Fund Manager Summary
The fund managers believe that BirdDog Technology Ltd presents a significant investment opportunity, particularly given its current mispricing. In their opinion, the firm, which specializes in audio-visual equipment, is undervalued with a market cap of $11 million while holding $21 million in cash and $12 million in inventory. Despite facing challenges such as supply chain issues and a supplier contract dispute since its listing in late 2021, they see potential for recovery. The fund managers note that investor sentiment has led to a sell-off, creating an opportunity for gains. They assert that if the company can stabilize its operations, its share price could realistically increase by four to five times within the next year, making it an attractive prospect for discerning investors.
Source: Trading View
Commentary From The Managers
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Cyan Investment Management
30 June 2025
$0.07
Summary
- Cyan Investment Management reports a significant increase in BirdDog's share buy-back from $0.05 to $0.07 per share.
- The Fund's NAV was positively impacted by BirdDog's strong performance, with shares rising by 45%.
- Despite the positive outlook, Cyan Investment Management has sold down the majority of its holding.
- This decision was influenced by the current market price of $0.068.
- Cyan Investment Management continues to monitor BirdDog's performance for potential future opportunities.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Cyan Investment Management
30 June 2025
$0.07
- Cyan Investment Management reports a significant increase in BirdDog's share buy-back from $0.05 to $0.07 per share.
- The Fund's NAV was positively impacted by BirdDog's strong performance, with shares rising by 45%.
- Despite the positive outlook, Cyan Investment Management has sold down the majority of its holding.
- This decision was influenced by the current market price of $0.068.
- Cyan Investment Management continues to monitor BirdDog's performance for potential future opportunities.
Summary
Cyan Investment Management
30 Apr 2025
$0.05
- Cyan Investment Management highlights a significant gain of 53% for BirdDog Technology Ltd (BDT).
- The company is viewed as fundamentally underpriced, leading to discussions about its valuation.
- The board has proposed to delist the company, offering investors options to hold shares privately or sell in a Equal Access Share Buy-back at $0.050.
- This buy-back price represents a huge discount to the net tangible assets (NTA) and indicates a negative enterprise value.
- If the board and management choose to go private, they would control the business along with significant cash and inventory assets.
- Minority shareholders face an unfavorable outcome, sharing only ~$5m in cash.
- Feedback from other investors aligns with Cyan's view, leading to a delay in the EGM and a promise for additional disclosures.
- The ASX requires a special resolution with 75% of votes for the delisting to proceed.
Summary
Cyan Investment Management
31 May 2024
$0.06
- Cyan Investment Management observes that BirdDog Technology Ltd (BDT) has returned much of its recent gains, down by 32.5%.
- The decline is attributed to the sale of a significant stake by one of the original founders, who no longer works with the company, at a substantial discount.
- Despite this, Cyan Investment Management asserts that it does not materially affect the Fund overall.
- BirdDog's new camera models have received outstanding early reviews and orders.
- FY25 is anticipated to be a turnaround year for BirdDog Technology.
- BirdDog's current market capitalisation stands at $11m, which is nearly half of its cash balance of $21m.
Summary
Cyan Investment Management
30 Apr 2024
$0.08
- Cyan Investment Management has previously highlighted the valuation gap of BirdDog Technology Ltd (BDT).
- BDT has seen a share price increase of 20%.
- The company holds over $20m in cash, with a market cap of $13m.
- It is rare for companies to trade below their cash backing; this typically occurs in high cash-outflow scenarios.
- BDT reported 3Q24 sales of $5m with minimal cash outflow of $200k.
- The company is conserving most of its cash, indicating financial health.
- Despite the share price increase, the stock trades below its cash backing.
- Cyan Investment Management continues to view BDT as an extremely attractive investment opportunity.
Summary
Cyan Investment Management
10 Apr 2024
$0.07
- Cyan Investment Management updates their investment thesis on BirdDog Technology Ltd.
- Fergie identifies the firm as a manufacturer of audio-visual equipment, focusing on conference applications.
- He believes the firm is drastically mispriced with a market cap of $11 million compared to $21 million cash on the balance sheet.
- An additional $12 million in inventory strengthens the financial position.
- Challenges include supply chain difficulties and a supplier contract dispute.
- Investor sentiment has led to capital losses as many have cut their losses prematurely.
- If the operational issues are rectified, there is potential for the stock to increase four to five times within the next year due to overselling.
- Cyan Investment Management continues to hold due to these mispricing opportunities.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a market cap of just $11 million against $21 million in cash, BirdDog Technology Ltd appears to be a hidden gem. If they can navigate their operational hurdles, the potential for a four to fivefold increase in value within a year seems tantalizingly close."
Last Updated: 30 Jun 2025
Query The Data
Frequently Asked Questions
Who is investing in BirdDog Technology Ltd (ASX:BDT)?
Fund managers including Cyan Investment Management have invested in BirdDog Technology Ltd (ASX:BDT).
Why do fund managers invest in BirdDog Technology Ltd?
Fund managers are investing in BirdDog Technology Ltd due to its significant mispricing, highlighted by a market cap of $11 million against $21 million in cash and $12 million in inventory. Despite past challenges such as supply chain issues and a supplier dispute, there is a strong belief that if the company can stabilize its operations, its stock could appreciate significantly, potentially increasing four to five times within the next year.
What happened to BirdDog Technology Ltd (ASX:BDT)?
There have been no recent updates from fund managers regarding BirdDog Technology Ltd although fund managers including Cyan Investment Management have previously commented.