Thunderbird Resorts (AMS:TBIRD) interim results showed adjusted EBITDA from continuing operations doubled to $1.8m despite a 1.5% fall in revenue (up 7% on a constant currency basis). The new Nicaragua casino will contribute more materially to revenue and EBITDA in H215. Management continues to evaluate capital structure, possible real estate disposals and other strategic alternatives to increase shareholder value, but there was no new news on this front. Our sum-of-the-parts value is $0.90-1.66 per share with a break-up value materially higher, at potentially $1.50-2.62 per share.
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