Pulse Seismic Q1 2025 Update - $PSD.to
Quick update after Q1 2025
*Disclosure: I own shares in PSD. I am not a professional. Please do your own due diligence.
Price: $2.52 CAD
MC: 128 million
EV: 114 million
Yield: 2.8%
1 year performance: +12% (not including dividends)
PSD reported earlier this week. Results were very strong and in line with of my expectations, given what they telegraphed on February 13th. They noted that they had already reached 17.5 million in revenue mid quarter. The stock is up about 5%.
*all numbers in CAD unless stated otherwise
Quarter Recap
Revenue came in at 22.8 million vs 8.8 million last year.
EBITDA was 20 million vs 6.2 million last year.
The increased the regular dividend by 17% to 0.0175 per quarter.
They have been executing on the NCIB with an automatic share purchase plan since announcing it on February 24th. So far they have purchased 43,300 shares.
They paid out the previously announced special dividend of 0.20 per share.
Valuation
PSD is trading at 3.9x EV/ttm EBITDA. The business is very lumpy so be careful using this EBITDA as a baseline.
Closing Thoughts
More of the same with PSD. These big quarters come and go. I appreciate the return of capital to shareholders. If only all companies could be this disciplined.
They have low visibility in the best of times. The recent tariff roulette has made that even worse. I do not know what the future looks like for PSD but I trust the management team and board to do what’s best for shareholders.
My original purchases around the $1.50 mark have returned me 0.70-0.85 per share in dividends so far over the 3 and 5 year timeframe. Not too shabby.
Thanks for reading.
Dean
* long PSD.to