CDL Investments Share Price: $0.72 for $1.10 of Land, But a Thin Yield
CDL Investments Share Price Today
The CDL Investments share price sits at about $0.72 NZD (NZX: CDI) in mid-June 2026, down roughly 6% over the past year. With a market cap near $211 million, CDL Investments is a New Zealand residential land developer that buys, develops, and sells sections to builders and homeowners.
The headline feature is the gap between price and book value. CDL's net tangible assets are about $1.10 per share, while the stock trades near $0.72. That is a discount of roughly 35% to the value of the land on its balance sheet. As with any developer, that discount is the whole debate: a genuine bargain, or the market telling you those land values are at risk.
What CDL Investments Does
CDL Investments develops residential land. It acquires larger land parcels, takes them through consenting and subdivision, and sells finished sections. It is majority-owned by the same group behind [Millennium & Copthorne Hotels NZ](/stocks/millennium-copthorne), which gives it a stable controlling shareholder but also means free-float and liquidity are limited.
This is a simpler, more land-focused model than a full master-planned developer like [Winton Land](/stocks/winton-land) or a commercial landlord like [Kiwi Property Group](/stocks/kiwi-property). CDL's earnings rise and fall with how many sections it settles in a given period and at what margin, which makes results lumpy and tied to the housing cycle.
Recent Performance
For the year to December 2025, CDL reported revenue of around $38.1 million and earnings of about $11.1 million, for EPS near $0.038. That is a solid result for a developer in a soft market, and CDL has a long record of staying profitable through cycles thanks to land bought cheaply years ago.
Key Metrics
- •Share price: ~$0.72 NZD
- •Net tangible assets: ~$1.10 per share (a ~35% discount)
- •Market cap: ~$211 million NZD
- •52-week move: about -6%
- •P/E ratio (trailing): ~19x
- •EPS: ~$0.038
- •Gross dividend yield: ~1.9%
Two metrics pull in different directions. The 35% discount to NTA looks attractive, but the gross dividend yield of just 1.9% is thin, so you are not paid much to wait for that gap to close. And at ~19x trailing earnings, the P/E is not obviously cheap, a reminder that section sales were modest in the period.
What to Watch
- •The housing cycle and interest rates: Section demand depends on builder and buyer confidence. Falling rates would help; a deeper housing downturn would pressure both volumes and land values.
- •Land value durability: The bull case rests on the NTA being real. Watch for any revaluation of the land bank.
- •Settlement volumes: Lumpy by nature. One strong or weak half can swing the reported result materially.
- •Controlling shareholder: The majority owner shapes dividend policy and capital decisions, and limits liquidity.
The Bottom Line
CDL Investments offers a long-profitable land developer at a clear discount to the stated value of its land. The bull case is simple: buy a dollar of land for about 65 cents, backed by a conservative, cycle-tested operator. The bear case is that the discount has persisted for years, the yield is too thin to reward patience, and developer land values are only as solid as the housing market underneath them. This suits patient, value-oriented investors comfortable with property risk and limited liquidity.
For how we treat NTA discounts and cyclical developer earnings, see our [methodology](/methodology).
*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*