$30 Per Share at Defense Multiples. $50 If DAVD Hits the Number.

The Underwater Monopoly: Part 2 of 3

Apr 14, 2026

∙ Paid

Part 1 made the structural case: Coda Octopus owns a sonar monopoly the market is pricing as a generic industrial. Part 2 puts numbers on every step of the bridge from $26.6 million in revenue today to $80+ million by FY30, the margin expansion that comes with it, and the price target framework that ranges from $25 in the base case to $55+ in the bull case.

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