Paul Harris, CFA
Yell Group
YELL-LSE
STRONG BUY
Feb 21, 2008
(London Stock Exchange) Trades at about 6 or 7 X earnings with about a 7% yield. Free cash flow yield of about 8%. In past recessions, adds in the yellow book have not gone down. Numbers will probably be flat this year but in 2008 and 2009 they are actually increasing prices. Their Spanish business has been restructured so there should be a lot of good news coming out.