Beacon Market Research starts Tradewinds Universal coverage, sees near-term enterprise value at $67.5 million-$87.8 million

Beacon Market Research has started coverage of Tradewinds Universal with a positive rating on its adult hospitality strategy.

Beacon cited FY2025 results tied to Peppermint Hippo and affiliate club assets it expects to be acquired: revenue of $35.2 million, EBITDA of $6.2 million, and a margin of 17.7%.

The report compared the platform with RCI Hospitality, which posted revenue of $279.4 million and an EBITDA margin of about 18.8%.

Using a 10x-13x EBITDA range, Beacon estimated near-term enterprise value at $67.5 million-$87.8 million, versus a market cap of $2.9 million.