Codan
OTCPK:CODA.F
CODA.F
OTCPK
A$589M
Market Cap
Company description
Codan Limited develops rugged and electronics solutions for organizations, mining companies, security and military groups, and governments in Australia. The last earnings update was 34 days ago. More info.
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CODA.F Share Price and Events
7 Day Returns
0%
OTCPK:CODA.F
-2.7%
US Electronic
-1.1%
US Market
1 Year Returns
-
OTCPK:CODA.F
3.5%
US Electronic
6.4%
US Market
CODA.F Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Codan (CODA.F) | 0% | 0% | - | - | - | 267.5% |
| US Electronic | -2.7% | -2.6% | 23.1% | 3.5% | 56.7% | 56.4% |
| US Market | -1.1% | 0.3% | 17.2% | 6.4% | 37.9% | 42.1% |
1 Year Return vs Industry and Market
- No trading data on CODA.F.
- No trading data on CODA.F.
Value
Is Codan undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Codan
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data
Below are the data sources, inputs and calculation used to determine the intrinsic value for Codan.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 4 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Electronic Unlevered Beta | Simply Wall St/ S&P Global | 1.07 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.065 (1 + (1- 30%) (0%)) |
1.044 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.04 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.044 * 5.96%) |
8.95% |
Discounted Cash Flow Calculation for OTCPK:CODA.F using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Codan is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (AUD, Millions) | Source |
Present Value Discounted (@ 8.95%) |
|
|---|---|---|---|
| 2019 | 33.35 | Analyst x2 | 30.61 |
| 2020 | 46.25 | Analyst x2 | 38.96 |
| 2021 | 56.10 | Analyst x1 | 43.38 |
| 2022 | 64.12 | Est @ 14.3% | 45.51 |
| 2023 | 71.07 | Est @ 10.83% | 46.29 |
| 2024 | 77.04 | Est @ 8.4% | 46.06 |
| 2025 | 82.20 | Est @ 6.7% | 45.11 |
| 2026 | 86.73 | Est @ 5.51% | 43.68 |
| 2027 | 90.78 | Est @ 4.67% | 41.97 |
| 2028 | 94.49 | Est @ 4.09% | 40.10 |
| Present value of next 10 years cash flows | A$421.67 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= A$94.49 × (1 + 2.73%) ÷ (8.95% – 2.73%) |
A$1,560.48 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= A$1,560.48 ÷ (1 + 8.95%)10 |
A$662.15 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= A$421.67 + A$662.15 |
A$1,083.82 |
| Equity Value per Share (AUD) |
= Total value / Shares Outstanding
= A$1,083.82 / 179.15 |
A$6.05 |
| Calculation | Result | |
|---|---|---|
| Non-primary Listing Adjustment Factor |
1 share in OTCPK:CODA.F
represents 0.6535x
of
ASX:CDA
(This could be a different class, a depositary receipt, a different currency, or all of these things.) |
0.6535x |
| Value per Share (Listing Adjusted, USD) |
= Value per Share (AUD) x Listing Adjustment Factor
= A$ 6.05 x 0.6535 |
$3.95 |
| Value per share (USD) | From above. | $3.95 |
| Current discount | Discount to share price of
$2.15
= -1 x ($2.15 - $3.95) / $3.95 |
45.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Amount off the current price
Codan
is available for.
46%
Share price is
$2.15
vs Future cash flow value of
$3.95
Current Discount Checks
For
Codan
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
- Codan's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Codan's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Codan's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Codan's earnings available for a low price, and how does
this compare to other companies in the same industry?
Raw Data
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in AUD | A$0.27 |
| ASX:CDA Share Price ** | ASX (2019-01-24) in AUD | A$3.29 |
| United States of America Electronic Industry PE Ratio | Median Figure of 92 Publicly-Listed Electronic Companies | 19.06x |
| United States of America Market PE Ratio | Median Figure of 3,062 Publicly-Listed Companies | 17.16x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Codan.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ASX:CDA Share Price ÷ EPS (both in AUD) = 3.29 ÷ 0.27 |
12.26x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Codan is good value based on earnings compared to the US Electronic industry average.
- Codan is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Codan's expected growth come at a high price?
