Codan Past Earnings Performance
Past criteria checks 6/6
Codan has been growing earnings at an average annual rate of 4%, while the Electronic industry saw earnings growing at 6.3% annually. Revenues have been growing at an average rate of 10.9% per year. Codan's return on equity is 23.1%, and it has net margins of 16.9%.
Key information
4.03%
Earnings growth rate
3.90%
EPS growth rate
| Electronic Industry Growth | 16.11% |
| Revenue growth rate | 10.94% |
| Return on equity | 23.05% |
| Net Margin | 16.88% |
| Next Earnings Update | 20 Aug 2026 |
Recent past performance 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.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 |
|---|---|---|---|---|
| 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 |
| 30 Jun 15 | 144 | 13 | 50 | 11 |
Quality Earnings: CDA has high quality earnings.
Growing Profit Margin: CDA's current net profit margins (16.9%) are higher than last year (15.1%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: CDA's earnings have grown by 4% per year over the past 5 years.
Accelerating Growth: CDA's earnings growth over the past year (43.9%) exceeds its 5-year average (4% per year).
Earnings vs Industry: CDA earnings growth over the past year (43.9%) exceeded the Electronic industry 6.7%.
Return on Equity
High ROE: CDA's Return on Equity (23.1%) 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 | 2026/05/01 01:47 |
| End of Day Share Price | 2026/05/01 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 |
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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
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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.
| Analyst | Institution |
|---|---|
| Josh Kannourakis | Barrenjoey Markets Pty Limited |
| Baxter Kirk | Bell Potter |
| Daniel Laing | Bell Potter |