CDI · NZX

CDL Investments New Zealand (CDI)

Property / Residential developmentCovered: FY21 - FY259 published briefings

CDL Investments New Zealand is an NZX-listed property / residential development company with FY21 - FY25 of published result briefings.

Sections

Snapshot

Latest metrics

FY25, released 24 February 2026

← Swipe to view more

CDI latest metrics
Metric	Value	Change
Revenue	$38.1m	↓ -22.3%
EBITDA	$15.6m	↓ -37.4%
NPAT	$11.1m	↓ -27.9%
Operating cash flow	-$9m	↓ -10.6%
OCF / EBITDA %	-57.5%	↓ -25.0pp
ROE %	3.5%Outside range low roe. 3.5%; 4-period range 4.3% to 10.9%. ROE: 3.5%, below normal range; 4-period mean 7.6%, range 4.3%-10.9%.	↓ -1.3pp
DPS	1.0c	↓ -71.4%
Payout ratio vs NPAT %	26.5%Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%.	↓ -39.8pp
Annual payout ratio vs EPS %	26.5%	↓ -39.8pp
PBT	$15.4m	↓ -42.5%

Source: latest published briefing (FY25, released 24 February 2026). Change compares against the prior equivalent period: FY24, released 24 February 2025.

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 31 July 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$186.1m

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

16.76x

Recent market cap compared with trailing earnings.

EPS

0.04

Recent filing-derived earnings per share.

PEG

Not available

Not meaningful without positive comparable earnings growth.

EV/EBITDA

Not available

Not available for this company right now.

P/FCF

Not available

Not meaningful when free cash flow is negative or unavailable.

P/B

0.58x

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

1.6%

Trailing dividends compared with the latest close.

Total return

Not available

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

Loading chart...

P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

Loading chart...

Chat

Ask about CDI

Ask follow-up questions about CDL Investments New Zealand's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about CDI

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Longitudinal view

Performance over time

The latest period is shown first.

