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CDA - CODAN LIMITED


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FY20 SUMMARY

• Highest full year profit in the company history.

• Record Metal Detection and Communications sales

• Annual dividend of 18.5 cents, fully franked; 11 cents today

• Strong balance sheet continues ... $93 million net cash

• Invested in excess of $30 million in product development

 

 

SP has hit all-time record high of $10.10 this morning... over 12% up today

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Above $13.

 

Codan has entered into an agreement to acquire Domo Tactical Communications (DTC) from a private equity company. DTC is an established technology provider for high bandwidth wireless communications with specialist capabilities in MIMO Mesh networks. The company will pay US$88 million (A$114 million) upfront.

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Codan Limited (ASX: CDA) has entered into an agreement to acquire 100% of the shares in US-based company, Zetron, Inc., from JVCKENWOOD Corporation. Established 40 years ago, Zetron is a leading US based company providing mission critical communications and interoperability solutions for public safety, transportation, utilities, healthcare and natural resources customers. Zetron operates from locations in the US, Australia and the UK, with more than 200 employees.

 

 

The acquisition comprises an upfront cash payment of USD45 million (approximately AUD59 million), which will be funded through a combination of existing cash and a recently approved banking facility of AUD100 million. The acquisition is on a cash free, debt free basis and is expected to complete by 30 April 2021, subject to obtaining change of control consents and other conditions precedent standard for transactions of this nature.

 

 

Zetron is expected to contribute approximately AUD67 million of sales and AUD8 million in EBITDA under Codan’s ownership in FY22 and therefore it will be earnings per share accretive.

 

 

.... and market liked it; CDA at $15.50, an alltime high

 

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and start of June, Codan Limited entered into an agreement to sell 100% of the shares in its wholly-owned subsidiary Minetec Pty Ltd to Caterpillar Holdings Australia Pty. Ltd. for approximately $US14 million (inclusive of working capital) and a volume based earn out over the next five years.

 

Then a week ago, director dropped $2.5M of CDA shares on market...

 

 

And today, down 11%

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hard to keep a market happy.  Codan came out with an August FY21 reporting

ROE of 36%
Almost zero debt despite spending $174 on acquisitions
Every section jumped except tactical comms, which was down 8%. Land Mobile Radio had record year.

News of losing Don McGurk in 9 to 12 months probably did not help, as he has significant holding which may be sold down/ off.

And yet that was the peak; at $19. Today Codan is $11 after a further 20% fall after AGM presentations. Firing on all cylinders, etc, though Govt contracts few and far between, Covid still biting into sales, shipping costs higher.
 

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