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Thorney Opportunities Ltd.
(Sydney:TOP)
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Rating:69Neutral
Price Target:
AU$0.60
▼(-12.75% Downside)
Action:Downgraded
Date:12/30/25
Overall score is driven by strong financial stability (no debt and generally solid cash generation) but held back by volatile earnings/revenue performance. Technical signals are neutral-to-soft, while valuation is reasonable with a moderate P/E and a ~4% dividend yield.
Positive Factors
Zero debt / strong balance sheet
A zero-debt balance sheet gives the company material financial flexibility to weather market downturns, fund new investments from equity or retained earnings, and avoid refinancing risk. This durability supports long-term capital allocation and protects dividend capacity in stressed periods.
Negative Factors
Volatile revenue and earnings
Large swings in revenue and periodic loss-making years undermine predictability of returns from the investment portfolio. For an LIC, such volatility reduces confidence in sustainable distributions and complicates multi-year planning for capital deployment and investor income expectations.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero debt / strong balance sheet
A zero-debt balance sheet gives the company material financial flexibility to weather market downturns, fund new investments from equity or retained earnings, and avoid refinancing risk. This durability supports long-term capital allocation and protects dividend capacity in stressed periods.
Read all positive factors
Thorney Opportunities Ltd. (TOP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$92.60M
Dividend Yield4.05%
Average Volume (3M)95.09K
Price to Earnings (P/E)6.0
Beta (1Y)0.46
Revenue Growth-19.12%
EPS Growth-9.38%
CountryAU
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.09
Shares Outstanding168,364,620
10 Day Avg. Volume49,823
30 Day Avg. Volume95,090
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)0.71
Price to Sales (P/S)6.37
P/FCF Ratio5.94
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Thorney Opportunities Ltd. Business Overview & Revenue Model
Company Description
Thorney Opportunities Ltd operates as an Australian-based equity fund under the management of Thorney Management Services Pty Ltd. The fund strategically allocates capital to the public equity markets within Australia, targeting shares of companie...
How the Company Makes Money
TOP makes money primarily through investment returns generated from its portfolio. Its key economic drivers are: (1) capital gains from buying and later selling investments at higher prices (realized gains) and increases in the market value of inv...
Thorney Opportunities Ltd. Financial Statement Overview
Summary
Income Statement
63
Positive
Balance Sheet
86
Very Positive
Cash Flow
74
Positive
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.07M | 17.52M | 57.51M | 13.23M | -3.01M | 33.00M |
| Gross Profit | 23.85M | 17.52M | 57.51M | 15.56M | -5.40M | 38.81M |
| EBITDA | 22.82M | 14.11M | 45.11M | 10.37M | 0.00 | 30.11M |
| Net Income | 16.16M | 8.54M | 35.03M | 10.86M | -3.72M | 22.53M |
Balance Sheet | ||||||
| Total Assets | 184.04M | 179.90M | 185.82M | 138.33M | 132.50M | 151.37M |
| Cash, Cash Equivalents and Short-Term Investments | 161.36M | 152.60M | 157.40M | 100.87M | 94.25M | 128.02M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 24.49M | 21.80M | 26.58M | 5.27M | 3.20M | 11.88M |
| Stockholders Equity | 159.55M | 158.09M | 159.24M | 133.06M | 129.30M | 139.49M |
Cash Flow | ||||||
| Free Cash Flow | 12.78M | 18.78M | 28.31M | 7.94M | 2.64M | -55.99K |
| Operating Cash Flow | 12.78M | 18.78M | 28.31M | 7.94M | 2.64M | -55.99K |
| Investing Cash Flow | -7.80K | -28.26K | 0.00 | 0.00 | 4.60M | 1.17M |
| Financing Cash Flow | -10.49M | -9.69M | -8.84M | -7.11M | -6.46M | -4.96M |
Thorney Opportunities Ltd. Technical Analysis
Positive
0.69
Price Trends
0.53
Positive
0.56
Negative
0.61
Negative
Market Momentum
<0.01
Negative
59.09
Neutral
46.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TOP, the sentiment is Positive. The current price of 0.69 is above the 20-day moving average (MA) of 0.53, above the 50-day MA of 0.53, and above the 200-day MA of 0.61, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 59.09 is Neutral, neither overbought nor oversold. The STOCH value of 46.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:TOP.
Thorney Opportunities Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | AU$3.00B | 6.78 | 17.76% | 3.34% | 138.96% | -62.36% | |
70 Outperform | AU$320.78M | -8.13 | -12.50% | 4.17% | -82.27% | -146.64% | |
69 Neutral | AU$92.60M | 6.04 | 10.18% | 4.05% | -19.12% | -9.38% | |
61 Neutral | AU$48.77M | 18.13 | 3.43% | 6.89% | -26.20% | -112.45% | |
60 Neutral | AU$552.93M | 60.99 | 1.27% | 3.56% | 21.34% | 3.66% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | AU$9.72M | 1.36 | 91.73% | ― | ― | ― |
* General Sector Average
AU:TOP
Thorney Opportunities Ltd.
0.55
-0.04
-6.62%
AU:PAC
Pacific Current Group Ltd
11.46
1.14
10.99%
AU:SB2
Salter Brothers Emerging Companies Ltd.
0.58
-0.09
-13.30%
AU:KBC
Keybridge Capital Limited
0.05
0.00
0.00%
AU:MFF
MFF Capital Investments Ltd.
5.06
0.82
19.40%
AU:MIR
Mirrabooka Investments Ltd
2.47
-0.69
-21.84%
Thorney Opportunities Ltd. Corporate Events
Thorney Opportunities Cuts Capital with 600,000‑Share Buy‑Back
Jun 30, 2026
Thorney Opportunities Ltd. has cancelled 600,000 ordinary fully paid shares as part of an on‑market buy‑back, effective 30 June 2026. The reduction in issued capital is expected to be accretive to remaining shareholders, signalling ong...
