Australia's Codan hits over 3-week high as FY revenue tops estimates

Solvar

16/08/2023 03:53

** Shares of Australian tech co Codan Ltd  CDA.AX  rise as
much as 3.7% to A$7.9, their highest since July 20
    ** Co says FY revenue A$457 mln ($294.54 million) vs. IBES
estimate of A$431.9 mln
    ** Analysts at Canaccord Genuity raise PT to A$8.63 from
A$8.46, maintain "buy" rating  
    ** Headlines should be the material outperformance of the
Metal Detection segment, communications order book entering FY24
with 9% growth - brokerage
    ** "Although limited details were provided, it appears that
margins dipped slightly in 2H23. However, the FY23 result still
showed material margin expansion" - Canaccord
    ** Stock up 86.83% this year, as of last close

($1 = 1.5516 Australian dollars)

 (Reporting by Aishwarya Nair in Bengaluru)
 ((Aishwarya.Nair@thomsonreuters.com; +91-9167838937 Twitter: https://twitter.com/Aishwaryartrs
 ;))