The chairman is forecasting eps of 23c compared to 13c for FY12....

The chairman is forecasting eps of 23c compared to 13c for FY12. This explains the sharp increase in the last two weeks.

Jumped today but still only selling on P/E of 7.8. I expect this will get rerated quickly to >10. If the market believes growth to be even middling sustainable, it should ramp up to P/E 15.

Current growth is coming from their gold detectors, but I think future growth will come from their radio division. The acquisition of Daniels Radio a couple months ago was a very good move. It increases Codan's market breadth considerably, particularly in Asia and Africa which will be high growth markets for Daniels products in the next decade. Codan already had a lead on competitors in these markets.