SAExploration (NASDAQ:SAEX) is a Canada-based company involved in providing seismic data on a contract basis to oil and gas producers throughout North and South America. SAEX has been the subject of two recent articles here at Seeking Alpha, which can be read here and here. Each of these articles points out a bullish case for SAEX, one that I found compelling as I read the articles. However, subsequent research into SAEX filings has brought me to a conclusion that is at variance with the bulls. I shall briefly outline it here.
The Bullish Thesis
The SAEX bulls see this company as undervalued and are impressed with its improving gross margins. Further, they are buoyed by recent...
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