LMP : TSX : C$17.90

Target: C$25.00

Lumenpulse is a manufacturer of specification-grade LED
lighting fixtures. The company was founded in 2006 by
lighting industry veterans and has quickly developed a
large suite of product families and amassed significant
industry awards and accolades. Headquartered in
Montreal with additional R&D operations in Boston,
Lumenpulse levers its leading brand and channel to drive
sales within North America and abroad.

Sustainability — Energy & Power Technologies
 We are initiating coverage on Lumenpulse with a BUY rating and
C$25 price target, which is based off of a 22.5x multiple to our
CY2016 EPS estimate.
 Lumenpulse is a leader in the LED specification-grade market, a
$39B market estimated to be growing by 30%+ per year as part of
the broader secular transition to LED lighting.
 Lumenpulse has developed a strong distribution network that
supports margin expansion and greater-than-average industry
growth, both of which we believe are appealing to investors.
 We believe the company has developed key technologies in the
controls and lighting segment, which should enable scale or
potential licensing opportunities in the future.
 With a robust balance sheet and public stock, Lumenpulse can now
augment its growth both organically and inorganically.



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