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

Preferred Class A 4.25% Retractable Dec. 2012. A defensive play. Company has to buy back your shares at $25 in about 18 months. You end up with a yield of about 9%, which is tax effective with the capital gains and dividends.

DON'T BUY

Business model is difficult because they are only 25-30% on line. In a slow decline. You could own it in the short term for the dividend, but it is dropping more than the dividend payment so avoid the common. Possibly you could look at the preferreds. E.g. the preferred ‘D’.

COMMENT

An interesting situation with this one. They are moderate risk at best. Big spreads between bid and ask on the bonds. You are probably fine on 21013 or 2014 maturities but would be less comfortable going further. Would only play this company on short-term debt.

DON'T BUY

Still some downside risk. Management just reiterated that the asset sale is going to go through and that the dividend is safe but it is a declining business. All depends on can they turn around the on line media. The preferred shares might be an attractive way to play it.

HOLD

Had huge margins on their paper product but were losing out to on line search engines. They have now gone to small and mid-size companies offering to set up web sites. Great idea but will take time. Market worries the paper product is losing at a faster rate than can be offset by electronic media. Expects 17% distribution will have to come down, but if it drops to 10%, that is not a hardship.

BUY

Every tie he plays it he questions why he is doing it. He goes into it for the dividend. They re-affirmed their dividend today. Thinks there is upside to the stock but there are major risk to this industry.

DON'T BUY

Doesn’t see any future in this one. Sometimes when you get high dividends in companies, most of the people on the street thinks the dividend is about to get cut. 15% yield.

DON'T BUY

14% plus yield. Size of yield is usually for a reason. Market doesn’t believe they can continue to pay that yield. Print business is the higher margin business and is declining. Web business is growing but is lower margin. Their problem is debt. Sale of the Trader Magazine basically covered debt repayment for this year but still have a lot of debt.

DON'T BUY

Yellow Media is really struggling,decaying very quickly, bond side is okay, but the equity side is problematic, risk of a dividend cut is high, having problems employing their new strategy.

COMMENT

75% of their business is the print division, which is in long term decline. 25% is the on-line division. Trying to grow their on-line division faster than the decline in their print division. Until the on-line division approaches 50% of the over all revenues, you could be at risk. He likes their preferred shares.

DON'T BUY

Has worried a lot about the business strategy for a while. Owns some of the preferred. Doesn’t think they are in danger of bankrupsy. There is a lot of competition, print side continues to go down and they can’t replace cash flow fast enough. They have cut the dividend twice. The market may think there is a third cut coming, which is possible from the balance sheet.

COMMENT

Normally a big dividend is a danger signal. He would have liked to see it hold at the $4.80 level. Now that it is broken through that, the next level would be $3.75-$4.00. Expect there will be a lot of interest at that level. Yield may get cut but doesn’t think the story is over. Multiple is pretty decent on it.

DON'T BUY

This could be a value trap. 80% of their directory business is still print based and is declining very rapidly. Trying to make a transition over to digital on-line advertising. 13.8% dividend is safe for the next year based on their cash flow. A declining industry. (Owns some retractable preferred shares for clients.)

COMMENT

Starting to transition into the digital media world. Doing OK with this but is a stock that everybody loves to hate. If you have a good time frame, just collect the 13% dividend. They are not going to go away any time soon and you’ll get your investment back in dividends if the company survives, which it can easily do.

COMMENT

Likes what he sees happening with them. Focusing on small, micro sized businesses and designing web sites for them. This is addressing a very important and critical part of the market and may help them, sustain their growth going forward. (He owns some of the preferred.)

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