Cadence Opportunities Fund Ltd. (CDO) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 7.09%
• Average Volume (3M): 21.30K
• Price to Earnings (P/E): 1.2
• Beta (1Y): 0.44
• Revenue Growth: -19.26%
• EPS Growth: -36.79%
• Country: AU
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.41
• Shares Outstanding: 15,609,770
• 10 Day Avg. Volume: 31,384
• 30 Day Avg. Volume: 21,300
• PEG Ratio: -0.49
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 7.66
• P/FCF Ratio: 2.80
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: AU$2.50 ▲(28.21% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily held back by volatile financial performance and inconsistent cash flow despite a solid balance sheet. Technicals are supportive with the stock trading above major moving averages and positive MACD, while valuation is helped by a high dividend yield but limited by a mid-range P/E.

Positive Factors

Active management mandate

As an LIC managed by Cadence, CDO has a durable asset-management business model: professional active portfolio management focused on Australian equities. That structure provides recurring investment expertise, disciplined rebalancing and liquidity management that can sustain returns and distributions over a multi‑month horizon.

Conservative leverage

A low debt-to-equity ratio (~0.26) and a sizable equity base give the listed vehicle financial resilience. Conservatively levered balance sheets reduce solvency and refinancing risk, increasing the fund's ability to realise positions or absorb mark-to-market swings without forced deleveraging over the medium term.

Recent profitability rebound

Strong revenue and high net margins in 2025 (after earlier weak years) indicate the portfolio delivered meaningful gains recently and management converted market gains into reported profitability. If sustained, this trend improves NTA growth and the capacity to support dividends and retain capital for further compounding.

Negative Factors

Volatile earnings history

CDO's historical earnings volatility, including negative revenue years, undermines the predictability of returns and distributions. For investors seeking steady income or compounding, this inconsistency signals higher execution and market-timing risk in the manager's ability to produce repeatable long‑term alpha.

Erratic cash flow generation

Highly variable cash flows limit the company’s ability to consistently fund dividends, cover operating costs, or opportunistically invest without realising positions. In weak periods the fund may face liquidity pressure or forced sell decisions, raising structural execution and payout sustainability concerns over months ahead.

Modest return on equity

A low ROE indicates the fund has struggled to reliably convert its capital base into attractive shareholder returns across cycles. Modest multi-year ROE constrains long-term wealth accumulation for shareholders and raises questions about persistent manager outperformance versus peers or benchmarks.

Cadence Opportunities Fund Ltd. Business Overview & Revenue Model

Company Description

Cadence Opportunities Fund Limited invests in securities listed in Australia and internationally. The company was incorporated in 2018 and is based in Sydney, Australia.

How the Company Makes Money

CDO’s economics operate in two layers: (1) the fund/portfolio level (what the investment portfolio earns) and (2) the listed company level (what CDO can pay/retain and how the manager is compensated). At the portfolio level, CDO seeks to generate returns from changes in the market value of its investments (realised and unrealised capital gains) and from investment income such as dividends and, where applicable, franking credits. These portfolio returns increase net tangible assets (NTA) and may be distributed to shareholders as dividends when the board declares them; however, dividend payments are distributions of portfolio earnings rather than operating revenue. At the listed-company level, CDO does not typically generate operating revenue from selling products or services; its primary sources of cash inflow are investment income received from the portfolio and proceeds from the sale of investments, which are then used to pay expenses, reinvest, and potentially fund dividends. A key factor affecting shareholder outcomes is that CDO incurs ongoing costs such as management fees payable to Cadence Asset Management (and other fund expenses like administration, custody, audit, and listing costs). Specific fee rates, performance fee terms, or partnership arrangements are null because they are not provided here and should be taken from CDO’s latest annual report and disclosures if needed. Significant partnerships beyond the external manager and standard service providers (e.g., administrator/custodian) are null for the same reason.

Cadence Opportunities Fund Ltd. Financial Statement Overview

Summary

Recent profitability rebounded strongly in 2025 (revenue up ~24% YoY with high net margin), and leverage is conservative (debt-to-equity ~0.26). However, earnings and cash generation have been highly volatile across years, including loss-making/negative revenue periods (2022–2023) and erratic free cash flow, reducing confidence in durability.

Income Statement

Profitability has been strong in the most recent two annual periods, with 2025 revenue up ~24% year-over-year and healthy net margin (~43%), following an even stronger 2024 margin (~54%). However, results have been volatile across the cycle, including loss-making years in 2022–2023 with negative revenue, which lowers confidence in durability and consistency of earnings.

Balance Sheet

The balance sheet appears conservatively levered, with debt-to-equity around 0.26 in 2025 (and generally low-to-moderate over the period). Equity is sizable relative to total assets, providing a cushion. The main weakness is uneven shareholder returns: return on equity is modest in 2025 (~4.6%) and was negative in 2022–2023, highlighting variability in how effectively the capital base is being monetized.

