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.  We think this stock is attractive to both…