Raw Data
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 12.26x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
2.4%per year |
| United States of America Electronic Industry PEG Ratio | Median Figure of 60 Publicly-Listed Electronic Companies | 1.5x |
| United States of America Market PEG Ratio | Median Figure of 2,105 Publicly-Listed Companies | 1.44x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 12.26x ÷ 2.4% |
5.16x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Codan is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Codan's
assets?
Raw Data
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in AUD | A$1.10 |
| ASX:CDA Share Price * | ASX (2019-01-24) in AUD | A$3.29 |
| United States of America Electronic Industry PB Ratio | Median Figure of 151 Publicly-Listed Electronic Companies | 2.01x |
| United States of America Market PB Ratio | Median Figure of 5,165 Publicly-Listed Companies | 1.85x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ASX:CDA Share Price ÷ Book Value per Share (both in AUD) = 3.29 ÷ 1.10 |
2.99x |
* Primary Listing of Codan.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Codan is overvalued based on assets compared to the US Electronic industry average.
X
Value checks
We assess Codan's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check) Codan has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Codan expected to perform in the next 1 to 3 years based on estimates from 4 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
2.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is
Codan
expected to grow at an
attractive
rate?
- Codan's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
- Codan's earnings growth is positive but not above the United States of America market average.
- Codan's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
| Data Point | Source | Value (per year) |
|---|---|---|
| OTCPK:CODA.F Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | 2.4% |
| OTCPK:CODA.F Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 4.8% |
| United States of America Electronic Industry Earnings Growth Rate | Market Cap Weighted Average | 17% |
| United States of America Electronic Industry Revenue Growth Rate | Market Cap Weighted Average | 5.6% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 14.2% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
Raw Data
All numbers in AUD Millions and using
Trailing twelve months (TTM)
annual period rather than quarterly.
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-06-30 | 284 | 70 | 47 | 1 |
| 2020-06-30 | 267 | 65 | 45 | 3 |
| 2019-06-30 | 250 | 52 | 42 | 4 |
| Date (Data in AUD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 264 | 62 | 48 |
| 2018-09-30 | 247 | 55 | 45 |
| 2018-06-30 | 230 | 48 | 42 |
| 2018-03-31 | 223 | 46 | 39 |
| 2017-12-31 | 217 | 44 | 37 |
| 2017-09-30 | 222 | 60 | 40 |
| 2017-06-30 | 226 | 76 | 44 |
| 2017-03-31 | 217 | 75 | 38 |
| 2016-12-31 | 208 | 75 | 32 |
| 2016-09-30 | 189 | 61 | 24 |
| 2016-06-30 | 170 | 48 | 15 |
| 2016-03-31 | 155 | 39 | 14 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Raw Data
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
All data from Codan Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-06-30 | 0.26 | 0.26 | 0.26 | 1.00 |
| 2020-06-30 | 0.25 | 0.27 | 0.24 | 2.00 |
| 2019-06-30 | 0.24 | 0.25 | 0.22 | 3.00 |
| Date (Data in AUD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.27 |
| 2018-09-30 | 0.25 |
| 2018-06-30 | 0.23 |
| 2018-03-31 | 0.22 |
| 2017-12-31 | 0.21 |
| 2017-09-30 | 0.23 |
| 2017-06-30 | 0.25 |
| 2017-03-31 | 0.21 |
| 2016-12-31 | 0.18 |
| 2016-09-30 | 0.13 |
| 2016-06-30 | 0.09 |
| 2016-03-31 | 0.08 |
*GAAP earnings excluding extraordinary items.
X
Codan has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Future performance checks
We assess Codan's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Codan has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Codan performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Below we compare
Codan's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it
has maintained that growth in the year.
- Codan has delivered over 20% year on year earnings growth in the past 5 years.
- Codan's 1-year earnings growth is less than its 5-year average (29.2% vs 30.8%)
- Codan's earnings growth has not exceeded the US Electronic industry average in the past year (29.2% vs 64.8%).
Earnings and Revenue History
Codan's
revenue
and
profit
over the past 5 years is shown below, any years where they have experienced a
loss will show up in red.
