** Morningstar says technology firm Codan's CDA.AX shares are undervalued due to overlooked growth, particularly in command center software Zetron

** Fastest growth expected in Zetron, making up about 45% of mid-cycle EBIT, as 911 centers upgrade tech, brokerage says

** Morningstar forecasts avg. return on invested capital of 18% over next 10 years

** Brokerage sees low double-digit sales growth as CDA acquires new customers, enters new segments and introduces new products

** Initiates coverage with fair value estimate of A$19.50

** 5 of 7 analysts rate stock "buy" or higher and 2 as "hold"; their mean PT is A$16.7 – LSEG data

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))