Independent Investment Research has updated its coverage and increased its price target from $2.24 to $2.51 on shares of Codan Limited’s (OTC: CODAF) Australia-listed stock following the company’s report of financial results for the full year ending in 2017. The analyst noted that the company’s strong results for the year exceeded expectations, with an increase in revenues of 33.4% to $226.1 million. The growth in revenue is attributed primarily to new product development, which in turn enabled the company to pay down existing debt. The analyst noted that the constant development of new products continues to drive the company’s valuation.
For more information, visit www.CodanRadio.com
About Codan
Codan Radio Communications designs and builds premium communications equipment for High Frequency (HF) radio humanitarian, security and protection applications. For over 50 years the company has earned a reputation for unsurpassed quality and customer service in the most demanding environments on earth. Founded in 1959 in South Australia, Codan is a globally active company that employs 500 employees worldwide. Codan’s products are sold into more than 150 countries with exports representing approximately 90% of revenues. Codan excels in customer service and support throughout the world via a network of dealers, distributors and agents.
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