Pulse Seismic Inc: A Stronger Yielder Benefitting From Increasing Western Canadian Activity

Pulse Seismic Inc. (PSD:CA) owns the largest 2D/3D seismic data library in Western Canada, monetizing it through recurring licensing to oil, gas, and other resource sectors. PSD's asset-light model yields robust 80% revenue margins and 76% EBITDA margins, but revenue remains lumpy and highly sensitive to industry activity and macro conditions. Shares trade at a discount (EV/EBITDA