Pulse Seismic Q4 '24 Update - $PSD.to
Quick update after Q4 2024
*Disclosure: I own shares in PSD. I am not a professional. Please do your own due diligence.
Price: $2.63 CAD
MC: 134 million CAD
EV: 126 million CAD
Yield: 2.3% (not including special dividends)
1 year performance: +36% (not including dividends)
PSD reported yesterday. Results were in line with of my expectations and the stock was up 5-6% at time of writing.
*all numbers in CAD unless stated otherwise
Quarter Recap
Revenue came in at 5.6 million vs. 16.9 million last year.
EBITDA came in at 3.8 million vs. 13.6 million last year.
Reminder that Q4 2023 was a monster. Almost the largest in company history.
This was mentioned in the news release, “Pulse has had a strong start to the year having closed $17.5 million in sales, representing approximately 75% of sales in 2024”.
Valuation
PSD is trading at about 8.1x EV/EBITDA on a ttm basis and 7.9x on a 3 year average basis.
Closing Thoughts
This page in the MD&A gives some good context to the transactional revenue piece for PSD. Low visibility for sure.
PSD has no debt and 2025 looks to be starting off strong. Who knows how the rest of the year goes, but I continue to expect capital to be returned to shareholders via dividends and buybacks.
PSD is a part of my OFS bucket. It provides some stability to other names that have higher fixed costs.
Thanks for reading my work.
Dean
* long PSD.to