codan all is lost?

Todays results clearly highlight an overvalued shareprice for codan no disagreement. But is all lost? I am not too sure.
Yes facts on the ground show that the south African market is dominated by over supply of cheaper models either new or 2nd hand. but the extraordinary sales did not come from the south rather from the north sudan and neighbours.
Despite the motherhood comments in the results release, several comments were positive...communication order book very strong, pilot project on the go, interesting facts.
The question is what happens at a turnover of $150 million and is it reasonable achieveable in the near future. What would be the EPS and corresponding the Share price?
I would say fully valued at 66 cents with an EPS ? Not sure a return to 38% cost of sales do not think will occur with the cheaper minelab models.
But I do know there technology works and you are out there looking for gold and the guy with the minelab is finding the stuff and you are not, well? or your emergency radio is not working uncomfortable position.
Finally Codan to survive will need to return to supplying the armed forces again that's why they were established in the frist place and why they where targeted by china.
cheers and good luck
nb, balance sheet no good but not lousy.


























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