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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 | 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
Thorney Opportunities Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$61.40M | 2.97 | 35.99% | 6.39% | 22.67% | 19.47% | |
69 Neutral | ― | 4.41 | 10.18% | 4.05% | -65.70% | -73.75% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$55.07M | 19.67 | 3.43% | 6.89% | 30.36% | -31.47% | |
55 Neutral | AU$26.98M | 38.35 | 1.46% | 2.94% | 38.32% | ― | |
54 Neutral | AU$10.87M | 18.32 | 1.01% | 3.50% | -50.00% | -52.07% | |
53 Neutral | AU$27.20M | 46.88 | 4.11% | 2.03% | 18.17% | ― |
Thorney Opportunities Ltd. Corporate Events
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 active capital management program on the ASX.
The company has continued its on-market share buy-back, reporting that it purchased 100,000 ordinary shares in the most recent trading day, lifting the cumulative total bought back to 473,726 shares. The ongoing daily notifications indicate a sustained capital management effort that may support the share price and adjust the company’s capital structure in favour of remaining shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.67 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 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 100,000 shares were bought back on the previous trading day, as part of its ongoing capital management strategy that can enhance earnings per share and signal confidence in the underlying value of its portfolio.
The latest notification, dated 17 March 2026, updates the market on daily buy‑back activity that has been underway since the initial announcement on 27 February 2026. Regular disclosure of the buy‑back’s progress provides transparency for investors and indicates a disciplined approach to balance sheet management, which may support the share price and benefit remaining shareholders over time.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.67 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. The company reported that a total of 223,726 shares had been repurchased prior to the last trading day, with a further 150,000 shares bought back on the previous day as part of the daily buy-back activity.
The latest disclosure signals the company’s continued use of buy-backs as a capital management tool, potentially supporting its share price and improving capital efficiency for existing shareholders. Regular daily reporting of repurchases also underscores compliance with ASX requirements and offers investors greater transparency into the scale and pace of the program.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.67 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. The company reported that a total of 124,542 shares had been repurchased prior to the most recent trading day, with a further 99,184 shares bought back on the previous day as part of the daily buy-back activity.
The latest filing, dated 13 March 2026, reflects the routine daily disclosure requirements associated with the buy-back first notified on 27 February 2026. The continued execution of the on-market buy-back signals the company’s active capital management strategy, potentially supporting earnings per share and indicating management’s confidence in the underlying value of Thorney Opportunities’ stock for existing investors.
The most recent analyst rating on (AU:TOP) stock is a Hold with a A$0.65 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 that its after-tax net tangible assets fell to 87.4 cents per share in February 2026 from 92.5 cents in January, as heightened Middle East tensions, higher oil prices and shipping risks drove volatility that hit its small and mid-cap focused portfolio. Despite most holdings reporting earnings broadly in line or above expectations, key detractors included Zip Co, Austin Engineering, COG Financial Services, AMA Group, Amplitude Energy and a markdown in 20 Cashews, reflecting broader pressure on traditional media valuations.
The company closed the month with a strong cash position of $33.7 million and undrawn facilities, giving it significant deployable capital to navigate choppy markets and potentially seize new opportunities. The board maintained a fully franked interim dividend of 1.10 cents per share and remained active with its on-market share buyback, renewing the program to March 2027 in an effort to narrow what it views as an excessive discount between the share price and NTA, reinforcing its capital management focus for shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.67 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 announced a new on-market share buy-back of its ordinary fully paid shares listed on the ASX under ticker TOP. The company has lodged the required notification, signalling its intention to repurchase shares on market as part of its ongoing capital management strategy.
The buy-back may support the company’s share price and be accretive to remaining shareholders by reducing the number of shares on issue. It also indicates the board’s confidence in the company’s valuation and financial position, which may be viewed positively by existing and potential investors.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 extended its on-market share buy-back program for another 12 months from 11 March 2026 to 10 March 2027, with a maximum of 8,414,711 shares eligible to be repurchased and subsequently cancelled. The buy-back, which directors do not intend to participate in, will operate within the Corporations Act’s 10/12 limit, allowing it to proceed without shareholder approval and be adjusted, suspended or terminated at the company’s discretion.