Raw Data
All data from Codan Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in AUD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 263.58 | 47.94 | 64.47 | 23.16 |
| 2018-09-30 | 246.75 | 44.76 | 60.87 | 21.76 |
| 2018-06-30 | 229.91 | 41.58 | 57.27 | 20.36 |
| 2018-03-31 | 223.43 | 39.34 | 57.06 | 18.65 |
| 2017-12-31 | 216.95 | 37.10 | 56.85 | 16.94 |
| 2017-09-30 | 221.52 | 40.31 | 56.85 | 17.11 |
| 2017-06-30 | 226.10 | 43.52 | 56.85 | 17.28 |
| 2017-03-31 | 217.27 | 37.56 | 57.31 | 16.45 |
| 2016-12-31 | 208.44 | 31.60 | 57.77 | 15.63 |
| 2016-09-30 | 188.99 | 23.55 | 55.70 | 14.69 |
| 2016-06-30 | 169.54 | 15.50 | 53.62 | 13.75 |
| 2016-03-31 | 155.07 | 14.23 | 51.63 | 13.00 |
| 2015-12-31 | 140.60 | 12.96 | 49.64 | 12.26 |
| 2015-09-30 | 142.23 | 12.73 | 49.97 | 11.67 |
| 2015-06-30 | 143.86 | 12.51 | 50.30 | 11.09 |
| 2015-03-31 | 141.63 | 11.26 | 48.31 | 10.27 |
| 2014-12-31 | 139.40 | 10.02 | 46.33 | 9.46 |
| 2014-09-30 | 135.83 | 9.61 | 45.22 | 9.39 |
| 2014-06-30 | 132.27 | 9.20 | 44.11 | 9.33 |
| 2014-03-31 | 149.58 | 16.57 | 47.45 | 10.99 |
| 2013-12-31 | 166.89 | 23.94 | 50.79 | 12.65 |
| 2013-09-30 | 200.36 | 34.86 | 55.97 | 14.20 |
| 2013-06-30 | 233.84 | 45.77 | 61.15 | 15.74 |
| 2012-12-31 | 225.09 | 45.03 | 55.87 | 13.19 |
| 2012-09-30 | 192.91 | 37.10 | 50.44 | 10.65 |
| 2012-06-30 | 160.73 | 29.17 | 45.02 | 8.12 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Codan has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
- Codan used its assets more efficiently than the US Electronic industry average last year based on Return on Assets.
- Codan has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Codan has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Past performance checks
We assess Codan's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Codan has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Codan's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Codan's finances.
The net worth of a company is the difference between its assets and liabilities.
- Codan is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Codan's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of
Codan's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
- High level of physical assets or inventory.
- Codan has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data
All data from Codan Company Filings, last reported 2 months ago.
| Date (Data in AUD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 196.14 | 0.00 | 12.98 |
| 2018-09-30 | 196.14 | 0.00 | 12.98 |
| 2018-06-30 | 188.07 | 0.00 | 27.71 |
| 2018-03-31 | 188.07 | 0.00 | 27.71 |
| 2017-12-31 | 169.12 | 15.00 | 10.59 |
| 2017-09-30 | 169.12 | 15.00 | 10.59 |
| 2017-06-30 | 165.00 | 0.00 | 21.42 |
| 2017-03-31 | 165.00 | 0.00 | 21.42 |
| 2016-12-31 | 154.18 | 9.23 | 9.61 |
| 2016-09-30 | 154.18 | 9.23 | 9.61 |
| 2016-06-30 | 138.92 | 26.94 | 14.33 |
| 2016-03-31 | 138.92 | 26.94 | 14.33 |
| 2015-12-31 | 131.75 | 50.29 | 9.49 |
| 2015-09-30 | 131.75 | 50.29 | 9.49 |
| 2015-06-30 | 128.35 | 42.54 | 7.16 |
| 2015-03-31 | 128.35 | 42.54 | 7.16 |
| 2014-12-31 | 124.85 | 60.00 | 6.26 |
| 2014-09-30 | 124.85 | 60.00 | 6.26 |
| 2014-06-30 | 120.29 | 59.98 | 13.03 |
| 2014-03-31 | 120.29 | 59.98 | 13.03 |
| 2013-12-31 | 119.91 | 71.06 | 6.48 |
| 2013-09-30 | 119.91 | 71.06 | 6.48 |
| 2013-06-30 | 124.73 | 33.84 | 8.64 |
| 2012-12-31 | 114.48 | 34.90 | 16.95 |
| 2012-09-30 | 114.48 | 34.90 | 16.95 |
| 2012-06-30 | 79.41 | 39.28 | 23.08 |
- Codan has no debt.
