Thunderful Group: Expanding the Indie Network
Research Note
2021-10-27
12:55
Redeye comments on Thunderful's acquisition of Robot Teddy. A niche consultancy firm with an EBIT margin north of 80%. The acquisition adds roughly 20% to Thunderful Groups 2021E EBITA from the Games segment and looks to be a good acquisition besides being EBITA accretive.
Danesh Zare
Tomas Otterbeck
Disclosures and disclaimers