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Thorney Opportunities Ltd.
(Sydney:TOP)
Thorney Opportunities Ltd. (TOP) vs. iShares MSCI Australia ETF (EWA)
Thorney Opportunities Ltd. Business Overview & Revenue Model
Thorney Opportunities Ltd. Financial Statement Overview
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 | Jun 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.52M | 57.51M | 13.23M | -3.01M | 33.00M |
| Gross Profit | 17.52M | 57.51M | 15.56M | -5.40M | 38.81M |
| EBITDA | 14.11M | -12.00 | -7.00 | 0.00 | 0.00 |
| Net Income | 8.54M | 35.03M | 10.86M | -3.72M | 22.53M |
Balance Sheet | |||||
| Total Assets | 179.90M | 185.82M | 138.33M | 132.50M | 151.37M |
| Cash, Cash Equivalents and Short-Term Investments | 152.60M | 157.40M | 100.87M | 94.25M | 128.02M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 21.80M | 26.58M | 5.27M | 3.20M | 11.88M |
| Stockholders Equity | 158.09M | 159.24M | 133.06M | 129.30M | 139.49M |
Cash Flow | |||||
| Free Cash Flow | 18.78M | 28.31M | 7.94M | 2.64M | -55.99K |
| Operating Cash Flow | 18.78M | 28.31M | 7.94M | 2.64M | -55.99K |
| Investing Cash Flow | -28.26K | 0.00 | 0.00 | 4.60M | 1.17M |
| Financing Cash Flow | -9.69M | -8.84M | -7.11M | -6.46M | -4.96M |
Thorney Opportunities Ltd. Technical Analysis
Thorney Opportunities Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$64.02M | 7.05 | 32.22% | 6.39% | 22.67% | 19.47% | |
69 Neutral | ― | 6.90 | ― | 4.05% | -65.70% | -73.75% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$63.06M | -40.11 | 3.57% | 6.89% | 30.36% | -31.47% | |
55 Neutral | AU$26.98M | 70.25 | 2.17% | 2.94% | 38.32% | ― | |
54 Neutral | AU$10.87M | 93.46 | 1.82% | 3.50% | -50.00% | -52.07% | |
53 Neutral | AU$29.29M | 29.10 | 2.42% | 2.03% | 18.17% | ― |
Thorney Opportunities Ltd. Corporate Events
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. As of 13 January 2026, the company reports that it has repurchased a total of 7,878,550 shares prior to the previous trading day and a further 50,000 shares on the previous day, signalling a continued effort to return capital to shareholders and potentially enhance earnings per share and net asset value per share through a reduced share count.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
Thorney Opportunities Ltd reported a modest increase in after-tax net tangible assets to 94.4 cents per share at 31 December 2025, up from 94.2 cents a month earlier, with pre-tax NTA at 106.3 cents. While its one-year portfolio return of 14.98% lagged the S&P/ASX Small Ordinaries Accumulation Index’s 24.96%, TOP has outperformed the index since inception, and maintains a concentrated portfolio led by holdings such as 20 Cashews, Southern Cross Electrical Engineering, COG Financial Services and AMA Group. The company is holding $35.7 million in cash and has undrawn facilities, giving it flexibility to deploy capital into opportunities amid uncertain macroeconomic and geopolitical conditions, and it continues an active on-market share buyback to address what it views as an excessive discount of its 66.5 cent share price to NTA. Recent performance drivers included contract wins at Southern Cross Electrical Engineering and a rebound in Austin Engineering, while AMA Group’s share consolidation weighed slightly on returns; meanwhile, TOP is monitoring the private capital raising and strategic progress of View Media Group within 20 Cashews, which now has a 7.5% stake in the merged Southern Cross Media and Seven West Media entity.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
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, reporting that a total of 7,865,720 shares had been repurchased prior to the latest trading day, with a further 12,830 shares bought back on the previous day. The continued execution of this buy-back signals the company’s ongoing capital management strategy, which may support earnings per share and potentially enhance value for remaining shareholders by reducing the number of shares on issue.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
Thorney Opportunities Ltd has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of ordinary fully paid shares. As of 7 January 2026, the company has repurchased a cumulative total of 7,765,720 shares prior to the previous trading day and bought back a further 100,000 shares on the previous day, reflecting continued execution of its capital management program and signalling confidence in the company’s valuation and long-term strategy for shareholders.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
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. As of 6 January 2026, the company reported that it has repurchased a cumulative total of 7,665,720 shares prior to the previous trading day and a further 100,000 shares on the previous day, signalling a continued capital management strategy that may support earnings per share and indicate confidence in the company’s valuation for existing investors.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
Thorney Opportunities Ltd has issued an updated notification regarding its ongoing on-market share buy-back program for its ordinary fully paid shares, correcting the reported price and total consideration paid for 100,000 shares repurchased on 2 January 2026. The update confirms that a total of 7,565,720 shares had been bought back before the previous trading day, and the correction aims to ensure accurate disclosure around the capital management activity, which can affect reported buy-back costs, share count, and transparency for investors monitoring the company’s capital allocation and market operations.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
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 (code TOP). As of 5 January 2026, the company reported that it had repurchased a total of 7,565,720 shares prior to the previous trading day and a further 100,000 shares on the previous day, underscoring its continued capital management efforts and signalling confidence in the company’s value while potentially enhancing earnings per share for existing investors through a reduced share count.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
Thorney Opportunities Ltd has cancelled 651,159 ordinary fully paid shares following completion of an on-market buy-back, effective 31 December 2025. The reduction in issued capital is expected to marginally increase the ownership percentage of remaining shareholders and may reflect the company’s ongoing capital management strategy to enhance shareholder value.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.72 price target. To see the full list of analyst forecasts on Thorney Opportunities Ltd. stock, see the AU:TOP Stock Forecast page.
