Thorney Opportunities Ltd. (AU:TOP)
ASX:TOP
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Thorney Opportunities Ltd.
(Sydney:TOP)
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Rating:69Neutral
Price Target:
AU$0.57
▼(-17.54% 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
Balance Sheet Strength
Zero reported debt provides persistent financial flexibility for an investment company: it reduces refinancing risk, preserves the ability to hold positions through market stress, and enables opportunistic deployments or special dividends without near-term funding constraints.
Negative Factors
Revenue/Earnings Volatility
A large, recent revenue decline highlights recurring volatility in realized gains and income for this LIC. Such swings make distributable income and NAV growth unpredictable, complicating long-term cashflow forecasting and investor return expectations.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Zero reported debt provides persistent financial flexibility for an investment company: it reduces refinancing risk, preserves the ability to hold positions through market stress, and enables opportunistic deployments or special dividends without near-term funding constraints.
Read all positive factors
Thorney Opportunities Ltd. (TOP) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$87.55M
Dividend Yield4.05%
Average Volume (3M)95.09K
Price to Earnings (P/E)5.6
Beta (1Y)0.45
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 | -12.00 | -7.00 | 0.00 | 0.00 |
| 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
Negative
0.69
Price Trends
0.53
Negative
0.57
Negative
0.62
Negative
Market Momentum
>-0.01
Positive
43.95
Neutral
26.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TOP, the sentiment is Negative. The current price of 0.69 is above the 20-day moving average (MA) of 0.54, above the 50-day MA of 0.53, and above the 200-day MA of 0.62, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.95 is Neutral, neither overbought nor oversold. The STOCH value of 26.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$2.97B | 6.77 | 17.76% | 3.34% | 138.96% | -62.36% | |
70 Outperform | AU$309.43M | -6.14 | -12.50% | 4.17% | -82.27% | -146.64% | |
69 Neutral | AU$87.55M | 5.58 | 10.18% | 4.05% | -19.12% | -9.38% | |
61 Neutral | AU$44.56M | 14.39 | 3.43% | 6.89% | -26.20% | -112.45% | |
60 Neutral | AU$539.50M | 60.12 | 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.
0.52
-0.08
-13.91%
AU:PAC
Pacific Current Group Ltd
10.97
0.61
5.86%
AU:SB2
Salter Brothers Emerging Companies Ltd.
0.53
-0.15
-21.83%
AU:KBC
Keybridge Capital Limited
0.05
0.00
0.00%
AU:MFF
MFF Capital Investments Ltd.
5.01
0.90
21.81%
AU:MIR
Mirrabooka Investments Ltd
2.41
-0.74
-23.49%
Thorney Opportunities Ltd. Corporate Events
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 ...
Thorney Opportunities Cancels 573,726 Shares After On‑Market Buy‑Back
Mar 31, 2026
Thorney Opportunities Ltd. has cancelled 573,726 ordinary fully paid shares on 31 March 2026 following an on-market buy-back. The reduction in issued capital through this buy-back is likely to modestly enhance ownership percentages and per-share m...
Thorney Opportunities Continues On-Market Share Buy-Back Program
Mar 17, 2026
Thorney Opportunities Ltd., an Australian-listed investment company trading under the ticker TOP, invests primarily in listed equities and seeks value-focused positions across the local market. Its ordinary fully paid shares are the subject of an ...
Thorney Opportunities Updates Market on Progress of On‑Market Share Buy‑Back
Mar 16, 2026
Thorney Opportunities Ltd. has continued its on‑market share buy‑back program, confirming that a total of 373,726 ordinary fully paid shares had been repurchased prior to the latest reporting day. The company disclosed that a further 1...
Thorney Opportunities Updates Daily On-Market Share Buy-Back
Mar 15, 2026
Thorney Opportunities Ltd has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 223,726 shares had been repurchased prior to the las...
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.