- Codan has no debt compared to 5 years ago when it was 59.2%.
- Codan has no debt, it does not need to be covered by operating cash flow.
- Codan has no debt, therefore coverage of interest payments is not a concern.
X
Full details on the Health part of the Simply Wall St company analysis model.
Financial health checks
We assess Codan's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Codan has a total score of 6/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Codan's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
3.95%
Current annual income from
Codan
dividends.
Estimated to be
4.36%
next year.
If you bought
$2,000 of
Codan
shares you are expected to receive
$79
in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you
can get in a
savings account?
It is up there with the
best dividend paying companies?
- Codan's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
- Codan's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
Raw Data
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| United States of America Electronic Industry Average Dividend Yield | Market Cap Weighted Average of 38 Stocks | 1.6% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2003 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.9% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in A$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-06-30 | 0.16 | 1.00 |
| 2020-06-30 | 0.14 | 3.00 |
| 2019-06-30 | 0.14 | 3.00 |
| Date (Data in A$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-08-23 | 0.130 | 4.228 |
| 2018-07-16 | 0.130 | 4.493 |
| 2018-02-21 | 0.080 | 3.043 |
| 2017-08-30 | 0.070 | 3.099 |
| 2017-02-22 | 0.070 | 3.097 |
| 2016-08-23 | 0.080 | 4.757 |
| 2016-07-15 | 0.080 | 6.786 |
| 2015-08-24 | 0.040 | 4.750 |
| 2015-07-15 | 0.040 | 3.424 |
| 2015-02-23 | 0.030 | 2.731 |
| 2014-08-20 | 0.030 | 4.022 |
| 2014-07-15 | 0.030 | 4.046 |
| 2014-02-19 | 0.085 | 12.196 |
| 2013-08-21 | 0.140 | 10.003 |
| 2012-09-05 | 0.095 | 4.193 |
| 2012-08-06 | 0.095 | 6.497 |
| 2011-08-10 | 0.090 | 6.705 |
| 2010-08-11 | 0.090 | 6.486 |
| 2010-02-18 | 0.070 | 5.035 |
| 2009-08-19 | 0.065 | 6.611 |
| 2009-03-27 | 0.065 | 9.953 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of
Codan's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are well covered by earnings (3.2x coverage).
- Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Full details on the Dividends part of the Simply Wall St company analysis model.
Income/ dividend checks
We assess Codan's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Codan afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Codan has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
CEO
Donald
McGurk
| COMPENSATION | A$1,149,323 |
| AGE | 56 |
| TENURE AS CEO | 8.3 years |
CEO Bio
Mr. Donald S. McGurk, HNC(Mech Eng), MBA, FAICD, Harvard AMP has been the Chief Executive Officer and Managing Director of Codan Limited since November 2010. Mr. McGurk has been Executive Director of Codan Limited since May 19, 2010. Mr. McGurk is a motivator of people with extensive knowledge and experience in the areas of change management and strategy formulation. Mr. McGurk served as General Manager of HF & Manufacturing Communications Products at Codan Ltd. until November 2010. Mr. McGurk served as a General Manager, Operations, Sales and Marketing and Divisional General Manager of Communications Products at Codan Ltd. He joined Codan in December 2000 and held executive responsibility for group-wide manufacturing. From 2005 to 2007, he also held executive responsibility for sales of Codan’s communications products and from 2007 to 2010, executive responsibility for the business performance of HF radio products. He is a Board Member of Bedford Phoenix Incorporated. Mr. McGurk holds Masters degree in business administration from University of Adelaide and completed the Advanced Management Program at Harvard University in 2010.
CEO Compensation
- Donald's compensation has been consistent with company performance over the past year.
