There is no evidence here to justify a blanket buy, hold or sell call on Commonwealth Bank of Australia (CBA), Capstone Copper (ASX: CSC) or Codan. Their FY26 results show three different businesses, but without same-date share prices, comparable valuation measures and a full review of Capstone’s underlying results, those figures cannot establish which share offers the best return at today’s price. They can, however, help investors identify what to examine next.
What the FY26 figures show
The figures below are reported by the companies, not independently verified forecasts. CBA and Codan provide FY26 summary results; Capstone’s announcement index identifies recent filings but does not provide enough detail there to make a like-for-like operating comparison.
| Company and exposure | Reported FY26 figures | What the figures do not establish |
|---|---|---|
| Commonwealth Bank of Australia (CBA) Australian bank |
Statutory NPAT of A$10,911 million; cash NPAT of A$10,982 million; fully franked dividends totalling A$5.05 per share; cash-basis return on equity of 14.0%; and an APRA Level 2 CET1 ratio of 12.0%. All are CBA-reported FY26 figures. CBA FY26 annual report page. | Whether the shares are attractively priced, how earnings compare with prior years, and whether the dividend is sustainable at the current share price. |
| Capstone Copper Corp. (ASX: CSC) Copper producer |
The available ASX announcement index lists Q2 2026 results, interim financial statements and management discussion dated 31 July 2026, and completion of the San Pietro copper concessions acquisition dated 1 September 2026. Capstone ASX announcement index. | The index entries alone do not show production, costs, transaction economics, guidance or expected returns. They do not establish a comparable dividend yield. |
| Codan Limited Unmanned systems, gold detectors and related businesses |
Revenue of A$875.0 million, up 30%; EBIT of A$244.1 million, up 67%; NPAT of A$175.2 million, up 69%; and a fully franked annual dividend of 48.5 cents per share, up 70% on FY25. Codan attributes revenue growth to ongoing demand for unmanned systems, new gold detector products and the full-year contribution from Kägwerks. Codan investor overview. | One strong reporting year does not establish that growth will persist, that cash conversion is strong, or that the share price reflects an attractive valuation. |
The dividend amounts are not yields: a yield depends on the share price on a particular date, and the companies have different payout contexts and business risks. No same-date price or comparable valuation measure is established by these company figures.
What kind of exposure each share represents
CBA: bank earnings, credit and capital
CBA’s FY26 results provide a picture of reported earnings, profitability, capital and distributions. For an investment case, the next questions are how those figures are changing and what risks sit behind them. A bank’s earnings can be affected by net interest margin, operating costs and credit quality; a weakening borrower environment or pressure on margins could challenge earnings and dividends. The reported 12.0% APRA Level 2 CET1 ratio is a capital measure, not a promise that the dividend or share price is protected.
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CBA also reports that 34% of retail customers and 26% of businesses considered it their main financial institution. Those are issuer-reported customer measures, useful as context for its franchise but not a direct measure of future earnings. The bank’s annual-report page also gives a 241% 10-year total shareholder return. That is a historical issuer-reported return over the stated period, not a forecast or evidence that the shares are currently cheap.
Capstone Copper: a copper producer, not an Australian-incorporated ordinary share
Capstone’s ASX security trades as CSC through CHESS Depositary Interests (CDIs). Each CDI represents one fully paid common share; it should not be described as an ordinary share in an Australian-incorporated company. Capstone says its secondary ASX listing commenced trading in February 2024. The company’s reports and filings page and the ASX announcement index are starting points for examining its disclosures.
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A copper producer’s investment case depends on more than the commodity price. Investors should assess production volumes and grades, operating costs, mine and project execution, permitting and the jurisdictions in which operations are located. Currency exposure can also affect reported results. The ASX index confirms that Capstone filed Q2 2026 materials and reported completion of the San Pietro concessions acquisition, but the index itself does not establish the acquisition’s economics or whether execution will meet expectations. Read the underlying results, financial statements, management discussion and acquisition announcement before drawing those conclusions.
Codan: growth across distinct product businesses
Codan’s FY26 figures show substantial year-on-year growth in revenue, EBIT and NPAT, alongside a higher fully franked dividend. The company attributes revenue growth to unmanned-systems demand, new gold-detector products and the full-year contribution from Kägwerks. That attribution identifies management’s stated drivers; it does not show how durable each driver is or how much each contributed.
To test whether growth can continue, examine segment performance, product demand, margins, cash conversion and acquisition integration in the full results materials. Codan’s investor overview lists an H1 FY27 trading update dated 29 September 2026. The overview listing establishes the date, not the update’s detailed contents; investors should read that release before relying on FY26 figures as a guide to current trading.
A practical way to decide what “buy, hold or sell” means for each
Start with the price you would pay or the price at which you already own the shares. Then test the business case against evidence that could change it. A company can report good results and still be an unattractive purchase at an excessive valuation; a share can fall while its underlying investment case remains intact. Without current prices and comparable valuation inputs, the evidence here cannot resolve that question.
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- Set a valuation basis. Record each share’s price on the same date and choose relevant measures for its business and financial profile. Compare like with like; do not infer that one company is cheaper from its nominal share price, profit growth or dividend amount.
- Check the next evidence that matters. For CBA, review net interest margin, credit quality, operating costs, capital and dividend coverage. For Capstone, use the underlying Q2 filings to examine production, grades, costs, guidance, project execution and the completed acquisition. For Codan, review segment trends, margins, cash conversion, acquisition integration and the H1 FY27 update.
- Write down what would weaken the thesis. CBA’s case could weaken if credit losses, margin pressure or costs undermine earnings and distributions. Capstone’s could weaken if copper exposure is accompanied by operational, project, permitting or financing setbacks. Codan’s could weaken if demand, margins, integration or cash conversion fail to support its recent earnings growth. These are analytical risks to test, not predictions that they will occur.
- Match the result to your own position. An existing holding, a new purchase and a decision to reduce exposure are different decisions. Consider your time horizon, concentration, tolerance for losses and need for income; company results alone cannot establish personal suitability.
What the current evidence can—and cannot—support
The reported results support a comparison of business exposures and a shortlist of questions for further analysis, not a relative-return ranking. CBA’s reported bank earnings, capital and dividend; Capstone’s copper exposure and recent filings; and Codan’s FY26 growth describe different drivers and risks. The cited sources do not provide same-date share prices, valuation multiples, independent forecasts or analyst recommendations, and the Capstone index does not contain enough operating detail for a full results comparison.
Before acting, check the latest company announcements and filings, capture prices and valuation inputs on the same date, and read the underlying releases rather than relying on summary figures. A buy, hold or sell decision depends on that valuation work and on the investor’s circumstances; the FY26 numbers by themselves do not settle it.
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