• While the company had a difficult history, the new CEO seems to be making a difference for the better with the company’s finances greatly deleveraged already and growth resuming.
• The shares are remarkably cheap on a free cash flow basis.
• The company’s ad business is growing again although the same cannot be said for its search business, which is the main risk.
• Still, we think the shares are a speculative buy at these levels.

Source: Perion Network Under-Appreciated Free Cash Flow – Perion Network Ltd. (NASDAQ:PERI) | Seeking Alpha