Yellow Pages Ltd.

Y-T

TSE:Y

9.00
0.10 (1.12%)
Yellow Pages Limited is a digital company in Canada. Yellow Media owns and operates some Canadian properties and publications including Yellow Pages directories, YellowPages.ca, Canada411.ca, and RedFlagDeals.com.
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Analysis and Opinions about Y-T

Signal
Opinion
Expert
PAST TOP PICK
PAST TOP PICK
January 21, 2013

(Top Pick Jan 18/12, Up 90%) At the time it was trading at about 40 cents on the dollar, but you are getting well compensated for owning the bond. There was a restructuring event and you got a combination of cash and equity. He is going to be transitioning out of them in the next year.

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Yellow Pages Ltd. (Y-T)
January 21, 2013

(Top Pick Jan 18/12, Up 90%) At the time it was trading at about 40 cents on the dollar, but you are getting well compensated for owning the bond. There was a restructuring event and you got a combination of cash and equity. He is going to be transitioning out of them in the next year.

HOLD
HOLD
November 28, 2012

Bonds? Company reported earnings recently and there are continued declines in print revenue. Company is restructuring, because if they don’t, in 5 years they will be going through bankruptcy. Right now he is waiting for the judge’s decision on how the company is going to be restructured or if there are going to be any changes.

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Yellow Pages Ltd. (Y-T)
November 28, 2012

Bonds? Company reported earnings recently and there are continued declines in print revenue. Company is restructuring, because if they don’t, in 5 years they will be going through bankruptcy. Right now he is waiting for the judge’s decision on how the company is going to be restructured or if there are going to be any changes.

PAST TOP PICK
PAST TOP PICK
November 27, 2012

(A Top Pick Nov 16/11. Up 55%.) 7.3% bonds. Everyone has agreed to recapitalize and are just waiting for the courts to approve it. If everything works out, the bonds could double.

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Yellow Pages Ltd. (Y-T)
November 27, 2012

(A Top Pick Nov 16/11. Up 55%.) 7.3% bonds. Everyone has agreed to recapitalize and are just waiting for the courts to approve it. If everything works out, the bonds could double.

DON'T BUY
DON'T BUY
September 19, 2012

Bonds. Based on the restructuring proposal, which will be settled on October 15, the bonds are trading at $.60 to the $1.00 and seem to be fully valued. If the restructuring does not occur, he could see more downside to it.

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Yellow Pages Ltd. (Y-T)
September 19, 2012

Bonds. Based on the restructuring proposal, which will be settled on October 15, the bonds are trading at $.60 to the $1.00 and seem to be fully valued. If the restructuring does not occur, he could see more downside to it.

COMMENT
COMMENT
September 13, 2012

Shareholders have voted to restructure the company. Big chunk of what you get in return is what the market values what you get in the restructuring. If the deal goes as is, it will go up to $.70 on the dollar. He wonders if they could restructure without going bankrupt. The short hold debt loan is not funded by revenue. Hopefully the on-line business can carry the company forward.

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Yellow Pages Ltd. (Y-T)
September 13, 2012

Shareholders have voted to restructure the company. Big chunk of what you get in return is what the market values what you get in the restructuring. If the deal goes as is, it will go up to $.70 on the dollar. He wonders if they could restructure without going bankrupt. The short hold debt loan is not funded by revenue. Hopefully the on-line business can carry the company forward.

HOLD
HOLD
September 11, 2012

Bond due 2016. This company is going through a restructuring so you won’t see the 2016 maturity. All the bondholders will receive cash and new bonds, which are worth about $.61, a little bit higher than the bonds are trading now. Bondholders will control over 80% of the shares.

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Yellow Pages Ltd. (Y-T)
September 11, 2012

Bond due 2016. This company is going through a restructuring so you won’t see the 2016 maturity. All the bondholders will receive cash and new bonds, which are worth about $.61, a little bit higher than the bonds are trading now. Bondholders will control over 80% of the shares.

