Codan Surprises UBS Again, But Stock Fairly Valued -- Market Talk

Dow Jones

04/30

0106 GMT - Codan's trading update pointed to stronger-than-expected profit margins in its communications business. Still, UBS says Codan's lofty valuation keeps it neutral-rated for now. Codan now expects communications revenue growth at the top end of its 15%-20% guidance range for FY 2026. It also says the division could achieve 30% profit margin in FY 2026, a year earlier than previously thought. Analyst Evan Karatzas likes Codan's exposure to three macro themes: gold price strength, defense investment and public safety. "We estimate these end-markets will help underpin a strong three-year cash EPS compound annual growth rate of 37%," UBS says. But with the stock currently trading on a FY27 price-to-earnings multiple of 41X, UBS thinks it is fairly valued. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 29, 2026 21:07 ET (01:07 GMT)

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Still, UBS says Codan's lofty valuation keeps it neutral-rated for now. Codan now expects communications revenue growth at the top end of its 15%-20% guidance range for FY 2026. It also says the division could achieve 30% profit margin in FY 2026, a year earlier than previously thought. Analyst Evan Karatzas likes Codan's exposure to three macro themes: gold price strength, defense investment and public safety. \"We estimate these end-markets will help underpin a strong three-year cash EPS compound annual growth rate of 37%,\" UBS says. But with the stock currently trading on a FY27 price-to-earnings multiple of 41X, UBS thinks it is fairly valued. 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Still, UBS says Codan's lofty valuation keeps it neutral-rated for now. Codan now expects communications revenue growth at the top end of its 15%-20% guidance range for FY 2026. It also says the division could achieve 30% profit margin in FY 2026, a year earlier than previously thought. Analyst Evan Karatzas likes Codan's exposure to three macro themes: gold price strength, defense investment and public safety. \"We estimate these end-markets will help underpin a strong three-year cash EPS compound annual growth rate of 37%,\" UBS says. But with the stock currently trading on a FY27 price-to-earnings multiple of 41X, UBS thinks it is fairly valued. (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 29, 2026 21:07 ET (01:07 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7084","symbol_name":"電子設備和儀器","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2631579785","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2631579785","pubTimestamp":1777511220,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0106 GMT - Codan's trading update pointed to stronger-than-expected profit margins in its communications business. Still, UBS says Codan's lofty valuation keeps it neutral-rated for now. Codan now expects communications revenue growth at the top end of its 15%-20% guidance range for FY 2026. It also says the division could achieve 30% profit margin in FY 2026, a year earlier than previously thought. Analyst Evan Karatzas likes Codan's exposure to three macro themes: gold price strength, defense investment and public safety. \"We estimate these end-markets will help underpin a strong three-year cash EPS compound annual growth rate of 37%,\" UBS says. But with the stock currently trading on a FY27 price-to-earnings multiple of 41X, UBS thinks it is fairly valued. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7084":"电子设备和仪器","CDA.AU":"CODAN LTD"},"translate_title":"Codan再次令瑞银感到惊讶，但股票估值合理——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CDA.AU":0.9},"content_text":"0106 GMT - Codan's trading update pointed to stronger-than-expected profit margins in its communications business. Still, UBS says Codan's lofty valuation keeps it neutral-rated for now. Codan now expects communications revenue growth at the top end of its 15%-20% guidance range for FY 2026. It also says the division could achieve 30% profit margin in FY 2026, a year earlier than previously thought. Analyst Evan Karatzas likes Codan's exposure to three macro themes: gold price strength, defense investment and public safety. \"We estimate these end-markets will help underpin a strong three-year cash EPS compound annual growth rate of 37%,\" UBS says. But with the stock currently trading on a FY27 price-to-earnings multiple of 41X, UBS thinks it is fairly valued. (david.winning@wsj.com; @dwinningWSJ) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 29, 2026 21:07 ET (01:07 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":true,"need_login_tip":false,"code":"91000000","status":"200"}}}