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Codan Ltd ASX:CDA

Margin Expansion Mining Technology Operating Leverage

0 opened or increased18 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 21 managers in total.

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20222023202420252026

31 Aug 2024 to today

Commentary Showing 2 of 49

DateManagerActionSummary

7 Oct 2026Centennial Asset ManagementHeldCentennial Asset Management continues to hold Codan (ASX: CDA) because it views the electronics designer and manufacturer as a steady compounder with established technical capabilities and a long history of innovation. Founded in 1959 and selling into more than 150 countries, Codan's core exposures are metal detection and communications. Centennial notes FY26 revenue rose 30% and net profit 69%, the dividend was increased and the balance sheet moved to net cash, extending a record of 16% revenue and 18% earnings compound annual growth since 2020. The manager is particularly confident in Codan's position in unmanned communications, expecting new product applications to lift defence demand, a view reinforced by the 29 September guidance upgrade that raised the FY27 Communications growth target to 30–40%.

Article, price recorded $65.45

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6 Oct 2026Pendal GroupHeldPendal Group continues to hold Codan Ltd (ASX: CDA) after the shares rose 29.1% when the company upgraded its earnings outlook. Codan guided 1H27 net profit after tax to at least $160 million, more than 120% above the prior corresponding period and close to the roughly $175 million earned across all of FY26. Pendal notes every segment is tracking ahead of expectations, but the upgrade mainly reflects accelerating demand for radio communications equipment from the unmanned aerial systems sector, particularly in Eastern European conflict regions. Communications revenue is now expected to grow more than 80% in 1H27, with FY27 growth targeted at 30–40% versus original 20% guidance, and operating leverage and mix driving margin expansion. While conflict-zone demand is hard to forecast beyond three months, Codan appears to be gaining share, with growth outside these regions of about 20%.

Margin ExpansionNewsletter, price recorded $65.55

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Articles

About Codan Ltd

Industrials, Electronic Equipment, Instruments and Components

Codan (ASX:CDA), the electronics group behind Minelab metal detectors and defence communications, is admired by fund managers as a high-quality global business. In June 2026, LSN Capital Partners highlighted another year of strong operational execution and earnings upgrades across communications and metal detection, and Longwave noted around 95% of sales come from outside Australia, with offshore revenue growing about 25%. Centennial holds Codan for exposure to defence spending, while Investors Mutual rated it a hold on valuation despite calling it a fantastic business. Codan operates in the Information Technology sector within the Electronic Equipment, Instruments and Components industry, and Thesis Tracker has captured 43 comments from 21 fund managers, including LSN, Longwave, Centennial, Investors Mutual and Ophir. Founded in 1959 and headquartered in Mawson Lakes, Adelaide, Codan designs and manufactures metal detection products under Minelab, tactical communications for defence and security under DTC and Domo, and zetron public safety systems.

Market cap: $11.1b
Price to earnings: 51.3x
Return on equity: 30.9%
Dividend yield: 1.2%
Price to book: 14.72x
Net margin: 20.0%
52-week range: $25.18 to $70.14

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Codan Ltd (ASX:CDA)?

Fund managers including Asymmetric Asset Management, Montgomery Investment Management, Ausbil Investment Management, Maple-Brown Abbott, Pendal Group, Wilson Asset Management, Tyndall Asset Management, Longwave Capital, LSN Capital Partners, Ten Cap, Atlas Funds Management, Yarra Capital Management, Alphinity Investment Management, Ophir Asset Management, Investors Mutual Limited, Hayborough Investment Partners, Ellerston Capital, 1851 Capital, Eiger Capital, Centennial Asset Management and ALC Capital have invested in Codan Ltd (ASX:CDA).

What opportunities or catalysts do fund managers highlight for Codan Ltd?

Managers highlight consistent earnings upgrades, strong offshore growth, exposure to rising global defence spending and Minelab's success with new products, according to LSN, Longwave and Centennial.

What are the key risks to the Codan Ltd investment thesis, according to fund managers?

Investors Mutual and Ophir note Codan trades on a high multiple, making valuation the main concern despite strong fundamentals.

What does Codan Ltd (ASX:CDA) do?

Codan Ltd. is an Australian-based company headquartered in Mawson Lakes, established in 1959. It specializes in the design, manufacture, and marketing of electronic solutions across three primary segments: Communications, Metal Detection, and Other. The Communications division develops specialized technology equipment, while the Metal Detection segment focuses on advanced metal detection devices. The Other segment encompasses tracking solutions and product sales. Founded by Alastair Wood, Ian Baker Wall, and Jim Irvine Bettison, Codan leverages these core business segments to provide global electronic and tracking solutions.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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