By: Yonatan Brunshtein

The biggest mistake the market makes with Pulse Seismic is treating it like a cyclical oil and gas producer. It isn’t. Pulse doesn't drill, frack, or own environmental liabilities. Instead, it owns the "Google Maps" of the Western Canadian Sedimentary Basin (WCSB)—a massive, irreplaceable library of seismic data that every explorer needs to license to de-risk their multi-million dollar drilling programs.

The Unreplicable "Data Moat"

Pulse owns over 65,000 km² of 3D data and 829,000 km of 2D data. To recreate this library today would cost an estimated $3.5 Billion CAD. With a market cap currently under $200M, you are essentially buying this data for pennies on the dollar. Furthermore, new regulatory and environmental barriers make shooting new seismic data nearly impossible, effectively making Pulse a "mandatory toll booth" for the industry.

The Numbers: 104% ROE and 74% Margins

The efficiency of this business is staggering. With a lean team of only 15 people, Pulse generates incredible scalability.

  • Operating Margins: Averaging 74%.

  • Return on Equity (ROE): A phenomenal 104.8%.

  • Balance Sheet: Zero debt and significant cash reserves.

The Valuation Gap

Pulse is currently trading at $3.90, representing a P/E ratio of just 8.9x—less than half the sector average of 22x. My intrinsic valuation sits at $8.89, representing a 128% total return potential.

What’s Inside the Full 17-Page Report?

This summary only scratches the surface. The full institutional report is designed to give you the exact data and strategy needed to build a high-conviction position.

The report includes:

  • The "Replacement Cost" Audit: A line-by-line breakdown of why the $3.5B replacement valuation is actually a conservative estimate in the 2026 regulatory environment.

  • Revenue Modeling for "Lumpy" Cash Flows: My proprietary model for predicting $10M+ license sales before they hit the wire.

  • The "Zero-Growth" Floor Analysis: A detailed bear-case scenario showing why the stock has a mathematical floor at $6.22, providing a massive margin of safety.

  • Strategic Acquisition Map: Analysis of recent seismic data acquisitions and how they immediately accrete to shareholder value.

  • Executive Strategy & Allocation: Specific guidance on the February 2026 entry window, position sizing, and how to navigate the $3.80 technical support level.

Pulse Seismic is a rare "Strong Buy" where you can buy a monopoly at a deep-value price while being paid a double-digit yield to wait for the market to wake up.

You can find the Full Report here: https://open.substack.com/pub/yonatanbrunshtein/p/equity-research-institutional-deep?utm_campaign=post-expanded-share&utm_medium=web $PSD