Here are Thomas’s comments as the sale of Sunborn’s Gibraltar yacht hotel is delayed. 
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A share issue would indeed be one way to strengthen the balance sheet. In my opinion, the best methods involve engaging partners in the yacht hotel concept either through joint ventures or direct investments in Sunborn International. However, the company’s longer-term growth targets are so ambitious that they cannot be achieved solely with its own balance sheet, despite the Gibraltar transaction. The growth of the hotel fleet increases the concept’s recognition and improves the conditions for attracting partners, for example, with a licensing model, which is ultimately the most attractive source of income in the hotel industry. This, however, requires significant scale, but Sunborn International’s advantage is at least a concept that stands out from the crowd with its own strengths. It’s a pity that the realization of the Gibraltar deal still has to be awaited…
I agree that affordable financing doesn’t necessarily make an investment good! However, I don’t believe the company wants large vessels just for the joy of building them; rather, the hotel’s profitability calculations favor larger hotels from an operational profitability perspective (although the current comparison between London and Gib hotels shows otherwise, but this is mainly due to location). At a room-specific price of €0.3-0.5 million, a €10 million hotel remains regrettably small if you also have to invest in a lobby and restaurant.
The difference between the return on capital and its cost ultimately decides this game. With the current bond’s 7-7.5% cost of debt, it is challenging to raise the return on capital to a level where the business creates value. Especially when the Gibraltar vessel is underperforming its potential. If the company achieves its target of 12% returns with the upcoming Evolution vessel series and can lower the cost of capital through export financing, the equation will become significantly more favorable for the company. In this business, one can invest a lot and grow rapidly, but due to the significant investment need, the return on capital scales limitedly unless one can access capital-light revenue sources like licensing.
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Below are Thomas’s comments on Gibraltar’s August passenger data.
Gibraltar and London Heathrow airports recently released their August traffic data, which for Gibraltar was slightly stronger than our expectations. At this stage, the traffic data does not necessitate changes to our forecasts, but Gibraltar’s good passenger growth in August provides a welcome continuation to the promising development of the summer.
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Thomas is pre-gaming because Sunborn is publishing its Q3 report on Monday.
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Here are Thomas’s comments on Sunborn’s Q3 results.
Sunborn International’s subsidiary-specific development largely met our expectations, although the condensed business review did not provide visibility into group-level expenses or balance sheet development. Sunborn International’s third-quarter business review confirmed the group’s continued positive development, especially in Gibraltar, where results showed double-digit growth for the fourth consecutive quarter. London’s operations continued to grow revenue across all departments, but profitability remained slightly below expectations due to cost pressures.
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Thomas interviewed CEO Hans Niemi after Q3.
Topics:
00:00 Intro
00:17 Q3 as expected
01:16 Growth in ADRs
02:26 Strong growth in London but also cost pressure
04:09 Strong development in Gibraltar
05:33 Hospitality sectors’ recovery to pre-COVID levels
08:57 Brexit caused disturbance at Gibraltar
09:44 Refinancing the balance sheet
14:47 Planning processes of London and Vancouver projects
16:53 Exciting projects in pipeline
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Thomas has commented as the repayment of Sunborn Gibraltar’s bond is delayed.
The situation is not a significant surprise, and we have previously identified the refinancing of the loan as a key short-term risk. The loan’s default status increases the liquidity risk of the separately financed subsidiary, presumably leads to higher financing costs than previously estimated, and may impair the availability of financing in the future. The company’s management estimates that it will be able to complete the financing arrangement for the redemption of the loan within a reasonable time.
Here are Thomas’s comments as Sunborn applies for the US OTC market.
Sunborn International’s CEO Hans Niemi spoke about his company at the Sijoittaja 2025 event.
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Here are Thomas’s comments on the November passenger data for Gibraltar and London Heathrow airports, which have an impact on Sunborn’s business.
Gibraltar and London Heathrow airports recently published their November traffic data. Passenger numbers grew at both airports, and the development for Gibraltar was stronger than our expectations. The strong growth in passenger numbers at Gibraltar in recent months provides a much-needed continuation of the promising development seen earlier in the year.