← Swipe to view more

CDI metric history
Metric	FY2512 MONTHS24 February 2026	HY256 MONTHS12 August 2025	FY2412 MONTHS24 February 2025	HY246 MONTHS7 August 2024	FY2312 MONTHS26 February 2024	HY236 MONTHS8 August 2023	FY2212 MONTHS16 February 2023	HY226 MONTHS10 August 2022	FY2112 MONTHS18 February 2022	Trend
Revenue	$38.1m	$13.8m	$49.1m	$16.6m	$30.8m	$11.8m	$67.1m	$47.6m	$91.9m	Chart
Revenue growth %	-22.3%	-17.2%	59.4%Unprecedented high revenue growth. 59.4%; 4-period range -54.1% to 3.7%. Revenue growth: 59.4%, unprecedented high; 4-period mean -24.9%, range -54.1%-3.7%.	40.3%Outside range high revenue growth. 40.3%; 3-period range -75.1% to -17.2%. Revenue growth: 40.3%, above normal range; 3-period mean -38.2%, range -75.1%--17.2%.	-54.1%Outside range low revenue growth. -54.1%; 4-period range -27% to 59.4%. Revenue growth: -54.1%, below normal range; 4-period mean 3.4%, range -27.0%-59.4%.	-75.1%Outside range low revenue growth. -75.1%; 3-period range -22.2% to 40.3%. Revenue growth: -75.1%, below normal range; 3-period mean 0.3%, range -22.2%-40.3%.	-27.0%	-22.2%	3.7%	Chart FY23 Revenue growth %: Outside range low revenue growth. -54.1%; 4-period range -27% to 59.4%. Revenue growth: -54.1%, below normal range; 4-period mean 3.4%, range -27.0%-59.4%. HY24 Revenue growth %: Outside range high revenue growth. 40.3%; 3-period range -75.1% to -17.2%. Revenue growth: 40.3%, above normal range; 3-period mean -38.2%, range -75.1%--17.2%. FY24 Revenue growth %: Unprecedented high revenue growth. 59.4%; 4-period range -54.1% to 3.7%. Revenue growth: 59.4%, unprecedented high; 4-period mean -24.9%, range -54.1%-3.7%.
EBITDA	$15.6m	$5.1m	$25m	$7.9m	$16.2m	$5.3m	—	—	—	Chart
EBITDA margin %	41.0%	37.1%	50.9%	47.6%	52.5%	44.7%	—	—	—	Chart
PBT	$15.4m	$5.1m	$26.8m	$9.2m	$18.7m	$7m	$43.3m	$31.8m	$43.4m	Chart
PBT growth %	-42.5%	-44.6%	43.3%Unprecedented high pbt growth. 43.3%; 4-period range -56.8% to 3.8%. PBT growth: 43.3%, unprecedented high; 4-period mean -23.9%, range -56.8%-3.8%.	31.4%Outside range high pbt growth. 31.4%; 3-period range -78% to 10.4%. PBT growth: 31.4%, above normal range; 3-period mean -37.4%, range -78.0%-10.4%.	-56.8%Outside range low pbt growth. -56.8%; 4-period range -42.5% to 43.3%. PBT growth: -56.8%, below normal range; 4-period mean 1.1%, range -42.5%-43.3%.	-78.0%Outside range low pbt growth. -78%; 3-period range -44.6% to 31.4%. PBT growth: -78.0%, below normal range; 3-period mean -0.9%, range -44.6%-31.4%.	-0.2%	10.4%	3.8%	Chart FY23 PBT growth %: Outside range low pbt growth. -56.8%; 4-period range -42.5% to 43.3%. PBT growth: -56.8%, below normal range; 4-period mean 1.1%, range -42.5%-43.3%. HY24 PBT growth %: Outside range high pbt growth. 31.4%; 3-period range -78% to 10.4%. PBT growth: 31.4%, above normal range; 3-period mean -37.4%, range -78.0%-10.4%. FY24 PBT growth %: Unprecedented high pbt growth. 43.3%; 4-period range -56.8% to 3.8%. PBT growth: 43.3%, unprecedented high; 4-period mean -23.9%, range -56.8%-3.8%.
NPAT	$11.1m	$3.6m	$15.4m	$2.7m	$13.5m	$5m	$31.2m	$22.9m	$31.3m	Chart
NPAT growth %	-27.9%	33.3%Outside range high npat growth. 33.3%; 3-period range -78.2% to 10.1%. NPAT growth: 33.3%, above normal range; 3-period mean -38.0%, range -78.2%-10.1%.	14.1%Outside range high npat growth. 14.1%; 4-period range -56.7% to 4%. NPAT growth: 14.1%, above normal range; 4-period mean -20.2%, range -56.7%-4.0%.	-46.0%	-56.7%Unprecedented low npat growth. -56.7%; 4-period range -27.9% to 14.1%. NPAT growth: -56.7%, unprecedented low; 4-period mean -2.5%, range -27.9%-14.1%.	-78.2%Outside range low npat growth. -78.2%; 3-period range -46% to 33.3%. NPAT growth: -78.2%, below normal range; 3-period mean -0.9%, range -46.0%-33.3%.	-0.3%	10.1%	4.0%	Chart FY23 NPAT growth %: Unprecedented low npat growth. -56.7%; 4-period range -27.9% to 14.1%. NPAT growth: -56.7%, unprecedented low; 4-period mean -2.5%, range -27.9%-14.1%. FY24 NPAT growth %: Outside range high npat growth. 14.1%; 4-period range -56.7% to 4%. NPAT growth: 14.1%, above normal range; 4-period mean -20.2%, range -56.7%-4.0%. HY25 NPAT growth %: Outside range high npat growth. 33.3%; 3-period range -78.2% to 10.1%. NPAT growth: 33.3%, above normal range; 3-period mean -38.0%, range -78.2%-10.1%.
Operating cash flow	-$9m	-$12.2m	-$8.1m	-$6.5m	-$10.3m	$2.5m	$11.2m	$10.8m	$4.1m	Chart
OCF / EBITDA %	-57.5%	-239.4%	-32.5%	-82.5%	-63.7%	47.1%	—	—	—	Chart
FCF pre-lease	-$9m	-$12.6m	-$9.1m	-$6.6m	-$10.3m	—	$7.2m	—	$4.1m	Chart
FCF post-lease	—	—	-$9.1m	-$6.6m	—	—	—	—	$4.1m	Chart
DPS	1.0c	—	3.5c	—	3.5c	—	3.5c	—	3.5c	Chart
Payout ratio vs NPAT %	26.5%Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%.	—	66.3%	—	75.4%Unprecedented high payout ratio versus npat. 75.4%; 4-period range 26.5% to 66.3%. Payout ratio versus NPAT: 75.4%, unprecedented high; 4-period mean 39.3%, range 26.5%-66.3%.	—	32.4%	—	31.9%	Chart FY23 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 75.4%; 4-period range 26.5% to 66.3%. Payout ratio versus NPAT: 75.4%, unprecedented high; 4-period mean 39.3%, range 26.5%-66.3%. FY25 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%.
Annual payout ratio vs EPS %	26.5%	—	66.3%	—	75.4%	—	32.3%	—	31.9%	Chart
ROE %	3.5%Outside range low roe. 3.5%; 4-period range 4.3% to 10.9%. ROE: 3.5%, below normal range; 4-period mean 7.6%, range 4.3%-10.9%.	1.1%Outside range low roe. 1.1%; 3-period range 1.6% to 7.6%. ROE: 1.1%, below normal range; 3-period mean 3.7%, range 1.6%-7.6%.	4.8%	1.8%	4.3%	1.6%	10.5%	7.6%Outside range high roe. 7.6%; 3-period range 1.1% to 1.8%. ROE: 7.6%, above normal range; 3-period mean 1.5%, range 1.1%-1.8%.	10.9%Outside range high roe. 10.9%; 4-period range 3.5% to 10.5%. ROE: 10.9%, above normal range; 4-period mean 5.8%, range 3.5%-10.5%.	Chart HY25 ROE %: Outside range low roe. 1.1%; 3-period range 1.6% to 7.6%. ROE: 1.1%, below normal range; 3-period mean 3.7%, range 1.6%-7.6%. FY25 ROE %: Outside range low roe. 3.5%; 4-period range 4.3% to 10.9%. ROE: 3.5%, below normal range; 4-period mean 7.6%, range 4.3%-10.9%.
Debtor days	4	50	5Outside range high debtor days. 5d; 4-period range 0d to 4d. Debtor days: 5.0 days, above normal range; 4-period mean 2.3 days, range 0.4 days-3.9 days.	76Outside range high debtor days. 76d; 3-period range 6d to 56d. Debtor days: 76.1 days, above normal range; 3-period mean 37.2 days, range 5.7 days-55.9 days.	4	56	1	6Outside range low debtor days. 6d; 3-period range 50d to 76d. Debtor days: 5.7 days, below normal range; 3-period mean 60.7 days, range 50.0 days-76.1 days.	0Unprecedented low debtor days. 0d; 4-period range 1d to 5d. Debtor days: 0.4 days, unprecedented low; 4-period mean 3.5 days, range 1.2 days-5.0 days.	Chart HY24 Debtor days: Outside range high debtor days. 76d; 3-period range 6d to 56d. Debtor days: 76.1 days, above normal range; 3-period mean 37.2 days, range 5.7 days-55.9 days. FY24 Debtor days: Outside range high debtor days. 5d; 4-period range 0d to 4d. Debtor days: 5.0 days, above normal range; 4-period mean 2.3 days, range 0.4 days-3.9 days.
Total assets	$331.6m	$323.9m	$328.6m	$313.5m	$319.2m	$306.5m	$313.7m	$306.7m	$297.6m	Chart