Cash Flow

Cash generation is highly erratic. 2025 shows strong positive operating and free cash flow (~9.6M), but 2024 and 2021 had very large cash outflows, and 2023 was also negative. This volatility suggests cash realization is not consistently aligned with reported profitability, increasing execution and liquidity-risk sensitivity during weaker periods.

Breakdown	TTM	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	14.65M	3.50M	4.34M	-650.26K	-1.01M	10.31M
Gross Profit	12.61M	3.50M	3.59M	-1.63M	-2.17M	8.12M
EBITDA	9.11M	0.00	2.92M	-2.04M	-2.49M	-127.09K
Net Income	8.18M	1.49M	2.34M	-1.34M	-1.52M	5.59M
Balance Sheet
Total Assets	50.59M	44.86M	40.52M	41.31M	48.11M	35.85M
Cash, Cash Equivalents and Short-Term Investments	12.44M	12.82M	38.93M	21.20M	24.02M	62.20M
Total Debt	9.30M	8.35M	6.70M	3.96M	2.50M	7.49M
Total Liabilities	13.30M	12.67M	7.94M	9.12M	13.10M	13.89M
Stockholders Equity	37.30M	32.18M	32.58M	32.18M	35.01M	21.97M
Cash Flow
Free Cash Flow	3.10M	9.58M	-18.53M	-2.80M	3.43M	-5.10M
Operating Cash Flow	3.10M	9.58M	-18.53M	-2.80M	3.43M	-5.10M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-2.47M	-1.88M	-1.94M	-1.48M	14.18M	8.23M

Cadence Opportunities Fund Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.95
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CDO, the sentiment is Positive. The current price of 1.95 is below the 20-day moving average (MA) of 2.14, below the 50-day MA of 2.11, and above the 200-day MA of 1.86, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.29 is Neutral, neither overbought nor oversold. The STOCH value of 7.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CDO.

Cadence Opportunities Fund Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAM	72 Outperform	AU$61.40M	2.97	35.99%	6.39%	22.67%	19.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SB2	61 Neutral	AU$55.07M	19.67	3.43%	6.89%	30.36%	-31.47%
CDO	60 Neutral	―	1.19	23.54%	7.09%	-19.26%	-36.79%
LCE	55 Neutral	AU$26.98M	38.35	1.46%	2.94%	38.32%	―
CIW	53 Neutral	AU$27.20M	46.88	2.42%	2.03%	18.17%	―

Cadence Opportunities Fund Ltd. Corporate Events

Cadence Opportunities Fund Extends Outperformance and Lifts Interim Dividend

Cadence Opportunities Fund reported an 8.2% gross return in February 2026, beating the All Ordinaries Accumulation Index by 4.9% for the month and extending its strong year-to-date gain to 62.2% over eight months. Performance was driven by positions in gold miners such as Equinox Gold and Robex Resources, critical minerals producer EQ Resources, and Samsung Electronics, which benefited from surging memory prices linked to AI-driven demand.

The fund highlighted the tailwinds from rising gold prices and geopolitical tensions that are boosting critical minerals and defence-related commodities like tungsten. It also underscored Samsung’s strong earnings momentum despite subsequent market volatility tied to conflict in Iran.

Cadence announced a fully franked interim dividend of 7.5 cents per share, implying a 7.1% cash yield and 10.2% gross yield based on the announcement-date share price. The company’s dividend reinvestment plan will operate for this payout, with shares issued under the plan to be bought back when trading at a discount to net tangible assets.

The fund noted that its franked and gross dividend yields for FY 2025 were roughly three times those of the All Ordinaries Index, reinforcing its income appeal. After paying the latest interim dividend, Cadence still has 62 cents per share in profit reserves, equating to about four years of dividends at the current rate, supporting the sustainability of future distributions.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund posts record profit and lifts fully franked interim dividend

Cadence Opportunities Fund has reported a record half-year profit before tax of $9.1 million and profit after tax of $6.4 million, with its portfolio rising 36.1% and outperforming the All Ordinaries Accumulation Index by 31.7%. Performance was driven largely by strong gains in gold mining holdings such as Kingsgate, Equinox, Robex, Turaco, Endeavour and New Gold, which benefited from a sharp rerating in gold equities as the Australian dollar gold price climbed.

