Thursday, 26 December 2024

Fiorenzato-Pietro hand grinder

The Pietro hand grinder, made by the Italian company Fiorenzato, is a premium manual grinder featuring 58mm vertical flat burrs, designed for single dosing to produce a clean and subtle cup of coffee. 

It's known for its innovative design, including a unique ergonomic and retractable lever system and magnetic dosing chamber, which allows for precision, zero retention, and ease of cleaning. 
The grinder is available with 2 different burr sets for multipurpose or filter.

 
Key Features
Vertical Flat Burrs:
The Pietro is unique as the only hand grinder with vertical 58mm flat burrs, a design that promotes consistent performance and precise extraction. 

Zero Retention:
The design ensures that no coffee grounds are retained in the grinder, leading to a cleaner cup and more efficient use of beans. 

Ergonomic Design:

It features an innovative, ergonomic design with a retractable lever for comfortable and precise use. 

Magnetic Dosing Chamber:
A grounds container with strong magnetic buttons collects the coffee, making it easy to detach and use. 

Premium Build Quality:
Manufactured in Venice, Italy, the grinder is built with premium materials and a robust design. 

Specialized Burr Sets:
You can choose between the "MultiPurpose" burrs for a full range of brewing, or the "ProBrew" burrs, optimized for filter extractions. 




Benefits
Exceptional Clarity:
Produces a noticeably cleaner and more subtle cup of coffee, allowing for subtle tasting notes to become more apparent. 
Precision Grinding:
The vertical flat burr geometry provides perfect extraction for a superior coffee experience. 
Ease of Cleaning:
The grinder is designed to be easy to take apart, clean, and set up. 










Stylish and High-Quality:
Its aesthetic and craftsmanship make it a beautiful and durable addition to a countertop. 


Who is it for?
The Pietro is designed for discerning coffee enthusiasts who are looking for a high-performance, specialized hand grinder for single-dosing, and who appreciate a blend of innovative engineering and premium aesthetics. 









3D printed stand and funnel















The Pietro hand grinder has approximately 15 microns of burr distance adjustment per click of its numbered dial. This adjustment is consistent across different burr sets, including the standard M-Modal and the Pro Brewing burrs, providing users with precise control over their grind size for espresso, filter coffee, and other brew methods.

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Key Details
15 Microns per Click:
Each click on the Pietro's intuitive adjustment dial corresponds to a 15-micron change in the distance between the burrs. 
Burr Distance:
This micron value represents the actual physical change in the setting, ensuring a precise and repeatable adjustment for your grind. 
Intuitive Dial:
The numbered dial allows for easy and accurate identification of grind levels for various brewing methods, from espresso to filter coffee. 

Versatile Burr Sets:
This 15-micron increment holds true for both the standard M-Modal burrs and the Pro Brewing burrs (designed with Lance Hedrick), offering consistent precision regardless of your chosen burr set. 

There is a hack for making this stepless however I haven't felt the need to do this so far.

CDA - Codan

 CDA Codan
22 july 2026


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ASX:CDA (Codan Limited) has experienced strong operational growth over the last 5 years, achieving record-breaking earnings and a share price rally. Net profit reached $103.5 million in FY25 and hit $71.2 million in H1 FY26 alone, while maintaining low debt and a strong Return on Equity (ROE) exceeding 24%. [1, 2, 3, 4, 5, 6]
5-Year Financial & Operational Breakdown
  • Profitability: Codan has sustained impressive margins, with Net Profit After Tax (NPAT) rising consistently. The company achieved an NPAT of $103.5 million in FY25 (a 27% year-on-year increase) and upgraded its full-year guidance for FY26 on the back of bullish sales in its Communications and Metal Detection units. [1, 2, 3]


  • Debt Levels: The balance sheet remains highly conservative. By the end of FY25, net debt had been significantly reduced to $78.3 million, and its net debt-to-EBITDA ratio sat comfortably at 0.4 times, providing ample room for strategic acquisitions. [1, 2, 3, 4]
These are its D/E ratios for the last 5 years:
2026 - 0.27
2025 - 0.31
2024 - 0,32
2023 - 0.31
2022 - 0.22

