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Carnegie notes the development during the fourth quarter of last year in which the acquired British game studio Coatsink had three game releases: Jurassic World sequels, PHOGS! and Bas cakeh – who received “solid” reviews. Even the virtual reality game Ahead, which launched in the third quarter, sold well after receiving the Oculus award for “Best Action Game 2020,” Carnegie writes.
Thunderful develops and locates games and distributes Nintendo products, among other things. The analysis notes that production bottlenecks for the PlayStation 5 and Xbox Series X should be an advantage for Nintendo (and therefore Thunderful) during the first half of 2021.
In its forecasts, Carnegie sees an average annual EBITDA growth of 18 percent for the period 2019-2023, with an increase of 53 percent for the company’s gaming segment and a “stable overall” increase for the gaming segment. distribution.
“We expect the gaming segment to account for about half of earnings through 2022, something that should support the valuation. If Thunderful follows through on its M&A strategy, it can go faster,” the analysis states.
Under the Carnegie acquisition scenario, Thunderful’s EBITDA earnings could increase by 45 to 70 percent through 2021, this only through the company using its existing cash.
Thunderful’s stock was listed on First North in December last year and Carnegie was one of the advisers regarding the listing.