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. As of 24 December 2025, the company reports that a total of 7,557,865 shares had been repurchased prior to the previous trading day, with a further 7,855 shares bought back on the previous day. The continued execution of this buy-back indicates ongoing capital management efforts, which can support the share price, improve capital efficiency, and potentially enhance value for existing shareholders by reducing the number of shares on issue.
Thorney Opportunities Ltd, an ASX-listed investment company trading under the code TOP, manages a portfolio of listed securities for its investors. The company has continued its on-market share buy-back program, reporting that it has repurchased a total of 7,507,865 ordinary fully paid shares to date, including 50,000 shares bought back on the most recent trading day, as disclosed in its latest daily buy-back notification. This ongoing capital management initiative reduces the number of shares on issue and may enhance value for remaining shareholders by improving earnings per share and signalling management’s confidence in the company’s valuation.
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. As of 22 December 2025, the company reports that it has repurchased a total of 7,457,865 shares before the previous trading day and a further 50,000 shares on the previous day, reflecting continued execution of the buy-back first notified in April 2025 and last updated on 15 December 2025. The ongoing buy-back reduces the number of shares on issue, which can enhance earnings per share and signal management’s confidence in the company’s valuation, with implications for existing shareholders through potential capital management benefits.
Thorney Opportunities Ltd has announced an update on its ongoing share buy-back program, revealing that it has repurchased a total of 7,357,865 securities to date, with an additional 100,000 securities bought back on the previous day. This buy-back initiative is part of the company’s strategy to optimize capital structure and deliver value to its shareholders, reflecting confidence in its market position and future prospects.
Thorney Opportunities Ltd reported a slight decline in its net tangible asset (NTA) per share for November 2025, reflecting broader market weaknesses. Despite some negative impacts from key investments, the company remains optimistic about capitalizing on market volatility with its available cash reserves and ongoing share buyback program, which aims to reduce the share price to NTA discount.
Thorney Opportunities Ltd. has announced an update on its ongoing on-market buy-back program. As of December 11, 2025, the company has repurchased a total of 7,357,865 ordinary fully paid securities, including 74,200 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.
Thorney Opportunities Ltd has announced an update on its ongoing share buy-back program, revealing that it repurchased 100,000 ordinary fully paid securities on the previous day, bringing the total number of securities bought back to 7,183,665. This buy-back initiative is part of the company’s strategy to enhance shareholder value and optimize its capital structure, reflecting confidence in its financial position and future prospects.
Thorney Opportunities Ltd. has announced an update regarding its ongoing on-market buy-back program. The company reported that it bought back 100,000 ordinary fully paid securities on the previous day, bringing the total number of securities bought back to 7,083,665. This buy-back initiative is part of Thorney Opportunities Ltd.’s strategy to manage its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd has announced an update regarding its ongoing on-market buy-back program. As of December 3, 2025, the company has bought back a total of 6,983,665 ordinary fully paid securities, with an additional 100,000 securities purchased on the previous day. This buy-back initiative is part of the company’s strategy to optimize its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd has announced an update regarding its ongoing on-market buy-back program. As of the latest update, the company has repurchased a total of 6,914,561 ordinary fully paid securities, with 100,000 bought back on the previous day. This buy-back initiative is part of the company’s strategy to enhance shareholder value and optimize its capital structure.
Thorney Opportunities Ltd has announced an update regarding its ongoing share buy-back program. As of November 21, 2025, the company has repurchased a total of 6,814,561 ordinary fully paid securities, including 100,000 securities bought back on the previous day. This buy-back initiative is part of the company’s strategy to enhance shareholder value and optimize its capital structure.
Thorney Opportunities Ltd. has announced an update regarding its ongoing buy-back program. The company reported that a total of 97,793 ordinary fully paid securities were bought back on the previous day, adding to the 6,616,768 securities already repurchased. This buy-back initiative reflects the company’s strategy to manage its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd has announced an update on its ongoing share buy-back program, revealing that a total of 6,416,768 securities have been repurchased prior to the latest transaction, with an additional 100,000 securities bought back on the previous day. This buy-back initiative is part of the company’s strategy to optimize its capital structure and potentially increase shareholder value, reflecting a proactive approach in managing its equity base.
