Codan Limited has been a technology company specialising in advanced communications and metal detection solutions globally for private and government contracts alike. The company was founded in Adelaide, South Australia in 1959, and has since expanded its operations to several countries worldwide.
Codan’s communications solutions include high-frequency (HF) radio systems, satellite communication terminals, and tactical communication solutions for military and security applications. Its metal detection products are used in various industries, including mining, military, humanitarian de-mining, and security.
In addition to its core products, Codan also offers after-sales support and services, including training, repair, and maintenance. Codan has a global presence, with offices and manufacturing facilities located in Australia, Canada, the United States, the United Kingdom, and New Zealand.
Codan is a company that has been followed by tech and non-tech enthusiasts alike due to its competitive market share as well as its long-term contracts for its metal detection as well as military applications for its technology... so where shall it go from here?
Codan has traded from its all time highs of upwards of 17 dollars a share to now sitting at $5.49 a share. CDA has shown strong momentum, gaining 29.19%. Furthermore, CDA is evolving above its 20DMA, which indicates that the market is really positive about the stock in the near term. There is technically strong support around the $4.04 level, which could attract long-term market participants looking to buy the dip.
In the company's most recent update, their metal detector revenue is between $198 million and $215 million in the first half of FY23. And also beating expectations, NPAT is now expected to be $31 million, eclipsing the original top-end estimate from this ASX share.
Our team of analysts are keeping a close on Codan and are keeping abreast of relevant market updates for their investments... if you have any questions, please feel free to let us know at email@example.com