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Thunderful Group: A Thunderful Transformation Story - Redeye

Redeye initiates coverage of Thunderful Group with a positive view on this organic growth story that is bolstered by M&A (this is an English version of the analysis that was released on 2 July 2021). Investor confidence dissipated in conjunction with the Q4'20 report, but we believe that the market has misjudged the stability of the Distribution segment and that it underestimates the potential within the Games segment. Our thesis is that the valuation gap will close with the release of the coming earnings reports — the quality will shine through.

Redeye initiates coverage of Thunderful Group with a positive view on this organic growth story that is bolstered by M&A (this is an English version of the analysis that was released on 2 July 2021). Investor confidence dissipated in conjunction with the Q4'20 report, but we believe that the market has misjudged the stability of the Distribution segment and that it underestimates the potential within the Games segment. Our thesis is that the valuation gap will close with the release of the coming earnings reports — the quality will shine through.
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