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written by reader Pulse Seismic (PLSDF)

By jp_jj, January 29, 2014

What’s happened to this company since Jan.1, 2014?
News appears scarce in that all I’ve found is the report on Jan. 16 where they reported ”preliminary selected unaudited financial and operating results for the three months and year ended December 31, 2013.” Ok, now what?

Is it time to load up some more to dollar cost average or set a hard stop & bail this possibly ”burning ship?”

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Travis Johnson, Stock Gumshoe
January 29, 2014 2:09 pm

I think it’s finally getting close to a reasonable price, though would like to see it under C$3.50. 2013 was a bad year, I’m not sure what drove up the price in late December.

The business model is good, they have a lot of recurring value in their data, but what has held me back from buying Pulse personally (and what sent me to TGS Nopec instead last year, for a similar model on a much larger scale) is the very focused territory — they’re really dependent on natural gas in Western Canada, so when gas had a rough year last year and there weren’t a lot of corporate takeovers or actions (which necessitate the new buyer re-buying the seismic data, it doesn’t transfer), Pulse’s comparables were really bad — substantial drop from 2012 to 2013 in almost every area. Who knows, maybe this year the gas mania will reheat following the price spike and the “polar vortex”, but I’d still look for buying below C$3.50 if possible — it’s a very lumpy business with their participation surveys and their big data sales not being that predictable or steady, and last year the company got a lot of attention for 2012’s booming revenue but the lack of follow-through on continued revenue increases probably scared a lot of investors away. I don’t necessarily like the business less, but it’s a good reminder of the volatility of their business and I’d want to err on the side of buying cheap — there’s no particular indication from the company that this first quarter is going to provide a burst of enthusiasm.

(Just to be clear: I own TGS Nopec personally, I haven’t owned Pulse)

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