EDISON EQUITY RESEARCH - TBIRD
02 June 2015 - 7:20PM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH: THUNDERBIRD RESORTS - Q1
SNAPSHOT
Thunderbird Resort’s Q1 results showed encouraging progress despite
adverse forex – 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.
Thunderbird Resorts is a Latin American gaming operator with
casino, slot parlour and hotel operations in Peru and Nicaragua,
with approximately 2,000 gaming positions. It sold its Costa Rica
operations in February 2015.
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