Codan Ltd (CDA) Fair Value & Analysis
Technology · AU · Market cap A$7.9B (≈ $5.7B) · ISIN AU000000CDA3
What is Codan Ltd really worth?
A solid business, but trading 201% above our fair value of A$15.47.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 26 valuation models · updated 9 days ago
Share price +16.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 71/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (A$19.51). The favourable scenario is already priced in.
- A fairly wide model range (A$9.18 to A$19.51) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range A$3.48 – A$49.92 · fair‑value band A$9.18 – A$19.51 · the A$46.50 price screens above the A$15.47 fair value. Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Codan Ltd (CDA) currently trades at A$46.50, while our model-based Fair Value estimate is A$15.47, implying the stock looks roughly 200.6% overvalued today. The Quality Score stands at 71/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of A$17.49 per share, and 0 of the 26 models we run sit above the A$46.50 price. Bear case: the Asset-Based group reads lowest at A$1.93, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Codan Ltd generated revenue of A$762M at a net margin of 16.9%. Revenue grew 28.8% year over year. It earns a return on equity of 24.4%. Net debt stands at A$121M. Fundamentals as of Aug 27, 2026
Our scenario range runs from A$9.18 (bear case) to A$19.51 (bull case); at A$46.50, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 161% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −55% fair-value upside, at −67%, CDA screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly A$0.3450 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (A$17.49) versus Asset-Based (A$1.93). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 70 · Market factors (momentum, volatility) 67
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Codan Limited develops technology solutions for United Nations organizations, security and military agencies, government departments, corporates, individuals consumers, and small-scale miners. It operates through Communications and Metal Detection segments.
Full company description
Codan Limited develops technology solutions for United Nations organizations, security and military agencies, government departments, corporates, individuals consumers, and small-scale miners. It operates through Communications and Metal Detection segments. The Communications segment designs, develops, manufactures, and markets communication equipment that consists of DTC radio solutions for the wireless transmission of video and other data applications; and Zetron communications solutions. The Metal Detection segment designs, develops, manufactures, and markets metal detection equipment, such as handheld metal detecting technologies for recreational, gold mining, demining, and military markets. The company sells its products through a network of dealers, distributors, and agents in Australia, Canada, Denmark, the United Kingdom, the United States, Brazil, India, Ireland, Mexico, Singapore, the United Arab Emirates, and internationally. Codan Limited was incorporated in 1959 and is headquartered in Mawson Lakes, Australia.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Codan Ltd reported revenue of A$674M in FY2025 versus A$437M in FY2021, a compound +11.4%/yr. Reported net income was A$103M in FY2025, compounding +3.5%/yr from FY2021.
of which total revenue +15.9 % · buybacks/dilution −0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
CDA screens 201% overvalued. Compare with Keysight Technologies, Inc →
Peer Group
Scientific & Technical Instruments · 164 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Scientific & Technical Instruments median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Scientific & Technical Instruments stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Keysight Technologies, Inc KEYS | $316.13 | $107.22 | −66% |
| Garmin Ltd GRMN | $309.98 | $139.44 | −55% |
| Teledyne Technologies Incorporated TDY | $607.87 | $488.95 | −20% |
| Chroma ATE Inc 2360 | 2,195 TWD | 322.57 TWD | −85% |
| Hexagon AB HEXAB | kr 99.00 | kr 74.09 | −25% |
| MKS Inc MKSI | $281.60 | $76.00 | −73% |
| AVIC Chengdu Aircraft Company 302132 | ¥60.00 | ¥24.39 | −59% |
| Fortive Corporation FTV | $61.54 | $33.48 | −46% |
| Trimble Inc TRMB | $56.99 | $34.12 | −40% |
| Cognex Corporation CGNX | $60.79 | $19.25 | −68% |
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