Skip to main content
Annolyse
Back to companies

CDI · NZX

CDL Investments New Zealand (CDI)

Property / Residential developmentCovered: FY21 - HY2610 published briefings

CDL Investments New Zealand is an NZX-listed property / residential development company. Its latest covered result is HY26, with FY21 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 10 August 2026

← Swipe to view more
CDI latest metrics
MetricValueChange
Revenue$12.5m↓ -8.8%
EBITDA$4.9m↓ -4.8%
NPAT$3.4m↓ -5.6%
Operating cash flow-$5m↑ +59.0%
OCF / EBITDA %-103.2%↑ +136.2pp
ROE %1.1%Outside range low roe. 1.1%; 4-period range 1.1% to 7.6%. ROE: 1.1%, below normal range; 4-period mean 3.0%, range 1.1%-7.6%.↓ -0.0pp
PBT$4.7m↓ -7.8%
FCF pre-lease-$5.1m↑ +59.9%
Debtor days52↑ +4.8%
Total assets$328.5m↑ +1.4%

Source: latest published briefing (HY26, released 10 August 2026). Change compares against the prior equivalent period: HY25, released 12 August 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

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

Market cap

$181.7m

i

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

16.67x

i

Recent market cap compared with trailing earnings.

EPS

0.04

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

Not available

i

Not available for this company right now.

P/FCF

Not available

i

Not meaningful when free cash flow is negative or unavailable.

P/B

0.56x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

1.6%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

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...

Ask about CDI

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

Sign in to chat

Sign in to ask company questions.

What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

Checking account...

Financial history

Performance over time

The latest period is shown first.

← Swipe to view more
CDI metric history
MetricHY266 MONTHS10 August 2026FY2512 MONTHS24 February 2026HY256 MONTHS12 August 2025FY2412 MONTHS24 February 2025HY246 MONTHS7 August 2024FY2312 MONTHS26 February 2024HY236 MONTHS8 August 2023FY2212 MONTHS16 February 2023HY226 MONTHS10 August 2022FY2112 MONTHS18 February 2022Trend
Revenue$12.5m$38.1m$13.8m$49.1m$16.6m$30.8m$11.8m$67.1m$47.6m$91.9m
Chart
Revenue growth %-8.8%-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%Unprecedented high revenue growth. 40.3%; 4-period range -75.1% to -8.8%. Revenue growth: 40.3%, unprecedented high; 4-period mean -30.8%, range -75.1%--8.8%.-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%Unprecedented low revenue growth. -75.1%; 4-period range -22.2% to 40.3%. Revenue growth: -75.1%, unprecedented low; 4-period mean -2.0%, range -22.2%-40.3%.-27.0%-22.2%3.7%
Chart
  • HY24 Revenue growth %: Unprecedented high revenue growth. 40.3%; 4-period range -75.1% to -8.8%. Revenue growth: 40.3%, unprecedented high; 4-period mean -30.8%, range -75.1%--8.8%.
  • 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$4.9m$15.6m$5.1m$25m$7.9m$16.2m$5.3m———
Chart
EBITDA margin %38.8%41.0%37.1%50.9%47.6%52.5%44.7%———
Chart
PBT$4.7m$15.4m$5.1m$26.8m$9.2m$18.7m$7m$43.3m$31.8m$43.4m
Chart
PBT growth %-7.8%-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%; 4-period range -78% to 10.4%. PBT growth: 31.4%, above normal range; 4-period mean -30.0%, 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%Unprecedented low pbt growth. -78%; 4-period range -44.6% to 31.4%. PBT growth: -78.0%, unprecedented low; 4-period mean -2.7%, range -44.6%-31.4%.-0.2%10.4%3.8%
Chart
  • HY24 PBT growth %: Outside range high pbt growth. 31.4%; 4-period range -78% to 10.4%. PBT growth: 31.4%, above normal range; 4-period mean -30.0%, 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$3.4m$11.1m$3.6m$15.4m$2.7m$13.5m$5m$31.2m$22.9m$31.3m
Chart
NPAT growth %-5.6%-27.9%33.3%Outside range high npat growth. 33.3%; 4-period range -78.2% to 10.1%. NPAT growth: 33.3%, above normal range; 4-period mean -29.9%, 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%Unprecedented low npat growth. -78.2%; 4-period range -46% to 33.3%. NPAT growth: -78.2%, unprecedented low; 4-period mean -2.1%, range -46.0%-33.3%.-0.3%10.1%4.0%
Chart
  • 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%; 4-period range -78.2% to 10.1%. NPAT growth: 33.3%, above normal range; 4-period mean -29.9%, range -78.2%-10.1%.
Operating cash flow-$5m-$9m-$12.2m-$8.1m-$6.5m-$10.3m$2.5m$11.2m$10.8m$4.1m
Chart
OCF / EBITDA %-103.2%-57.5%-239.4%-32.5%-82.5%-63.7%47.1%———
Chart
FCF pre-lease-$5.1m-$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 %1.1%Outside range low roe. 1.1%; 4-period range 1.1% to 7.6%. ROE: 1.1%, below normal range; 4-period mean 3.0%, range 1.1%-7.6%.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%4.8%1.8%4.3%1.6%10.5%7.6%Unprecedented high roe. 7.6%; 4-period range 1.1% to 1.8%. ROE: 7.6%, unprecedented high; 4-period mean 1.4%, 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
  • 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%.
  • HY26 ROE %: Outside range low roe. 1.1%; 4-period range 1.1% to 7.6%. ROE: 1.1%, below normal range; 4-period mean 3.0%, range 1.1%-7.6%.
Debtor days524505Outside 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; 4-period range 6d to 56d. Debtor days: 76.1 days, above normal range; 4-period mean 41.0 days, range 5.7 days-55.9 days.45616Unprecedented low debtor days. 6d; 4-period range 50d to 76d. Debtor days: 5.7 days, unprecedented low; 4-period mean 58.6 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; 4-period range 6d to 56d. Debtor days: 76.1 days, above normal range; 4-period mean 41.0 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$328.5m$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...
  • FY23 CDI FY: 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%.
  • FY24 CDI FY: 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%.
  • HY23 CDI HY: Unprecedented low revenue growth. -75.1%; 4-period range -22.2% to 40.3%. Revenue growth: -75.1%, unprecedented low; 4-period mean -2.0%, range -22.2%-40.3%.
  • HY24 CDI HY: Unprecedented high revenue growth. 40.3%; 4-period range -75.1% to -8.8%. Revenue growth: 40.3%, unprecedented high; 4-period mean -30.8%, range -75.1%--8.8%.

