Edison Investment Research - Thunderbird Resorts (TBIRD) Update: Improving underlying trend

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Edison Investment Research

Update: Improving underlying trend

Q3 results showed an encouraging trend, with stable revenues and a 6% increase in EBITDA despite ongoing unfavourable currency translation. Our full year estimates are unchanged. Thunderbirds is continuing its selective programme of low-risk expansion (eg new slot parlours) while at the same time reducing debt. However, it still faces a bulge in repayments in 2015 and news of a successful refinancing and/or disposals of unused real estate would be a positive catalyst for the shares.

17/11/2014 5 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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Edison Investment Research

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

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.

May 12, 2015 May 12, 2015 12 EN

Manx Financial Group - Termination of coverage

Edison Investment Research is terminating coverage on Manx Financial Group (MFX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 10, 2025 March 10, 2025 1 EN

Kate Heseltine

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musicMagpie - Termination of coverage

Edison Investment Research is terminating coverage on musicMagpie (MMAG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

March 5, 2025 March 5, 2025 1 EN

Kate Heseltine

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Topps Tiles - Accelerating growth through Q125

Topps Tiles (TPT) is enjoying a return to revenue growth following a very challenging FY24 due to wider macroeconomic weakness. The company’s recovery is clearly being boosted by new revenue streams from its self-help initiatives, notably from trade and online customers across all of its brands. While the macroeconomic environment remains uncertain, it is pleasing that the strategy is supporting growth. The valuation continues to look compelling, even with limited macroeconomic recovery included in management’s long-term financial goals. With the Q125 trading update, the CEO has announced his ...

January 10, 2025 January 10, 2025 1 EN

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Update: Improving underlying trend

Update: Rightsizing in progress

Update: Q1 snapshot

Outlook: Strategic evaluation underway

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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