Last time Codan traded at this price on the way up was August...

Last time Codan traded at this price on the way up was August 2020... If we look at the HY2021 presentation, we can compare the difference.

		2024	2021
1	Revenue	266M	195M
2	EBIT	54M	60.7M
3	NPAT	38M	41.3M
4	EPS	20.9CPS	22.8CPS
5	Revenue from Communications	153M	34M
6	Revenue from metal detector sales	110M	155M

Obviously the margin is much higher in metal detector sales but communications is a much more robust/stable business with recurring cashflows.

It is pleasing to see the following:

1. Codan is a much diversified business now with more stable and multi source revenue streams
2. CEO is fitting in with the company, more importantly, I think the culture of Codan makes it less relevant to whom the CEO is... the BoD seems to have a clear direction on the way the company is heading
3. Metal detector sales seems to pick up again, if it does indeed pick up significantly from here and communications department growing at their intended rate, we will see a re-rating of Codan.
4. Great to see them making sensible, small yet meaning acquisitions to grow the company without taking on much debt. Remember Minelab used to be a small acqusition too and look how big it has grown,