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Sophon Capital's Thunderbird Entertainment Thesis $TBRD
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Franco Chomonalez from Sophon Capital to analyze Thunderbird Entertainment (TBRD). Franco shares why the microcap Canadian animation and media company—trading at just 1.6x EBITDA—fits Sophon’s investment criteria. They discuss Thunderbird’s three revenue models, its role as a low-cost production partner for Disney, and the competitive advantages stemming from Canadian tax credits. The conversation also explores failed M&A efforts, AI disruption risk, shareholder tensions, and the upcoming TSX uplisting as a potential re-rating catalyst.
Sophon Capital's site: https://sophoninvest.substack.com/
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[00:00:00] Andrew introduces Franco and Thunderbird
[03:23:00] Franco outlines Sophon’s microcap thesis
[06:17:00] Overview of Thunderbird’s business model
[09:54:00] Discussion on Thunderbird’s cheap valuation
[11:39:00] History of Thunderbird and key players
[16:05:00] Studio advantages: tax credits, location
[18:07:00] Is Thunderbird’s work commoditized?
[24:26:00] Disney outsourcing versus in-house strategy
[29:36:00] 80%+ IP pitch success rate explained
[30:21:00] AI risk: upside and private equity fear
[39:32:00] Can AI make animators obsolete?
[42:49:00] Why hasn’t Thunderbird been sold yet?
[47:08:00] Debate: reinvest or return capital
[53:59:00] TSX uplisting as a near-term catalyst
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Published on 1 week, 4 days ago