remain broadly consistent with prior expectations. What's in the News Codan reported strong first half FY26 results, with revenue and profit growth supporting an upgrade to full year guidance, according to coverage on 3 June 2026.
Narrative Update • Jun 01
CDA: Defence Tech Acquisition Will Test Unmanned Execution And Premium Multiple
Analysts have lifted their Codan price target from A$24.97 to A$30.02. They cite updated assumptions for revenue growth, profit margins and future P/E that they see as better reflecting the stock's risk profile and cash flow outlook under a slightly higher discount rate.Narrative Update • May 12
CDA: Future Returns Will Reflect Africa And Unmanned Strength Against Execution Risks
Analysts have raised their price target on Codan from A$36.90 to A$42.34, citing updated assumptions for revenue growth, profit margins and future P/E, as well as Street research pointing to potential outperformance in the Minelab Africa and Unmanned segments. Analyst Commentary Bullish Takeaways Bullish analysts highlight the updated A$42.34 price target and the A$38.50 target from Goldman Sachs as signals that the stock is being valued on an outlook that supports a premium P/E, given current assumptions.Analysis Article • Apr 25
Is Codan Limited (ASX:CDA) Potentially Undervalued?
Codan Limited ( ASX:CDA ), might not be a large cap stock, but it saw a double-digit share price rise of over 10% in...Narrative Update • Apr 22
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.Narrative Update • Apr 07
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.Narrative Update • Mar 24
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.Narrative Update • Mar 10
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.Narrative Update • Feb 24
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.Analysis Article • Feb 16
With EPS Growth And More, Codan (ASX:CDA) Makes An Interesting Case
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Narrative Update • Feb 09
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.Analysis Article • Jan 31
There Are Reasons To Feel Uneasy About Codan's (ASX:CDA) Returns On Capital
What trends should we look for it we want to identify stocks that can multiply in value over the long term? Firstly...Narrative Update • Jan 25
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.Analysis Article • Jan 16
Earnings Tell The Story For Codan Limited (ASX:CDA) As Its Stock Soars 28%
Codan Limited ( ASX:CDA ) shareholders would be excited to see that the share price has had a great month, posting a...Narrative Update • Jan 11
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.Narrative Update • Dec 27
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.Narrative Update • Dec 13
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.Analysis Article • Dec 01
Codan Limited's (ASX:CDA) Popularity With Investors Is Clear
Codan Limited's ( ASX:CDA ) price-to-earnings (or "P/E") ratio of 53.4x might make it look like a strong sell right now...Narrative Update • Nov 29
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.Narrative Update • Nov 15
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.Analysis Article • Nov 06
We Ran A Stock Scan For Earnings Growth And Codan (ASX:CDA) Passed With Ease
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...Narrative Update • Oct 31
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).Narrative Update • Oct 17
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).Analysis Article • Oct 16
Is Codan (ASX:CDA) A Risky Investment?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Narrative Update • Oct 03
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.Analysis Article • Oct 02
Why Codan Limited (ASX:CDA) Could Be Worth Watching
Codan Limited ( ASX:CDA ), is not the largest company out there, but it saw a significant share price rise of 64% in...Analysis Article • Sep 18
Here's What's Concerning About Codan's (ASX:CDA) Returns On Capital
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'd want to identify a...Narrative Update • Aug 22
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.
New Narrative • Feb 23
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.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Codan makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Jun 26 | 875 | 175 | 224 | 52 |
| 31 Mar 26 | 819 | 152 | 218 | 48 |
| 31 Dec 25 | 762 | 129 | 212 | 43 |
| 30 Sep 25 | 718 | 116 | 202 | 41 |
| 30 Jun 25 | 674 | 103 | 193 | 40 |
| 31 Mar 25 | 632 | 96 | 181 | 38 |
| 31 Dec 24 | 590 | 89 | 168 | 37 |
| 30 Sep 24 | 570 | 85 | 162 | 36 |
| 30 Jun 24 | 550 | 81 | 155 | 36 |
| 31 Mar 24 | 531 | 78 | 148 | 35 |
| 31 Dec 23 | 511 | 75 | 141 | 33 |
| 30 Sep 23 | 484 | 71 | 134 | 32 |
| 30 Jun 23 | 456 | 68 | 127 | 31 |
| 31 Mar 23 | 459 | 75 | 121 | 31 |
| 31 Dec 22 | 461 | 82 | 116 | 31 |
| 30 Sep 22 | 484 | 91 | 115 | 32 |
| 30 Jun 22 | 506 | 101 | 115 | 33 |
| 31 Mar 22 | 503 | 100 | 109 | 33 |
| 31 Dec 21 | 499 | 99 | 102 | 33 |
| 30 Sep 21 | 468 | 95 | 89 | 30 |
| 30 Jun 21 | 437 | 90 | 77 | 26 |
| 31 Mar 21 | 404 | 83 | 72 | 26 |
| 31 Dec 20 | 372 | 75 | 67 | 25 |
| 30 Sep 20 | 360 | 69 | 70 | 25 |
| 30 Jun 20 | 348 | 64 | 73 | 26 |
| 31 Mar 20 | 331 | 59 | 72 | 26 |
| 31 Dec 19 | 313 | 54 | 70 | 27 |
| 30 Sep 19 | 292 | 50 | 68 | 26 |
| 30 Jun 19 | 271 | 46 | 65 | 25 |
| 31 Mar 19 | 267 | 47 | 65 | 24 |
| 31 Dec 18 | 264 | 48 | 64 | 23 |
| 30 Sep 18 | 247 | 45 | 61 | 22 |
| 30 Jun 18 | 230 | 42 | 57 | 20 |
| 31 Mar 18 | 223 | 39 | 57 | 19 |
| 31 Dec 17 | 217 | 37 | 57 | 17 |
| 30 Sep 17 | 222 | 40 | 57 | 17 |
| 30 Jun 17 | 226 | 44 | 57 | 17 |
| 31 Mar 17 | 217 | 38 | 57 | 16 |
| 31 Dec 16 | 208 | 32 | 58 | 16 |
| 30 Sep 16 | 189 | 24 | 56 | 15 |
| 30 Jun 16 | 170 | 15 | 54 | 14 |
| 31 Mar 16 | 155 | 14 | 52 | 13 |
| 31 Dec 15 | 141 | 13 | 50 | 12 |
| 30 Sep 15 | 142 | 13 | 50 | 12 |
Quality Earnings: CDA has high quality earnings.
Growing Profit Margin: CDA's current net profit margins (20%) are higher than last year (15.3%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: CDA's earnings have grown by 9.8% per year over the past 5 years.
Accelerating Growth: CDA's earnings growth over the past year (69.3%) exceeds its 5-year average (9.8% per year).
Earnings vs Industry: CDA earnings growth over the past year (69.3%) exceeded the Electronic industry 23%.
Return on Equity
High ROE: CDA's Return on Equity (28.8%) is considered high.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/16 15:08 |
| End of Day Share Price | 2026/09/16 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2026/06/30 |
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 |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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 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 15 analysts. 9 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 |
| Baxter Kirk | Bell Potter |
| Daniel Laing | Bell Potter |