Reference: annolyse.ai/companies/cdi

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

Loading chart...

Revenue growth

Like-period revenue growth where comparable.

Loading chart...

EBITDA-equivalent

Company-specific earnings measure where disclosed.

Loading chart...

EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

Loading chart...

NPAT

Statutory profit after tax.

Loading chart...

Operating cash flow

Cash generated from operations.

Loading chart...

Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

OCF / EBITDA

Cash conversion against earnings.

Loading chart...

FCF pre-lease

Operating cash flow less capex before leases.

Loading chart...

FCF post-lease

Free cash flow after lease payments where available.

Loading chart...

ROE

Return on equity.

Loading chart...

DPS

Dividend per share declared for the period.

Loading chart...

Payout ratio

Dividend payout against statutory NPAT.

Loading chart...

Debtor days

Receivables days where the working-capital inputs are source-backed.

Loading chart...

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

Loading chart...

The setup & the reality

HY25 → FY25 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY25 said to watch

Previous analysisHY25Result released12 August 2025Annolyse analysis published22 April 2026

From PBT fell 44.6% as tax normalisation flattered NPAT to +33.3%

No quantitative target or guidance is provided. The supplied seasonality shape for FY24 had HY revenue at 33.9% of full year and HY NPAT at only 17.8%, implying a heavily second-half-weighted business in residential settlements. Annualising HY25 revenue gives NZ$27.5m, well below the FY24 NZ$49.1m base, so a flat full-year outcome would require a stronger second half than HY24 produced.

