News: CDA Codan Ltd issues profit guidance, page-8

my interpretation of this announcement is:
First half NPAT $20-22 mil due to 2 one off factors
- a large one off sale of radio comms equipment delivered in the first half
- unusually large sales of metal detectors
Both of these factors are not expected to be repeated in the second half
Second half NPAT expected to be $10 mil

I would value CDA on the basis of this on-going $10 mil NPAT per half.
That gives full year eps of 11.3 c
At the current share price of $1.77 that equates to a PE of 15.7 which appears reasonable, but not cheap.

I have held CDA in the past and made good profits, however I would be careful about re-investing due to the unpredictable nature of their sales and profits.

I also looked at the historical eps, over the last 13 years 2004 to 2016. The average is 11.3c . This adds further weight to using this eps as the basis for a long term valuation.

The current slump in the gold price may be a headwind for future metal detector sales.