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...

More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

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...
  • FY21 CDI FY: 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%.
  • FY25 CDI FY: 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%.
  • HY22 CDI HY: Unprecedented high roe. 7.6%; 4-period range 1.1% to 1.8%. ROE: 7.6%, unprecedented high; 4-period mean 1.4%, range 1.1%-1.8%.
  • HY26 CDI HY: Outside range low roe. 1.1%; 4-period range 1.1% to 7.6%. ROE: 1.1%, below normal range; 4-period mean 3.0%, range 1.1%-7.6%.

DPS

Dividend per share declared for the period.

Loading chart...

Payout ratio

Dividend payout against statutory NPAT.

Loading chart...
  • FY23 CDI FY: 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 CDI FY: 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%.

Debtor days

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

Loading chart...
  • FY21 CDI FY: Unprecedented 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.
  • FY24 CDI FY: 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.
  • HY22 CDI HY: Unprecedented low debtor days. 6d; 4-period range 50d to 76d. Debtor days: 5.7 days, unprecedented low; 4-period mean 58.6 days, range 50.0 days-76.1 days.
  • HY24 CDI HY: Outside range high debtor days. 76d; 4-period range 6d to 56d. Debtor days: 76.1 days, above normal range; 4-period mean 41.0 days, range 5.7 days-55.9 days.

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...
  • HY23 CDI: Outside range high operating working-capital movement. $2.1m; 3-period range $-3.1m to $-0.2m. Operating working-capital movement: NZ$2.1m, above normal range; 0/3 prior periods had builds, and 3 had releases averaging NZ$-1.7m.
  • HY25 CDI: Outside range low operating working-capital movement. $-3.1m; 3-period range $-1.9m to $2.1m. Operating working-capital movement: NZ$-3.1m, below normal range; 1/3 prior periods had builds averaging NZ$2.1m, and 2 had releases averaging NZ$-1.0m.

The setup & the reality

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

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

No stated targets, forward-work disclosures, or backlog metrics are provided, so the release does not support a quantified FY26 view. The HY25 context shows the year was second-half weighted (H1 delivered 36.1% of revenue, 32.2% of NPAT), which is typical for lumpy section settlements but limits what the half-year tells us about run-rate.

Management cites a "subdued residential sales environment" and continued diversification away from residential — but with 91.8% of revenue still in residential land, that diversification has not yet meaningfully insulated the result.

Open questions

Open questions from FY25

  • Why did PBT margin compress to 40.4%, below the prior historical trough of 47.3%, given residential land has typically held >47% margins through the cycle?
  • What is the contracted-but-unsettled section book heading into FY26, and how does pricing on those contracts compare to FY25 settlements?
  • When is the Havelock North development decision expected to translate into saleable inventory, and what is the implied development capex profile?
  • Is the 1c final dividend a new run-rate, or a temporary step-down while inventory and cash are rebuilt?
  • Where did the $18.9m cash drawdown go beyond the -$9.0m operating draw and $0.025m capex?

This briefing cannot assess land-bank carrying values, forward section pricing, or the timing of consented inventory coming to market.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

CDI HY26 Media Release

HY26 / media release

CDI HY26 Results Announcement

HY26 / results announcement

CDI HY26 Unaudited Financial Statements

HY26 / financial report

Prior comparable period

CDI HY25 Directors' Review

HY25 / results presentation

CDI HY25 Media Release

HY25 / media release

CDI HY25 Results Announcement

HY25 / results announcement

CDI HY25 Unaudited Financial Statements

HY25 / financial report

Full-year context

CDI 2025 Annual Report

FY25 / financial report

Peer context

Residential development comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

WIN · FY26

Winton Land

6 published result briefings

Compare CDI, WIN →Property result archiveNZX property comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 10 August 2026

PBT margin fell to 37.5% while ROE stayed flat at a weak 1.1%

Revenue fell 8.8% and margins compressed to a five-year low, but ROE held flat at 1.1% despite a record $328.5m asset base.

Read briefing

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
Open all 10 result briefings

Related insights

Compare this company

The latest CDI metrics also appear in these cross-company comparisons.

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 0.0%.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 2.2pp.

Open insight

Insight

Revenue growth context

Revenue growth was -8.8% for this reporting period.

Open insight

Insight

ROE and capital efficiency

ROE was 1.1%, 0.0pp versus the prior comparable period.

Open insight

Get notified when CDI publishes

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