(Authors note: This article was written before the stock price spike on 11/21 most likely attributable to Eric Rosenfeld's additional open market purchases. While this will change the valuation section slightly, the fundamental undervaluation thesis remains)
Like many on Seekingalpha, SAExploration Holdings (SAEX) (referred to as SAExploration for the balance of this article) was originally brought to my attention by the fantastic SA contributor Mike Winston in June 2013. The company has been on my watch list over the past 6 months, with my interest significantly growing over the past month due to the punishment inflicted upon the company by Mr. Market for a series of operational issues and subsequent financial losses in the third...
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