Yet Another Value Podcast Sophon Capital's Thunderbird Entertainment Thesis $TBRD
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Sep 12, 2025 Franco Chomonalez from Sophon Capital dives into Thunderbird Entertainment, a microcap gem in Canadian animation. He explains its attractive valuation at 1.6x EBITDA and discusses the company's three diverse revenue models. The conversation highlights Thunderbirds’ role with Disney and its advantages from Canadian tax credits. They also tackle the risks of AI in animation and shareholder tensions regarding potential sales. With TSX uplisting on the horizon, it could be a pivotal moment for this overlooked value opportunity.
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Three Clear Revenue Models
- Thunderbird is a TV and film production studio operating service, owned-IP, and partnership models.
- Sophon views it as a high-quality business available at under 2x next-12-months EBITDA.
Valuation Looks Anomalously Low
- Sophon highlights Thunderbird's valuation at below 2x next-year EBITDA as unusually cheap for a quality microcap.
- They argue such valuations are typically reserved for distressed or fraudulent small companies, not well-run studios.
How The Three Models Stack Economically
- Service work pays fees without IP ownership, owned-IP keeps backend upside, and partnerships combine higher fees plus backend economics.
- The hybrid model gives Thunderbird diversified, lower-risk cashflow streams.