Pulse Seismic Quick Update - $PSD.to
Quick update after Q4 2023
Price: $2.09
MC: 110 mil CAD
EV: 105 mil CAD (after removing the special dividend)
Yield: 2.6%
1 year performance: +19% (not including dividends)
PSD reported last night. Results were ahead of my expectations and the stock sold was up 7% yesterday before reporting.
Quarter Recap
Rev was 16.9 million vs 2.4 in Q4 2022.
EBITDA was 13.6 mil vs 0.5 mil in Q4 2022.
After the quarter they declared a 0.20 special dividend.
NCIB for just under 3 mil shares started late December 2023.
Closing Thoughts
Not much has changed with PSD since my last update for Q3 2023 and my more recent OFS co update.
They company said they generated 8.3 million in revenue in Q1 2024 up to Feb 15th. There was an already announced contract of 3.3 million so they did 5 million so far in outside of that contract. So with only half the quarter complete, they have surpasses Q1 2023. This was better than I was expecting. I’m hoping the remainder of the year continues with this level of activity, although the business does tend to be quite lumpy. Regardless, I continue to hold my shares in the OFS basket.
Thanks for reading.
Dean
* long PSD.to