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PULS
Pulse Electronics Corporation - NYSE

4/20/2014, 2:08 AM ET
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  • The Market Has Quickly Forgotten The Recent Positive News For Pulse Electronics
    John Leonard Mon, Mar. 31 2 Comments

    Summary

    • Pulse Electronics is attractive following a recent pullback due to the removal of two large overhangs - the threat of dilution and near term debt maturity.
    • The significant EBITDA growth (on a dollar and margin basis) due to lower OpEx should be more than sufficient for debt service and continue R&D.
    • The implied odds of selling the weaker wireless segment (although it is turning around) or even the entire company (after it rejected a previous offer) are too low.
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Company Description

Pulse Electronics Corp is a producer of precision-engineered electronic components and modules. It operates its business in three segments: Network product group (Network), Power product group (Power) and Wireless product group (Wireless).