- Donald's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure of the Codan management team in years:
6.8
Average Tenure
- The average tenure for the Codan management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Donald McGurk
TITLE
MD, CEO & Executive Director
COMPENSATION
A$1M
AGE
56
TENURE
8.3 yrs
Michael Barton
TITLE
CFO & Company Secretary
COMPENSATION
A$636K
TENURE
9.5 yrs
Peter Charlesworth
TITLE
Executive General Manager of Minelab & Codan Defence
COMPENSATION
A$787K
TENURE
16.2 yrs
Rory Linehan
TITLE
Executive General Manager of Minetec
COMPENSATION
A$799K
TENURE
5.2 yrs
Sarah Emms
TITLE
Manager of Investor Relations
Mette Pontoppidan
TITLE
Head of Brand & Marketing
TENURE
3.9 yrs
Mikael Kã¤Rrsten
TITLE
Head of Underwriting & Portfolio Management
TENURE
3.9 yrs
Board of Directors Tenure
Average tenure and age of the Codan board of directors in years:
4.1
Average Tenure
61.5
Average Age
- The tenure for the Codan board of directors is about average.
Board of Directors
David Simmons
TITLE
Chairman
COMPENSATION
A$193K
AGE
64
TENURE
4.1 yrs
Donald McGurk
TITLE
MD, CEO & Executive Director
COMPENSATION
A$1M
AGE
56
TENURE
8.8 yrs
Kathy Gramp
TITLE
Independent Non-Executive Director
COMPENSATION
A$105K
AGE
59
TENURE
3.3 yrs
Peter Leahy
TITLE
Independent Non-Executive Director
COMPENSATION
A$96K
AGE
65
TENURE
10.5 yrs
Graeme Rodger Barclay
TITLE
Independent Non-Executive Director
COMPENSATION
A$96K
TENURE
4.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 07. Nov 18 | Sell | Donald McGurk | Individual | 31. Oct 18 | 06. Nov 18 | -100,000 | $2.24 | $-220,957 | ||
| 06. Sep 18 | Sell | Perennial Value Management Limited | Company | 02. Aug 18 | 04. Sep 18 | -3,202,195 | $2.31 | $-7,389,939 | ||
| 06. Sep 18 | Buy | Perennial Value Management Limited | Company | 21. May 18 | 20. Aug 18 | 1,225,273 | $2.10 | $2,571,438 | ||
| 22. May 18 | Sell | Perennial Value Management Limited | Company | 23. Mar 18 | 26. Mar 18 | -1,073,202 | $1.89 | $-2,026,561 | ||
| 22. May 18 | Buy | Perennial Value Management Limited | Company | 22. Feb 18 | 18. May 18 | 4,839,840 | $2.02 | $9,765,979 | ||
X
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
Management checks
We assess Codan's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Codan has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
Company Info
Description
Codan Limited develops rugged and electronics solutions for organizations, mining companies, security and military groups, and governments in Australia. The company operates through three segments: Communications Equipment, Metal Detection, and Tracking Solutions. It designs, develops, manufactures, and markets communications equipment for high frequency radios and land mobile radios (LMR). The company offers Sentry-H military radio; and develops Cascade LMR platform. It also designs, develops, manufactures, and markets metal detection equipment, including handheld metal detecting technologies for recreational, gold mining, and demining markets. In addition, the company engages in the design, manufacture, maintenance, and support of a range of electronic products and associated software for the mining sector. It provides tracking solutions, which enable real-time monitoring and control of mining operations, for underground hard-rock mines. Further, the company offers design and adaptation, manufacturing, training, and support to the Australian defense industry. It serves its customers through a network of dealers, distributors, and agents. The company also exports its products to approximately 150 countries. Codan Limited was founded in 1959 and is headquartered in Mawson Lakes, Australia.
Details
| Name: | Codan Limited |
| CODA.F | |
| Exchange: | OTCPK |
| Founded: | 1959 |
| A$417,901,955 | |
| 179,151,647 | |
| Website: | http://www.codan.com.au |
| Address: |
Codan Limited Technology Park, 2 Second Avenue, Mawson Lakes, South Australia, 5095, Australia |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ASX | CDA | Ordinary Shares | Australian Securities Exchange | AU | AUD | 27. Nov 2003 | |
| OTCPK | CODA.F | Ordinary Shares | Pink Sheets LLC | US | USD | 27. Nov 2003 | |
| CHIA | CDA | Ordinary Shares | Chi-X Australia | AU | AUD | 27. Nov 2003 |
Number of employees
Current staff
380
Codan
employees.
Industry
| Electronic Equipment and Instruments | |
| Tech |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/03/25 00:28 |
| End of day share price update: | 2019/01/24 00:00 |
| Last estimates confirmation: | 2019/03/08 |
| Last earnings filing: | 2019/02/19 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/06/30 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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 here.
