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

TOP PICK

7.3% bond maturing in 2015. The big issue is, is it a bankrupt company? They still have free cash flow of about $300 million and they know they have to quickly pay down debt. Thinks there's no value in the equity and very little value in the preferreds but there is some decent value in the debt.

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DON'T BUY

This is something you simply stay away from. You get involved with a stock like this and all of a sudden the directors resign and then trading is suspended and you can’t get out.

SELL

A Tax Loss Selling situation. If you think it is coming back you can buy it back after 31 days.

SELL

Directory business is still declining at about 15% a year on an earnings basis. Significant leverage on the balance sheet.

TOP PICK

7.3% bonds due 2015. Dislikes the company but their bonds are trading $.50 on the dollar. This company still makes money and has a positive EBITDA and positive free cash flow. Thinks they will survive but if they don’t, the bonds have first call on their business.

DON'T BUY

This business is very broken.

HOLD

Bonds are trading at $.30-$.40 on the dollar and maturity is 2014 and 2016. Buy and hold? Bonds are trading at a massive discount to Par. Did not like the credit because there was too much goodwill on their balance sheet. If there's going to be a restructuring, it will be the bondholders that do it. Too late to sell.

TOP PICK

7.3% bonds. Trading at $.50 to the dollar but should be closer to $.80. Disliked this company for 6 years but bonds are ahead of the equity and preferred holders. Still have positive free cash flow. Make about $500 million of EBITDA. They are forced to pay down debt in order to survive. Even if they go into receivership, the bonds should get their money.

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COMMENT

Bonds maturing in 2013? In distress credit right now. Recently been downgraded to non-investment-grade. Outlook is negative. Reported 9% decrease in revenue and 14% decline in EBITDA. Not good numbers for bond or other investors but he believes it will have adequate liquidity to 2013.

BUY

July 2013 bonds. Earnings this Thursday. Everyone is waiting to see how bad this will be. Cut dividend and that save money. May be throwing off free cash flow. 6.5% coupon.

SELL

They are reporting in a couple of weeks and he would be nervous. It probably wont be a great number. There is more risk that it could be a little weak. Thinks there were millions of shares when it went under a dollar and you can't short a stock under a dollar so there was probably a lot of covering.

DON'T BUY

Even at the $6.37 level, his research indicated there was something wrong. They just announced a $2.4 billion write-off. Thinks it is kind of hopeless. There is so much information on the web that it is hard for media companies to transition their business.

DON'T BUY

Has never liked the construction of their business. The stock price is an indication that people are losing confidence. At current levels, it is more a speculation than an investment.

BUY

Bonds & Preferred shares – could they default. He owns bonds due in 22 months time with 17% yield. In his opinion they cannot default in 22 months because of sales of auto-trader. They cut distribution to free up some free cash flow. They have the money to cover the bonds in 22 months. No default on them.

HOLD

Feb 2016 bonds. Safe? Trading in the low $70’s in the market so you’ve already lost a lot of money. Fundamentals of the business are not going well. Looking at the different aspects, they won’t run out of cash for the next few years. You might as well keep them.

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