Section 1: Company Overview and Fundamental Insights

1.1 Company Overview:

Thunderbird Entertainment Group Inc. (TSXV: TBRD) is a multi-platform media production, distribution & rights management company. Its award-winning programs cover multiple genres with a focus on kids & family entertainment, scripted comedy, drama & factual/non-scripted content.

1.2 The Key Positives, Negatives, Investment Highlights and Risks

1.3 Top 10 Shareholders:

The top 10 shareholders together form ~49.21% of the total shareholding. Giustra Foundation and Voss Capital LLC are holding a maximum stake in the company at ~10.72% and ~10.41%, respectively.

1.4 Key Metrics:

In Q3 2022, the company reported higher operating margins, additionally these margins grew on the sequential basis, which is a key positive. Moreover, for the period of 9 months ended March 31, 2022, the company posted elevated sales, EBITDA and free cash flow, compared to pcp.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates: The below picture gives an overview of its recent activities, such as appointment of new executive director, share issuance and rich pipeline:

2.2 Insights of Q3 2022:

Section 3: Key Risks, Company Outlook and Industry Drivers:

Section 4: Stock Recommendation Summary:

4.1 Price Performance and Technical Summary:

4.2 Fundamental Valuation

Valuation Methodology: EV/Sales Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: The reference data in this report has been partly sourced from REFINITIV

Note 2: Investment decisions should be made depending on the investors’ appetite for upside potential, risks, holding duration, and any previous holdings. Investors can consider exiting from the stock if the Target Price mentioned as per the analysis has been achieved and subject to the factors discussed above alongside support levels provided. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavorable movement in the stock prices.

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