Thunderbird Entertainment (TBRD.V), mcap=C$162m, price C$3.3 vs. C$3.8

Pitch: Studio specializing in unscripted shows and cartoons. Thesis is based on increasing competition among streamers and in turn ever higher value being attached to quality content. Revenue grew 41% in fiscal 2020 and 37% in fiscal 2021.

Valuation: Trades at 1.4 FY2022 sales and 7xEBIT. Upside scenario based on achieving C$250m in sales and 21% op. margin by 2025 (vs 2021 sales of and 16% op. margin). Target price of C$15.5 at 5x 2025 EBIT.

Exp. gain: 250% in 4 years.

Full TBRD.V write-up (free guest account required):

Leave a Comment