Here are Thomas’s comments on how Sunborn London has obtained support from a sufficient majority to extend the maturity of its bond by one year 
Sunborn International announced on Saturday that its subsidiary Sunborn London has initiated a written procedure to amend the terms of its EUR 25.5 million bond. The company has already received support from a sufficient majority for the procedure, so the extension of the loan’s maturity by one year is practically certain. The news is an expected and positive step in managing the company’s financial situation, but the refinancing of the larger Gibraltar loan and the letter of intent for the sale of the Gibraltar vessel remain at the heart of the investment case.
Thomas has published a new company report on Sunborn.
We have raised our forecasts for the coming years, driven by a faster-than-expected recovery in passenger traffic in Gibraltar. The Gibraltar yacht hotel naturally benefits from the recovering passenger flow, but the investment story remains at a stalemate until the company is able to strengthen its balance sheet and create the conditions for growth investments. We revise our target price to EUR 0.22 (prev. EUR 0.20) and reiterate our sell rating.
Here are Thomas’s comments on how the bond refinancing for Sunborn International’s Gibraltar subsidiary is progressing
Here are Thomas’s comments as trading in Sunborn shares began in the United States on the OTCID marketplace
Sunborn International announced on Monday that the listing of the company’s shares is starting in the United States on the OTCID marketplace. This is a technical listing aimed at improving the stock’s accessibility for US investors and expanding the investor base. The dual listing makes it easier for international investors to purchase the company’s shares.
Here are Thomas’s preview comments as Sunborn reports its H2 results on Friday, Feb 27.
We expect the company’s revenue and EBITDA to have received support from the improved occupancy rate of the Gibraltar yacht hotel, which has been bolstered by the strong recovery in passenger traffic in the region. However, we are paying closer attention to the company’s tight balance sheet position and ongoing financing arrangements than the operational performance, as these play a critical role in enabling the company’s growth strategy.
Even Inderes’ robot was caught off guard when Sunborn put its H1 figures on the table.
”Sunborn International reported H1/2025 figures, in which group-level revenue (EUR 5.1m) and EBITDA (EUR 3.0m) include yacht hotel operations for only 2 months (May-June) due to the timing of the share exchange completion. We expected the company to report H2 figures (July-December), so a direct comparison to our forecasts is not meaningful.”
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Here is a company report from Thomas on Sunborn following the H2 results.
Sunborn International’s H2 figures were weaker than our expectations due to surprisingly soft room occupancy rates. We have raised our estimates for the company’s cost levels in the coming years and slightly postponed the upcoming London yacht hotel investment in our forecasts. We are lowering our target price to EUR 0.21 (prev. EUR 0.22). Following the share price decline, we are upgrading our recommendation to Reduce (prev. Sell).
Here are Thomas’s comments on Vancouver City Council’s approval of the zoning amendment for the planned Sunborn Vancouver yacht hotel.
We view the news positively, as the significant undercapacity in the hotel market makes Vancouver an especially attractive market for the yacht hotel concept. Although the decision is an important step and paves the way for the project’s construction phase, it does not remove the critical challenges related to the company’s balance sheet position, which are currently the primary obstacle to the investment’s realization.
Here are Thomas’s preview comments as Sunborn reports its results on Thursday, April 30.
We expect the company’s revenue and EBITDA to have grown from the comparison period, supported by the recovery in passenger flows. However, the earnings level is weighed down by the weak seasonality typical of the hotel industry in the early part of the year, as well as ongoing cost inflation. Along with operational development, our focus is on the company’s tight balance sheet position and the financing outlook for strategic investment projects. The Q1 comparison period figures are not yet known at this stage. As a result, on earnings day, we will primarily evaluate development relative to the comparison period, as our forecasts may over- or underestimate the seasonality of the business.
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Here is the company report on Sunborn from Thomas following the Q1 results
Sunborn International’s Q1 report fell short of our expectations, weighed down by the weak performance in Gibraltar. The London yacht hotel continued its strong development, but Gibraltar was hit by surprisingly sluggish room demand and cancellations due to geopolitical reasons. From an investment story perspective, the current earnings performance plays a secondary role, as our focus going forward is particularly on the refinancing of the matured bond as well as financing solutions for the planned development projects.