  • Return on Equity (ROE): Codan has been a highly capital-efficient business. The company maintains an ROE of 24.35%, comfortably beating historical levels as revenue scaling drives bottom-line growth. [1, 2, 3]

  • Share Price Performance: The stock has rallied significantly, climbing from under $10 over the earlier part of the 5-year cycle to reach record all-time highs exceeding $45 by mid-2026. [1, 2, 3]

Key Catalysts
  • Minelab (Metal Detection): Sustained demand driven by favorable global gold prices and successful new product releases.
  • Communications: Tactical acquisitions (such as Kagwerks and Adaptive Dynamics) have expanded the company’s footprint in defense and technology, leading to an increasing and secure order book. [1, 2, 3, 4, 5]
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PE ratios

The historical Price-to-Earnings (P/E) ratio for Codan Limited (ASX: CDA) has fluctuated significantly over the last 10 years, moving from single digits up to its current premium multiple of 62.4x to 62.9x in July 2026. The stock's 10-year historical average P/E sits at roughly 20.10. [1, 2, 3, 4]
Analyze the 10-Year Historical P/E Ratios
The table below breaks down the annual P/E ratios for Codan Limited from 2016 through mid-2026 based on year-end financial reporting. [1, 2]
Year [1, 2, 3, 4]Approximate P/E RatioKey Driver / Market Phase
2026 (Current)62.4x - 62.9xMassive premium pricing driven by a 55% surge in net income
202535.3x - 37.1xRising demand for communications tech and metal detection gear
202426.8x - 27.0xRecovery in core tech divisions and improved profit margins
202321.3x - 21.5xStabilizing period after post-COVID supply chain and demand shocks
202211.8x - 12.5xSharp multiple contraction following broader tech selloff
202136.0xPeak pandemic demand for Minelab detectors and gold-mining tools
202022.0xSteady growth as digital communications segments expanded
201917.5xModerate valuation matching consistent mid-teen earnings growth
201815.1xTracking close to long-term historical median levels
201718.4xEarly phases of international tactical communications scaling
20169.0xCyclical low with ultra-cheap multiples relative to earnings

Evaluate Essential Valuation Metrics
To get a full look at the company's valuation cycle, look closely at these long-term parameters: [1, 2]
  • 10-Year Average: 20.10
  • 10-Year Median: 16.86
  • 10-Year Minimum: 9.52 (during the 2016 cycle)
  • 10-Year Maximum: 62.92 (reached in current 2026 trading)
  • Forward P/E Multiple: 43.5x - 43.9x (pricing in projected earnings growth) [1, 2, 3, 4]
Review Crucial Growth Drivers
  • Multiple Expansion: The dramatic jump from ~27x in 2024 to over 62x in 2026 is due to the stock price running ahead of near-term earnings. Investors are paying a premium because first-half 2026 net income jumped 55% to AU$71.2m. [, 2, 3]
  • Sector Contrast: At ~62x earnings, Codan trades significantly higher than the median ASX market average (where roughly half of listed companies sit below a 22x P/E). However, it remains closely aligned with its direct peer average in high-growth electronics. [1, 2, 3]
You can cross-reference changing consensus valuations through the Morningstar ASX CDA Profile
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dividends
Not an income stock !



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ROIC Vs WACC
Codan Limited (ASX:CDA) consistently maintains a Return on Invested Capital (ROIC) that significantly exceeds its Weighted Average Cost of Capital (WACC), indicating strong long-term economic value creation. Current metrics show an ROIC of approximately 16% to 20% compared to a WACC of roughly 8.6% to 11.8%. [1, 2, 3, 4]
Capital Efficiency and Value Creation
  • ROIC Trend: Codan's 3-year average ROIC sits around 16%, with trailing figures reaching up to 20.02%, showing high efficiency in deploying capital into core operations like communications and metal detection. [1, 2, 3]
  • WACC Trend: The company’s blended cost of capital generally tracks between 8.6% and 11.8% depending on prevailing risk-free rates, equity beta, and debt-to-equity weighting. [1, 2]
  • Spread: Because ROIC consistently surpasses WACC by a wide margin (a positive spread of ~8% to 11%), Codan demonstrates a durable economic moat, generating excess returns well above the minimum required by its providers of capital. [1, 2, 3, 4]

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