Management flags first sales from Iona Stage 1 in Havelock North with Stage 2 expected to commence early next year, and notes disappointment with the Future Development Strategy (FDS) process. Both point to project-timing risk around H2 settlement volumes that the release does not quantify.

Open questions

Open questions from HY25

Why did the NZ$3.1m reduction in trade debtors not translate into improved operating cash flow, and what specifically absorbed it?
What is the expected H2 settlement profile across Prestons, Iona Stage 1 and the wider land bank, given that HY25 ran NZ$2.9m below HY24 revenue?
How will the FDS outcome and the Environmental Protection Authority panel process affect the medium-term development pipeline and capital commitment?
Is the 29.4% effective tax rate now the run-rate, or are further deferred-tax movements anticipated?
What level of further development cash outflow is expected in H2, and does the NZ$10.4m cash balance plus NZ$10.2m of liabilities give adequate headroom without new facilities?

This briefing cannot assess section sell-through pace, settlement timing, or land valuations because the release does not disclose forward-work, contracted-but-unsettled volumes, or independent valuation inputs.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY25 · Released 24 February 2026

PBT fell 42.5% as margin reset to an unprecedented 40.4%

Tax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.

Read briefing

HY25 · Released 12 August 2025

PBT fell 44.6% as tax normalisation flattered NPAT to +33.3%

Revenue dropped 17.2% in a subdued property market, and the headline NPAT gain reflects a 29.4% tax rate versus 70.2% prior, not improving operations.

Read briefing

FY24 · Released 24 February 2025

Tax adjustment masked turnaround: PBT up 43.3% but NPAT only 14.1%

A $3.9m one-off non-cash deferred tax charge lifted the effective tax rate to 42.5%, suppressing reported NPAT despite revenue rising 59.4%.

Read briefing

HY24 · Released 7 August 2024

Cash dropped 76% to NZ$10.7m as PBT rose 31.4%

Strong property sales lifted PBT 31.4%, but operating cash flow swung to a NZ$6.5m outflow as receivables built and a one-off tax charge cut NPAT

Read briefing

FY23 · Released 26 February 2024

Maintained dividend pushed payout to unprecedented 75.4% as cash fell 93%

FY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.

Read briefing

HY23 · Released 8 August 2023

PBT fell 78.0% as HY22's one-off land sale windfall failed to repeat

Revenue fell 75.1% and PBT 78.0% against an unusually strong, acquisition-boosted HY22, even as margins held and cash rose 198.6%.

Read briefing

FY22 · Released 16 February 2023

Revenue fell 27% but NPAT margin hit an unprecedented 46.5%

Project mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.

Read briefing

HY22 · Released 10 August 2022

Operating cash flow fell 74.9% even as profit before tax rose 10.4%

CDL's profit grew on margin, not cash: operating cash flow fell 74.9% and cash fell 83.4% as revenue declined 22.2%.

Read briefing

FY21 · Released 18 February 2022

Operating cash inflow fell 93% to NZ$4.1m as NPAT advanced 4.0%

Residential development cash generation collapsed from NZ$54.8m prior, leaving FY21 reported earnings well ahead of cash conversion.

Read briefing

Get notified when CDI publishes

Get the next CDL Investments New Zealand result briefing and five-year history updates by email.

CDL Investments New Zealand (CDI)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

P/E over time

Ask about CDI

Ask about CDI

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

DPS

Payout ratio

Debtor days

Operating working-capital movement

HY25 → FY25 Follow-through

What HY25 said to watch

Open questions from HY25

Briefing archive

PBT fell 42.5% as margin reset to an unprecedented 40.4%

PBT fell 44.6% as tax normalisation flattered NPAT to +33.3%

Tax adjustment masked turnaround: PBT up 43.3% but NPAT only 14.1%

Cash dropped 76% to NZ$10.7m as PBT rose 31.4%

Maintained dividend pushed payout to unprecedented 75.4% as cash fell 93%

PBT fell 78.0% as HY22's one-off land sale windfall failed to repeat

Revenue fell 27% but NPAT margin hit an unprecedented 46.5%

Operating cash flow fell 74.9% even as profit before tax rose 10.4%

Operating cash inflow fell 93% to NZ$4.1m as NPAT advanced 4.0%

Compare this company

Get notified when CDI publishes