Key highlights

  • Codan Ltd (ASX:CDA) closed at $62.44 on 20 October 2026, down 0.40%.
  • The shares are up approximately 86.06% over the past year.
  • Codan’s 29 September 2026 update expects H1 FY27 Group NPAT of not less than $160 million, against $71.2 million a year earlier.

Shares in Codan Ltd (ASX:CDA) closed at $62.44 on 20 October 2026, fell 0.40% on the day from a previous close of about $62.6908.

Over the past 12 months the stock gained approximately 86.06%. Working back from the closing price, a 12-month change of approximately +86.06% implies a share price of about $33.56 a year earlier. The annual gain is much larger than the move in a single session, which is a reminder of how far a stock can travel over a year.

In dollar terms, the 12-month move amounts to about $28.88 per share, from roughly $33.56 to $62.44, while the move during the 20 October session was about 25.1 cents per share. The two figures measure different time frames and are reported here on their own terms.

About Codan

Codan Limited is an Australian technology company that reports two segments. Communications supplies radio and communications technology, with Demand described in its update as primarily for unmanned systems. Metal Detection, branded Minelab, makes detectors for gold prospecting and other uses.

Latest development

The share price figures above are not linked here to the company’s trading update. On 29 September 2026 Codan released a trading update for the first half of FY27 and an updated outlook for the full year. It said it had flagged on 20 August 2026 that Communications segment Revenue was expected to significantly exceed the prior corresponding period (pcp).

Codan now expects Communications H1 FY27 revenue of between $400 million and $410 million, against $221.8 million in the pcp and $506.2 million for the whole of FY26. It expects revenue from conflict regions to be about 50% of segment revenue in the half, compared with about 20% a year earlier, and growth of about 20% outside conflict regions. The segment EBIT Margin is expected to be around 40%, compared with 26% in the pcp and 31% in FY26.

For Minelab, the H1 FY27 revenue run-rate is slightly above H2 FY26 levels, helped by recently launched detectors, a favourable gold price and expansion in the rest of the world. For the group, Codan expects H1 FY27 NPAT of not less than $160 million, compared with $71.2 million in the pcp and $175.2 million for FY26. It is targeting full-year Communications revenue growth of 30% to 40% on FY26, and said it is working to mitigate possible Supply chain constraints.

Sector context

Demand for communications equipment used with unmanned systems has risen sharply in conflict regions, according to Codan, and defence-related technology orders can be large and irregular. Metal detection for gold prospecting is linked to the gold price and consumer demand.

Electronics manufacturers across the technology sector have also described supply chain constraints as orders rise, which affects delivery timing.

Risks

Codan said order visibility in conflict regions is low and that it is too early to judge whether elevated demand and margins will continue in the second half. About half of the segment’s first-half revenue is expected to come from conflict regions, which concentrates the exposure.

Supply chain constraints could affect shipments, and the guidance is subject to final product mix. Minelab’s results depend on the gold price and consumer spending.

Share price movements add a separate layer of uncertainty. The stock’s one-day move of -0.40% on 20 October 2026 and its 12-month change of approximately +86.06% show how far the share price can move, and past movements do not indicate future direction.

Catalysts to watch

Items to watch include Codan’s H1 FY27 result, order intake in the Communications segment, any supply chain developments, Minelab’s run-rate and the company’s full-year Communications revenue growth target of 30% to 40%.