market doesn’t like uncertainty and codan is delivering a lot of uncertainties at the moment
1) uncertainty in new ceo and how well he can lead the company
2) uncertainty in how well the new product can sell, past results are very hard to beat
3) uncertainties over future of gold price and how that will affect Codan’s sales
4) uncertainties over where will the future growth come from, past results have been stellar and very hard to beat… certainly even harder with the new ceo coming in
5) uncertainties over how much pricing power codan has over competitors given they are already expensive and material cost are going up so that will hurt margins too
investing is always a game of probability and expectations vs risks… in hindsight when codan was trading at $17 plus, yes the market was too optimistic but now at $11… we would have assumed a lot of uncertainties are priced in…. But what happens from here is anyone’s guess
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