ASX 200 tech stock Codan Ltd (ASX: CDA) has delivered some benchmark-smashing gains over the past year.

Shares in the communications and metal detection company closed on Wednesday trading for $16.82 apiece. That sees the Codan share price up 56.76% over the past 12 months, racing ahead of the 7.15% one-year gains posted by the S&P/ASX 200 Index (ASX: XJO).

Atop those gains, Codan shares also trade on a 1.5% fully franked trailing dividend yield.

So, can the ASX 200 tech stock continue outperforming heading into 2026?

According to DP Wealth Advisory's Andrew Wielandt, they certainly could (courtesy of The Bull).

Is the ASX 200 tech stock trading for a bargain?

"Codan is a technology company involved in metal detection and communications," said Wielandt, who has a buy recommendation on the ASX 200 tech stock.

"Revenue of $305.6 million in the first half of fiscal year 2025 was up 15% on the prior corresponding period. The communications business was the key driver of the group result," he added.

And Wielandt is optimistic on the potential for the ASX 200 tech stock to achieve further revenue growth.

"The company has painted a brighter outlook for the communications segment for full year 2025," he said. "CDA was recently trading on undemanding price/earnings multiple."

Indeed, at Wednesday's close, Codan shares were trading on a P/E ratio of around 34 times.

"The 12-month broker consensus target is $17.90," Wielandt concluded. That consensus forecast represents a potential 6% upside from current levels. And this doesn't include the upcoming dividends.

What's the latest from Codan?

The last price-sensitive news from the ASX 200 tech stock was the company's half-year results (H1 FY 2025), released on 21 February.

Aside from the revenue growth Wielandt mentioned above, Codan reported a 21% year-on-year boost in earnings before interest and tax (EBIT) to $65.8 million. Net profit after tax (NPAT) of $46.1 million was also up 21% from H1 FY 2024.

Revenue from the ASX 200 tech stock's communications business came in at $187.0 million for the six months. That was up 22% year on year, topping management's growth target range of 10% to 15%.

The strong results saw management declare an interim dividend of 12.5 cents per share, fully franked. That's up 19% from last year's interim dividend.

"Our focus remains on strengthening the business and laying the foundation for long-term, profitable growth, ultimately reinforcing a stronger Codan," Codan's Alf Ianniello said on the day.

"We are pleased with the progress being made in Communications as this business continues to strengthen with an orderbook of $247 million, up 35% versus the pcp," he added.