Perion Network: 3.7x EV/EBITDA, Good Management and a Catalyst

OVERVIEW

Trading at only 3.7x 2012E EBITDA and 5.8x 2012E Net Income, Perion Network Ltd (NASDAQ:PERI) (“PERI” or the “Company”) is a misunderstood, underfollowed company whose stock has declined in large part due to steps intentionally taken by a new CEO when he arrived in the summer of 2010.  These steps created some short term pain but have successfully positioned the company for long-term, profitable growth.  The company is now beginning to benefit from these initiatives and we believe there are some short and medium term catalysts that will drive this stock higher. ...