One great example is Codan Limited (ASX:CDA) which saw its share price drive 162% higher over five years. Then again, the 8.7% share price decline hasn't been so fun for shareholders. We note that ...

A look at the shareholders of Codan Limited (ASX:CDA) can tell us which group is most powerful. And the group that holds the biggest piece of the pie are individual investors with 44% ownership.

We initiate coverage on Codan with a fair value estimate of AUD 19.50 per share. We assign Codan a narrow moat rating, Medium Morningstar Uncertainty Rating, and Exemplary Capital Allocation Rating.

We think Codan’s expansion in the communications sector supports long-term growth, with diverse and stable earnings contributions from its command center product. After a series of acquisitions ...