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Thunderful Group: Q4’21 Review – Large game investments ahead - Redeye

Thunderful delivered a solid q4 report on a group level. Sales came in 7% above our estimates while Adj EBITA was 1% ahead. The distribution unit performed better than expected and in particular Nordic Game Supply. However, Games profitability came in a bit soft due to poor reception from new releases. We revise our forecast and increase sales estimates but reduce profitability in the near term.

Thunderful delivered a solid q4 report on a group level. Sales came in 7% above our estimates while Adj EBITA was 1% ahead. The distribution unit performed better than expected and in particular Nordic Game Supply. However, Games profitability came in a bit soft due to poor reception from new releases. We revise our forecast and increase sales estimates but reduce profitability in the near term.
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