Edison Investment Research - Thunderbird Resorts (TBIRD) Update: Incremental expansion underway

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Edison Investment Research

Update: Incremental expansion underway

Thunderbirdâ€™s new Costa Rica casino and Peru expansion have yet to flow through to profits and H114 EBITDA slipped by 4% at constant currency (15% reported); the PBT loss was cut by 42%. We have reduced our full year estimates, but the turnaround story remains intact. We expect the debt refinancing to be successfully concluded but believe it may take several more months, while news of asset disposals would also be helpful. The share price has fallen by 44% since our May update note and the 2014e EV/EBITDA is only 8.8x, with substantial real estate backing.

02/09/2014 5 EN

Underlying

Thunderbird Resorts

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Panama

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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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Other Reports on these Companies

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

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musicMagpie - Termination of coverage

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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 ...

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Update: Incremental expansion underway

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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