We lower our Adjusted EBITDA estimates after the unexpected rise in capitalised development cost in H2 2022 and after modelling amortisation expense scenarios. We lower Adjusted EBITDA significantly below consensus and believe rising amortisation expenses will lead to nearly flat Adjusted EBITDA ($25m-$26m) from 2022 to 2024. Despite our negative earnings outlook, tinyBuild's share price indicates significant earnings disappointments may already be priced in. Shares trade at only 4x 2023 EV/ EBI ....
.png)
