How Codan became the #1 technology stock on the ASX
Alf Ianniello says having clear metrics for success and a simple strategy have been critical in Codan’s growth trajectory.
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Codan (ASX:CDA) is a remarkable company founded in 1959 by three Adelaide University friends. Originally known as EIL Co, the company began as a two-way radio manufacturer. Today, the company remains based in Adelaide, but virtually everything else has changed, and it is now a major player in three global niche industries.
Codan, which listed on the ASX in 2003, is a world leader in gold detectors, a key player in emergency services communications, and at the cutting edge of unmanned drone communication systems. The company is on a hot streak and, since this interview was recorded, Codan has upgraded earnings guidance for the first half of FY27 due to ‘unprecedented levels of demand’ in the firm's Communications segment.
Alf Ianniello joined Codan in early 2022 as CEO. Since then, the profits have almost doubled, and the share price is up around 750%. Codan’s market capitalisation is over $12 billion, making it the largest technology stock on the ASX.
In this episode of Success and More Interesting Stuff, Alf reveals the simple metrics he believes define Codan’s success, explains why R&D investment has been critical, and why he believes Codan’s scale can help the business go from good today to great in the future.
Time codes
- 0:00 - Introduction & Codan overview
- 2:06 - How Codan fits into unmanned drone communication systems
- 3:22 - Drone types, ranges, and global growth
- 5:13 - Alf Ianniello's background & family history
- 8:03 - Soccer career, influences, and self-awareness
- 10:47 - Studying electrical engineering & systematic thinking
- 12:13 - Early career: British Aerospace & Scheffenacker in Detroit
- 16:40 - Detmold Group experience & customer-centric leadership
- 19:57 - Management style, key metrics, and simplifying strategy
- 23:06 - Transitioning to a listed company like Codan
- 26:40 - Setting market cap goals & driving performance
- 29:51 - Minelab gold detectors & recreational detection market
- 32:38 - Zetron, public safety, and future growth engines
- 34:00 - The global market for drone communications beyond Ukraine
- 37:10 - Taking Codan from being good to great
- 40:13 - The impacts of success and why Codan can move faster
- 43:19 - Why keeping an eye on technology matters
- 45:04 - What's next for Alf
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
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Matthew is the Principal and Portfolio Manager at Centennial Asset Management. Prior to this, Matthew was the CIO at Wilson Asset Management between 1998 and 2011, achieving 18% p.a. over the period.
Expertise
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