The company will fund the extended buy-back from existing cash reserves as part of its strategy to narrow the discount between its share price and net tangible assets, a key concern for listed investment companies seeking to enhance shareholder value. The final scale, price and timing of purchases will depend on market conditions and TOP’s share price, potentially improving capital management and supporting the stock in the secondary market.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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., the ASX-listed investment company, has updated the market on changes to its issued capital. The entity, registered under ABN 41080167264 and trading under the ticker TOP, continues to actively manage its share base as part of its broader investment operations.
The company has cancelled 474,985 fully paid ordinary shares following completion of an on-market buy-back on 27 February 2026. This reduction in issued capital may marginally enhance earnings per share and ownership concentration for remaining investors, reflecting ongoing capital management initiatives.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 declared a fully paid ordinary dividend of AUD 0.011 per share for the six-month period ended 31 December 2025, reinforcing its capital return program to investors. The shares will trade ex-dividend on 11 March 2026, with a record date of 12 March 2026 and payment scheduled for 31 March 2026, providing shareholders with clarity around timing and reinforcing the company’s ongoing income stream to its investor base.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 confirming ongoing on-market share buy-backs in its ordinary fully paid shares. The update, dated 11 February 2026, reports that a total of 8,532,311 shares have been repurchased to date, including 50,000 shares bought back on the previous trading day.
The continuation of the on-market buy-back program signals the company’s active capital management strategy and may indicate confidence in its valuation. These ongoing purchases reduce the number of shares on issue over time, potentially enhancing earnings per share and supporting value for remaining shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest daily update, lodged on 9 February 2026, reports that a total of 8,482,311 shares had been repurchased prior to the previous trading day, with an additional 50,000 shares bought back on that day.
The continued execution of the on-market buy-back signals management’s commitment to capital management and potentially reflects confidence in the company’s valuation. Regular daily disclosures keep investors informed about the scale and pace of the buy-back, clarifying its impact on the company’s share base and supporting transparency for shareholders and market participants.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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, reporting that a total of 8,382,311 securities had been repurchased prior to the previous trading day, with a further 100,000 shares bought back on the previous day. The continuation of the buy-back, first notified in April 2025 and now reported in a daily update, signals the company’s ongoing capital management strategy, potentially enhancing shareholder value through reducing shares on issue and demonstrating confidence in the company’s underlying investment portfolio and market valuation.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 confirming the ongoing execution of its on‑market share buy-back program for its ordinary fully paid shares. As of 4 February 2026, the company reported that it had repurchased a cumulative total of 8,232,326 shares before the previous day, with an additional 74,985 shares bought back on the most recent trading day, signalling continued capital management activity that may support earnings per share and potentially enhance value for remaining shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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, confirming that it repurchased 75,000 ordinary fully paid shares on the previous trading day, bringing the total number of shares bought back under the current program to 8,157,326. The continued daily execution of the on‑market buy-back underscores the company’s active capital management strategy, which may support its share price, enhance earnings per share, and signal confidence in the underlying value of the company to existing and prospective shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 2 February 2026, the company has repurchased a total of 8,107,326 shares prior to the previous day and a further 50,000 shares on the previous trading day, reflecting continued execution of a capital management strategy aimed at consolidating its share base and potentially enhancing shareholder value.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 541,606 ordinary fully paid shares following completion of an on-market buy-back, effective 30 January 2026. The reduction in issued capital reflects the company’s ongoing use of buy-backs as a capital management tool, which may improve earnings per share and potentially support the share price for remaining shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 daily notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares. As of 29 January 2026, the company reported that it has repurchased a total of 8,057,326 shares prior to the previous day and a further 50,000 shares on the previous trading day, reflecting the continued execution of a capital management strategy aimed at consolidating its share base and potentially improving shareholder value over time.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 ordinary fully paid shares. As of 28 January 2026, the company reported that it had repurchased a total of 8,007,373 shares prior to the previous trading day, with an additional 49,953 shares bought back on the previous day, underscoring continued capital management efforts that may enhance earnings per share and signal confidence in the company’s valuation to shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 notice on its ongoing on‑market share buy‑back program, confirming that a total of 7,928,550 ordinary fully paid shares had been repurchased prior to the most recent trading day, with a further 78,823 shares bought back on the previous day. The continued daily execution of the buy‑back, first announced in April 2025 and now updated as at 23 January 2026, underscores the company’s active capital management strategy, which may support earnings per share and signal confidence in the underlying value of its investment portfolio for existing shareholders.
The most recent analyst rating on (AU:TOP) stock is a Buy with a A$0.76 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 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.