Yellow Pages Limited (Y.TO) Buy, Sell or Hold

Yellow Pages Limited (Y.TO)

12.35

+0.05 (0.41%)

as of Jun 17, 2026, 3:38:02 pm Market Open.

84 watching

BUY

Likes this one. Great business. Continues to plod along. Getting some good ad revenue despite the bad economy. Very attractive yield, which he feels is safe.

BUY

Preferred their preferred shares YPG.A-T or YPG.B-T but is now starting to reverse these trades and go back to the trust units at under $5. Would like more clarification by management on future plans come 2011 and what their real sustainable dividend will be.

DON'T BUY

Never liked this one. Will hurt with the economy because it is somewhat discretionary. Auto Trader has hurt them in lost revenue. From a technology perspective, advertisers would prefer advertising on the Internet in other ways. Debt to EBITDA is at the high end at about 3.2 times. Starting to get their liquidity in order now. Recently cut their distribution. 16.1% return.

DON'T BUY

Bonds. A little different dynamic from trust units. Recently issued 4 year 400 basis points above Government of Canada bonds. Even though they have a lot of debt, there is still room. He would still be very cautious because of the vulnerability with the economy and their technology. Probably better stories out there.

COMMENT

Very disappointing. Cut distribution by 1/3. Difficulty is migration from paper Yellow Pages directories into web searching. Have joint venture with Google. Also have Auto Trader. Hopefully they will have a sustainable payout and continue to migrate to the electronic media.

COMMENT

Owns more of their bonds than the common shares. Like all media companies it has been suffering during the recession. Also ongoing movement towards online advertising. Also have magazines catering to the automotive sector, which has also hurt. Feels distribution is okay for the rest of 2009.

WEAK BUY

Has come down to about 6X EBITDA. Traditional yellow pages business has 30 million distributions over 300 publications and has been quite stable. Trader media side has seen significant declines (24%) in revenues and EBITDA is down more than that. Look for a 30%-40% cut in distributions once they convert to a corp. Reasonably valued. Declining business longer-term.

DON'T BUY

1st quarter came in a little bit light. Longer-term problem is the loss of more and more of the advertising of the print market. Internet advertising earnings don't seem to be going up as fast as the erosion in their print.

BUY

A real tough stock from a fundamental perspective. This slowdown in the economy, fundamentals have deteriorated significantly. Have been some concerns on the ability to continue 15% distributions but they are a lot less than the cash flows generated. He would invest in the stock simply for its yield.

BUY

Thinks 14.5% distributions are sustainable at the current level. Not at the top of his buy list but there is solid value at this level.

COMMENT

Has never been a fan of this stock. An economically sensitive company and when times get tough smaller companies cut back. You can now use Internet to get business phone numbers. At this price, it is probably washed out and is a fair thing to start to accumulate.

HOLD

5.25% maturing 2015. Valued at $.82 on the $1. Not a bad franchise. Has a strategic partnership with Google. Lower on the investment-grade spectrum.

COMMENT

2 main problems have been facing this trust. Market felt they had too much debt so they cut distributions to address this. Also the long-term direction of the directory business. They have to do a better job of articulating their online strategy.

COMMENT

Doesn't know this will look like in 5 years. A lot of competition coming into the directory business. Prefers businesses where he has visibility 5, 10, 15 years out. Good sales force and decent balance sheet. If they can get their web-based delivery accepted by the market as a growth story, it would get multiple expansion. 13% yield.

DON'T BUY

Never liked it. Never liked the mutual fund space. Doesn’t think we will see much movement in this one or in the sector. 21% Dividend is safe. 81% payout ratio. There's some interest expense in there that hits the bottom line.

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