THRSF Thunderbird Resorts Inc (CE)

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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