I bought my first parcel of codan at $1.50 when it was hit by...

I bought my first parcel of codan at $1.50 when it was hit by the counterfeit crisis …..and I just bought my second parcel at $10 last week….

if you ask me which one is the riskier investment, I would
probably say there are more uncertainties when codan was trading at $1.50 and it’s a safer investment now….

all your points above are true…. Minelab has been the gem in their portfolio, huge earner and generates incredible amount of cash , given how profitable it is, you would think the margin will shrink and competitor will come in to take their market share… but codan is spending the most out of anyone in this space in R&D and maintaining their market position… if you are going to spend time prospecting, you will want the best machine money can buy…. Imagine baking yourself in the 40 degree heat and get false signals on potential findings ……

there are always risks associated with oversea investment and in particular oversea acquisitions, think about likes of Wesfarmers entry into uk and slater Gordon’s disaster acquisitions….. codan knows there are risks and hence are doing it slowly, keep an watchful eye and without raising a cent from shareholders…. Despite all this, they still end the year with almost zero debt and paid out record dividend ……