Thunderful Group Q3’21: Validating the transformation story

Research Note

2021-11-16

10:06

Redeye comments on Thunderful Group's Q3'21 report. We find the report encouraging, Net sales were 6% above our estimates, and Adj EBITA was slightly below our estimates. We are especially encouraged by the game segment. It accounted for 13% of sales, 42% of gross profit, and 60% of Adj EBITA.

Danesh Zare

Viktor Lindström

Tomas Otterbeck

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