The result is pretty much in line with analyst expectation,...

The result is pretty much in line with analyst expectation, however, the market is expecting more and hence the price drop.

This is common with Codan, we have seen this multiple times in the last decade, so it shouldnt come as a surprise.

I think what caused the price drop today is a few factors:

1. Market expected more, hence the price run up leading to today.
2. Minelab growth is nothing to be excited about, only 5% growth in revenue, market is clearly expecting more due to the price of gold
3. Codan has taken on more debt
4. Uncertainties around USA defense spending and government budget cuts
5. Clear the outlook is not as positive or confident as what the market expected,
• Communications continues to target organic revenue growth in a 10 to 15% range;
with the benefit of Kägwerks, acquired during FY25, Communications overall revenue
growth is expected to exceed 15%;
• If business conditions remain similar to H1, Minelab revenues in the second half are
expected to be comparable to H1

Market is clearly expecting Codan to say growth is expected to exceed 20%, not 15% and the 2nd statement starting with IF..... they all wanted to hear certainty not IFs....

But Codan is Codan, they can never promise what they can't promise....no one has the crystal ball and can see the future....

I like the result, revenue up 15% and EBIT up 21%.... all metrics are doing well, they will need to re focus on Minelab and make better products, with better distribution channels to win back customers and loyalty....