Morningstar initiating coverage on Codan. SP target $19.50
********************************************************** Codan: Initiating on Narrow-Moat Producer of Specialized Communication and Metal Detection
Esther Holloway
Mar 24, 2025
We initiate coverage on Codan with a fair value estimate of AUD 19.50 per share. We assign Codan a narrow moat rating, Medium Morningstar Uncertainty Rating, and Exemplary Capital Allocation Rating. Shares are about 17% undervalued, and we think the market has not fully factored in the considerable growth trajectory for its Zetron command center software.
CDA Price at posting:
$16.11 Sentiment: Buy Disclosure: Held
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