Edison Investment Research - Thunderbird Resorts (TBIRD) Outlook: Strategic evaluation underway

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Edison Investment Research

Outlook: Strategic evaluation underway

Thunderbird has well-established casino operations in Peru and Nicaragua delivering over 17% property EBITDA margins, but is burdened with high debt and corporate costs â€“ an historic legacy. Management is evaluating strategic options including unlocking value from its $75m of real estate. Our SOTP is $0.92-1.69 per share but a break-up value could be $1.54-2.68 per share. The share price has recovered slightly since the sale of the Costa Rica operations but still does not reflect the groupâ€™s potential value.

12/05/2015 12 EN

Underlying

Thunderbird Resorts

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Panama

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Update: Rightsizing in progress

Interim results showed adjusted EBITDA from continuing operations doubled to $1.8m despite a 1.5% fall in revenue (up 7% on a constant currency basis). The new Nicaragua casino will contribute more materially to revenue and EBITDA in H215. Management continues to evaluate capital structure, possible real estate disposals and other strategic alternatives to increase shareholder value, but there was no new news on this front. Our sum-of-the-parts value is $0.90-1.66 per share with a break-up value materially higher, at potentially $1.50-2.62 per share.

September 4, 2015 September 4, 2015 5 EN

Edison Investment Research

Update: Q1 snapshot

Thunderbird Resortâ€™s Q1 results showed encouraging progress despite adverse forex â€“ adjusted EBITDA more than doubled to $0.94m. Cost-cutting and debt reduction are underway and management continues to evaluate strategic options, as discussed in our 12 May Outlook report, including unlocking value from its $75m of real estate. Our estimates are unchanged, as are our sum-of-the-parts ($0.92-1.69 per share) and break-up value ($1.54-2.68 per share), both materially ahead of the current share price despite the recent rise.

June 1, 2015 June 1, 2015 5 EN

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Outlook: Strategic evaluation underway

Update: Rightsizing in progress

Update: Q1 snapshot

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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