Loading…
Australian electronics maker known for Minelab metal detectors and Codan secure communications radios for defence and emergency services.
Australian electronics maker known for Minelab metal detectors and Codan secure communications radios for defence and emergency services.
Sells Minelab detectors through dealers and distributors worldwide, with demand strongest in gold-prospecting markets in Africa and Australia. Radios go to governments and aid agencies in large contract orders, which makes sales lumpier.
In one line: A niche Australian defence-electronics/metal-detection maker.
Moat: narrow (brand, IP / patents). Minelab is the leading global brand in gold-prospecting metal detectors; radios have niche defence-grade IP.
Headquarters: Adelaide, Australia · Founded: 1959 · Employees: 1,100
Size Codan (CDA.AX) is an Australia Industrials company (Tools & Hardware) with a market value of $6.88B, the 51st largest of 316 Australia companies the cockpit tracks. Shares closed at A$54.49 on 6 Nov 2026.
Performance Over six months the shares gained 41.4%, against -4.9% for the median peer and +4.1% for the Australia market (cap-weighted) — 2nd highest of 7 in its peer set.
Growth Revenue grew 29.8% over the last twelve months (peer median +4.6%); the operating margin is 27.7% (peer median 14.7%).
Valuation It trades at 36.4× forward earnings against a peer median of 17.4× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +12 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 17.6 points above its cost of capital (10.0% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$875M | A$875M | A$674M | A$550M | A$456M |
| Revenue growth | — | +30% | +22% | +21% | — |
| Gross profit | A$466M | A$466M | A$339M | A$269M | A$219M |
| EBITDA | n/a | A$287M | A$184M | A$148M | A$121M |
| Net income | A$175M | A$175M | A$103M | A$81.4M | A$67.8M |
| Free cash flow | A$241M | A$241M | A$138M | A$96.3M | A$61.8M |
| Capital expenditure | A$63.3M | A$63.3M | A$62.4M | A$50.8M | A$49.4M |
| Total debt | n/a | A$57.4M | A$161M | A$141M | A$125M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Codan CDA.AX | $6.88B | +41% | +30% | 28% | 36.4× | 26.4% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Motorola Solutions MSI | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% |
| Hytera Communications 002583.SZ | $2.17B | -20% | +4% | 7% | 19.4× | n/a |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CDA.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.6% | +7.0% | lowest of 7 |
| 6-month return | +41.4% | -4.9% | 2nd highest of 7 |
| Distance from 52-week high | -22.3% | -12.8% | 3rd lowest of 7 |
| Revenue growth (TTM) | +29.8% | +4.6% | highest of 7 |
| Operating margin | 27.7% | 14.7% | highest of 7 |
| Forward P/E | 36.4× | 17.4× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 26.4% | 4.2% | most demanding of 7 |
| Growth delivered (Del g) | +14.9% | +5.3% | highest of 7 |
| Hurdle (Req g minus delivered) | +11.6 pp | -3.5 pp | most demanding of 7 |
| ROIC minus cost of capital | +17.6 pp | +2.6 pp | highest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Codan CDA.AX | Australia | $6.88B | +41% | +30% | 28% | 36.4× | 26.4% | +14.9% |
| Makita 6586.T | Japan | $8.78B | -9% | +9% | 14% | 16.6× | 0.6% | +5.0% |
| Hangzhou GreatStar Industrial 002444.SZ | China | $5.33B | -13% | +6% | 15% | 13.0× | 5.8% | +11.5% |
| Allegion ALLE | United States | $15.6B | +39% | +10% | 22% | 18.7× | 7.6% | +8.4% |
| Stanley Black & Decker SWK | United States | $17.3B | +43% | 0% | 10% | 18.3× | 6.8% | +3.0% |
| Snap-on SNA | United States | $18.9B | -1% | +3% | 25% | 18.3× | 2.7% | +5.5% |
| Husqvarna HUSQ-A.ST | Sweden | $1.94B | -24% | -6% | 6% | 13.5× | -2.0% | +2.1% |