LMP : TSX : C$17.90
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
INCREASING THE PULSE OF THE LIGHTING INDUSTRY
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.