The board declared a fully franked interim dividend of 7.5 cents per share, implying a 7.1% yield based on the current share price and supported by profit reserves of 48 cents per share, equivalent to more than three years of dividends at the current rate. The company will operate its dividend reinvestment plan for this payout and intends to buy back DRP shares when they trade below pre-tax NTA, while also capitalising on elevated capital raisings in the resources sector amid a higher interest rate environment and persistent inflation pressures.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund Declares Interim Distribution of AUD 0.075 per Share

Cadence Opportunities Fund Ltd. has declared a fully paid ordinary share distribution of AUD 0.075 per share for the six-month period ended 31 December 2025, reinforcing its capital return profile to investors. The distribution will trade ex-dividend on 15 April 2026, with a record date of 16 April 2026 and payment scheduled for 30 April 2026, giving shareholders clear timing on cash flow and dividend participation, including elections related to the distribution reinvestment plan by 20 April 2026.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund posts surge in half-year profit and lifts dividend

Cadence Opportunities Fund Ltd. reported a sharp turnaround in its half-year results to 31 December 2025, with revenue from ordinary activities surging 6,197% to $11.3 million compared with the prior corresponding period. Profit after tax attributable to members jumped 2,363% to $6.4 million, while net tangible asset backing after tax rose to $2.38 per share from $1.99 a year earlier.

The board declared a fully franked interim dividend of 7.5 cents per share, up from the 6.5 cent interim dividend paid in 2025, and confirmed that the Dividend Re-Investment Plan will operate for this payout with pricing based on the post–ex-dividend trading period. The stronger earnings and higher NTA underline an improved performance profile for investors, reinforcing the fund’s capacity to sustain and modestly grow fully franked distributions in the current period.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund Cancels Shares Following On-Market Buy-Back

Cadence Opportunities Fund Ltd., an Australian listed investment company trading as CDO, manages a portfolio of securities for investors in the financial services sector. The fund offers exposure to a range of investment opportunities through its actively managed listed structure.

The company has cancelled 58,378 ordinary fully paid shares following an on-market buy-back completed on 10 February 2026. This reduction in issued capital may marginally increase the ownership percentage of remaining shareholders and reflects the fund’s ongoing capital management activities.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund extends outperformance on gold and AI tailwinds

Cadence Opportunities Fund reported a strong start to 2026, posting a 10.2% gross return in January and beating the All Ordinaries Accumulation Index by 8.6% for the month. Over the past seven months the fund is up 50%, driven by positions in gold miners such as EQ Resources, Robex Resources, West African Resources and Kingsgate, as well as holdings like Samsung Electronics, with Turaco Gold the main detractor.

The manager highlighted surging but volatile gold prices, noting the metal hit a record USD 5,595 per ounce before a sharp pullback, and pointed to robust fundamentals at portfolio companies, including rising tungsten output at EQ Resources and progressing mine developments at Robex. Samsung’s exposure to booming AI-driven memory demand has also supported returns, while the fund underlined its income appeal, with franked and gross yields around three times the broader market and profit reserves sufficient to cover about four years of dividends at current levels.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund Director Increases Indirect Shareholding

Cadence Opportunities Fund Limited has disclosed a change in director Jolanta Masojada’s relevant interest in the company’s securities, with Masojada acquiring 15,000 ordinary shares via an on-market trade on 12 January 2026, increasing her indirect holding from 13,990 to 28,990 ordinary shares. The transaction, valued at approximately $31,534.65, indicates an increased financial commitment by the director to the fund, with the company confirming that the trade did not occur during a closed period, suggesting adherence to governance and trading policy requirements.

The most recent analyst rating on (AU:CDO) stock is a Buy with a A$2.50 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund Surges on Gold Rally, Flags Strong Dividend Capacity

Cadence Opportunities Fund reported a strong December with a 12.4% gross return, outperforming the All Ordinaries Accumulation Index by 11.1%, and delivering a 36.1% gain in the first half of the 2026 financial year. Performance was driven largely by gold-related positions such as Turaco Gold, Kingsgate Consolidated, Robex Resources and others, benefiting from a sharp rally in gold miners as their share prices finally caught up with the rising gold price; Robex hit an all‑time high following shareholder approval of its amended merger with Predictive Discovery, while Turaco’s positive drilling results and robust African gold M&A activity fuelled a 61% monthly share price jump. The fund also highlighted its income profile, noting dividend yields around three times higher than the broader market for FY 2025 and profit reserves equivalent to roughly four years of dividends at the current payout level, underscoring both strong recent performance and a degree of visibility over future distributions for investors.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund Cancels Shares Following On‑Market Buy-Back

Cadence Opportunities Fund Limited has cancelled 4,895 fully paid ordinary shares following completion of an on‑market buy-back, effective 5 January 2026. The small reduction in issued capital marginally improves capital efficiency and slightly increases the proportional ownership of remaining shareholders, reflecting the fund’s ongoing use of buy-backs as a capital management tool.

The most recent analyst rating on (AU:CDO) stock is a Hold with a A$2.00 price target. To see the full list of analyst forecasts on Cadence Opportunities Fund Ltd. stock, see the AU:CDO Stock Forecast page.

Cadence Opportunities Fund Updates on Share Buy-Back Program

Cadence Opportunities Fund Limited announced an update regarding its ongoing share buy-back program. The company reported that it has repurchased a total of 195,508 securities prior to the previous day, with an additional 4,895 securities bought back on the previous day. This buy-back initiative is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value.