Thorney Opportunities Ltd announced that all resolutions at its 2025 Annual General Meeting were passed by a poll. This outcome reflects strong shareholder support for the company’s current strategic direction and leadership, potentially reinforcing its market position and reassuring stakeholders of its governance stability.
In its 2025 Annual General Meeting, Thorney Opportunities Ltd reported a challenging year due to geopolitical uncertainties and inflationary pressures, resulting in a decline in after-tax profit to $8.5 million from $35 million in the previous year. Despite these challenges, the company achieved an all-time high Net Tangible Asset backing of 90.3 cents per share and increased its fully franked dividend yield to approximately 4%. Key contributors to the portfolio included AMA Group Limited and Consolidated Operations Group Limited, while new investments in Zip Co Limited showed promising returns. The company continues to focus on strong governance and responsible investment practices, anticipating ongoing market volatility but remaining well-positioned to capitalize on opportunities through its flexible mandate and experienced investment team.
Thorney Opportunities Ltd. has announced an update regarding its ongoing on-market buy-back program. As of November 17, 2025, the company has repurchased a total of 6,416,768 ordinary fully paid securities, including 100,000 bought back on the previous day. This buy-back initiative is part of Thorney Opportunities’ strategy to manage its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd has announced an update regarding its ongoing on-market buy-back program, reporting the purchase of 72,912 ordinary fully paid securities on the previous day, bringing the total number of securities bought back to 6,243,856. This buy-back initiative is part of the company’s strategy to enhance shareholder value and optimize capital management, reflecting its confidence in the underlying value of its securities.
Thorney Opportunities Ltd. has announced an update regarding its ongoing on-market buy-back program. As of November 12, 2025, the company has repurchased a total of 6,243,856 ordinary fully paid securities, including 95,849 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.
Thorney Opportunities Ltd reported an all-time high net tangible asset (NTA) per share of 94.7 cents as of October 31, 2025, despite some challenges in its portfolio. The company’s performance was positively influenced by investments in Southern Cross Electrical Engineering and COG Financial Services, although it faced setbacks with Austin Engineering due to issues in Chile and order deferrals in Indonesia. The company continues its share buyback program to address the discount between share price and NTA, with the AGM scheduled for November 17, 2025.
Thorney Opportunities Ltd. has announced an update regarding its ongoing buy-back program. The company reported that it bought back 100,000 ordinary fully paid securities on the previous day, adding to a total of 6,048,007 securities bought back before that day. This buy-back activity is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd. has announced an update regarding its ongoing on-market buy-back program. The company reported that it bought back 100,000 ordinary fully paid securities on the previous day, bringing the total number of securities bought back to 5,948,007. This buy-back initiative is part of the company’s strategy to optimize its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd. has announced an update regarding its ongoing share buy-back program. As of November 6, 2025, the company has repurchased a total of 5,010,789 ordinary fully paid securities, with 100,000 bought back on the previous day. This move is part of their strategy to manage capital and enhance shareholder value.
Thorney Opportunities Ltd. has announced an update regarding its ongoing on-market buy-back program. As of November 5, 2025, the company reported the buy-back of an additional 5,604 ordinary fully paid securities, bringing the total number of securities bought back to 4,916,393. This move is part of Thorney Opportunities’ strategy to manage its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd. has announced an update regarding its ongoing buy-back program. As of November 4, 2025, the company has repurchased a total of 5,116,393 ordinary fully paid securities, including 100,000 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.
Thorney Opportunities Ltd has announced an update regarding its ongoing share buy-back program. As of November 3, 2025, the company has repurchased a total of 5,216,393 ordinary fully paid securities, including 100,000 securities bought back on the previous day. This buy-back initiative is part of the company’s strategy to enhance shareholder value and optimize its capital structure.
Thorney Opportunities Ltd. has announced a daily update on its ongoing on-market buy-back program. As of October 30, 2025, the company has repurchased a total of 5,279,447 ordinary fully paid securities, including 81,527 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.
Thorney Opportunities Ltd has announced an update regarding its ongoing on-market buy-back program. As of October 23, 2025, the company has bought back a total of 5,234,863 ordinary fully paid securities, with 36,943 securities repurchased 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.
Thorney Opportunities Ltd has announced an update regarding its ongoing share buy-back program. As of October 20, 2025, the company has repurchased a total of 5,434,863 ordinary fully paid securities, including 100,000 shares bought back on the previous day. This buy-back initiative is part of the company’s strategy to optimize its capital structure and potentially increase shareholder value.
Thorney Opportunities Ltd has announced an update regarding its ongoing on-market buy-back program. As of October 17, 2025, the company has bought back a total of 5,423,933 ordinary fully paid securities, including 4,220 securities from the previous day. This buy-back initiative is part of the company’s strategy to manage its capital structure and potentially enhance shareholder value.
Thorney Opportunities Ltd has announced an update regarding its ongoing share buy-back program. As of October 16, 2025, the company has repurchased a total of 5,419,713 ordinary fully paid securities, including 100,000 shares bought back on the previous day. This buy-back initiative is part of the company’s strategy to optimize its capital structure and potentially increase shareholder value.