Thorney Opportunities Updates Progress on Ongoing Share Buy-Back
Jun 28, 2026
Thorney Opportunities Ltd. has provided an updated notification on its ongoing on-market share buy-back program, confirming that a total of 2,155,600 ordinary fully paid shares had been repurchased prior to the latest reporting date. The company r...
Thorney Opportunities Advances Daily On-Market Share Buy-Back
Jun 25, 2026
Thorney Opportunities Ltd. has provided an updated notification to the ASX outlining progress under its on-market share buy-back program for ordinary fully paid shares. The latest filing notes the ongoing execution of daily repurchases, reinforcin...
Thorney Opportunities Continues On-Market Share Buy-Back Program
Jun 24, 2026
Thorney Opportunities Ltd., the ASX-listed investment company behind the TOP ordinary fully paid shares, continues to actively manage its capital structure through an on-market share buy-back program. The company has been steadily repurchasing sto...
Thorney Opportunities Updates Daily On-Market Share Buy-Back
Jun 23, 2026
Thorney Opportunities Ltd has provided an updated notification on its on-market share buy-back program, confirming that it repurchased 50,000 ordinary fully paid shares on the previous trading day. This lifts the total number of shares bought back...
Thorney Opportunities lifts disclosure on ongoing on‑market share buy‑back
Jun 22, 2026
Thorney Opportunities Ltd. has provided an updated daily notification on its ongoing on‑market share buy‑back of ordinary fully paid shares, disclosing that it has repurchased a total of 1,955,600 shares prior to the latest trading day...
Thorney Opportunities Continues Daily On-Market Share Buy-Back
Jun 18, 2026
Thorney Opportunities Ltd. has continued its on-market share buy-back program, reporting that it had repurchased a total of 1,855,600 ordinary fully paid shares before the latest trading day. The company bought back an additional 100,000 shares on...
Thorney Opportunities Continues On-Market Share Buy-Back Program
Jun 18, 2026
Thorney Opportunities Ltd has continued its on-market share buy-back program, reporting that it purchased 100,000 ordinary fully paid shares on the most recent trading day. This lifts the cumulative number of shares bought back to 1,755,600 as of ...
Thorney Opportunities Steps Up On-Market Share Buy-Back
Jun 9, 2026
Thorney Opportunities has continued its on-market share buy-back program, disclosing that it had repurchased a total of 1,605,600 ordinary fully paid shares prior to the latest reporting day. The company bought back an additional 100,000 shares on...
Thorney Opportunities Cancels 420,124 Shares in On-Market Buy-Back
May 29, 2026
Thorney Opportunities Ltd. has cancelled 420,124 ordinary fully paid shares on 29 May 2026 as part of an on-market buy-back. The reduction in issued capital reflects an ongoing capital management program that can enhance earnings per share and pot...
Thorney Opportunities lifts NTA and extends buyback on strong April rebound
May 11, 2026
Thorney Opportunities Ltd reported that its after-tax net tangible asset backing rose to 85.9 cents per share at 30 April 2026 from 78.8 cents a month earlier, with the investment portfolio gaining 9.05% in April and outperforming the SP/ASX Small...
Thorney Opportunities updates investors on daily on‑market share buy‑back activity
May 4, 2026
Thorney Opportunities Ltd. has provided an update on its ongoing on‑market share buy‑back of its ordinary fully paid shares, disclosing that a total of 1,485,476 securities had been repurchased before the previous trading day. The comp...
Thorney Opportunities Steps Up On-Market Share Buy-Back
May 3, 2026
Thorney Opportunities Ltd, an ASX-listed investment company trading under the ticker TOP, manages a portfolio of listed securities for investors in the Australian market. The company uses a closed-end structure to provide exposure to a range of eq...
Thorney Opportunities Cancels Shares After On Market Buy Back
Apr 30, 2026
Thorney Opportunities Ltd, an ASX listed investment company trading under the code TOP, manages a portfolio of securities for its shareholders and seeks to generate returns through active investment strategies. The company periodically adjusts its...
Thorney Opportunities Updates ASX on Progress of On‑Market Share Buy‑Back
Apr 22, 2026
Thorney Opportunities Ltd. has provided an updated notification to the ASX confirming the progress of its on-market share buy-back for its ordinary fully paid shares. The company, which trades under the ticker TOP, is using this capital management...
Thorney Opportunities updates daily on-market share buy-back totals
Apr 21, 2026
Thorney Opportunities Ltd has provided an updated notification of its ongoing on-market share buy-back for its ordinary fully paid shares on the ASX. The company reported that a total of 899,966 shares had been repurchased before the previous trad...
Thorney Opportunities Continues On-Market Share Buy-Back
Apr 16, 2026
Thorney Opportunities Ltd. has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest daily report states that a total of 599,966 securities had been bought...
Thorney Opportunities Updates Daily On-Market Share Buy-Back
Apr 15, 2026
Thorney Opportunities Ltd. has provided an updated notification of its on-market share buy-back program for its ordinary fully paid shares on the ASX. The company reported that a total of 573,726 shares had been repurchased before the previous tra...
Thorney Opportunities’ NTA Hit by Market Turmoil but Cash War Chest Backs Buyback Push
Apr 14, 2026
Thorney Opportunities Ltd reported a sharp fall in its net tangible asset backing in March, with after-tax NTA dropping to 78.8 cents per share from 87.4 cents a month earlier, as heightened geopolitical tensions in the Middle East and associated ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.