PAST TOP PICK
PAST TOP PICK
September 7, 2012

(A Top Pick July 12/11. Down 95.54%.)

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Yellow Pages Ltd. (Y-T)
September 7, 2012

(A Top Pick July 12/11. Down 95.54%.)

BUY
BUY
August 23, 2012

(Market Call Minute.) Bonds?

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Yellow Pages Ltd. (Y-T)
August 23, 2012

(Market Call Minute.) Bonds?

DON'T BUY
DON'T BUY
August 17, 2012

The business model never made sense to him with the high debt. Can’t see where there is a good revenue-generating model going forward. If you own, consider taking tax loss on it.

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Yellow Pages Ltd. (Y-T)
August 17, 2012

The business model never made sense to him with the high debt. Can’t see where there is a good revenue-generating model going forward. If you own, consider taking tax loss on it.

COMMENT
COMMENT
August 16, 2012

This was one of his major mistakes over the past few years. He didn’t focus enough on that debt level and was too focused on payout ratio. Dotes if there will be anything left for shareholders but if there is, it will be a pittance.

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Yellow Pages Ltd. (Y-T)
August 16, 2012

This was one of his major mistakes over the past few years. He didn’t focus enough on that debt level and was too focused on payout ratio. Dotes if there will be anything left for shareholders but if there is, it will be a pittance.

HOLD
HOLD
July 4, 2012
2015 bond. Hold or Sell? They are looking at doing a restructuring. Bond holders have gotten together and are looking to the company to control the debt. Probably looking at a valuation closer to $0.70, which will probably give it a good appreciation pop so you will continue to accrue interest payments until that happens.
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2015 bond. Hold or Sell? They are looking at doing a restructuring. Bond holders have gotten together and are looking to the company to control the debt. Probably looking at a valuation closer to $0.70, which will probably give it a good appreciation pop so you will continue to accrue interest payments until that happens.
BUY
BUY
April 24, 2012
Bond Maturing in 2015. Hold or sell? This company is a distressed credit. He feels the 2013, 2014 and 2015 are Buys at current levels. Trading too cheap relative to what he thinks the eventual work out will be. He is fairly sceptical that all of these bonds will mature. (He owns some of their debentures.)
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Yellow Pages Ltd. (Y-T)
April 24, 2012
Bond Maturing in 2015. Hold or sell? This company is a distressed credit. He feels the 2013, 2014 and 2015 are Buys at current levels. Trading too cheap relative to what he thinks the eventual work out will be. He is fairly sceptical that all of these bonds will mature. (He owns some of their debentures.)
COMMENT
COMMENT
March 26, 2012
2017 debentures. It is a tough situation. Interest should be paid for a while but we will enter a restructuring phase. The print business is decaying quickly, about 15% a year. You have to look at where you are on the pecking level. Convertible debentures likely won’t get much on the dollar. The unsecured debenture holders likely will get paid.
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Yellow Pages Ltd. (Y-T)
March 26, 2012
2017 debentures. It is a tough situation. Interest should be paid for a while but we will enter a restructuring phase. The print business is decaying quickly, about 15% a year. You have to look at where you are on the pecking level. Convertible debentures likely won’t get much on the dollar. The unsecured debenture holders likely will get paid.
SPECULATIVE BUY
SPECULATIVE BUY
February 23, 2012
Bonds maturing in the next 3 years. He has recently engaged into the bonds. Thinks the rest of it is worthless. He thinks they will go into receivership. The bondholders get to take the asset. When it comes out of restructuring, you will have a company at 2.5 times EBITA. He thinks he is getting compensated for the risk and will get paid in full.
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Yellow Pages Ltd. (Y-T)
February 23, 2012
Bonds maturing in the next 3 years. He has recently engaged into the bonds. Thinks the rest of it is worthless. He thinks they will go into receivership. The bondholders get to take the asset. When it comes out of restructuring, you will have a company at 2.5 times EBITA. He thinks he is getting compensated for the risk and will get paid in full.
DON'T BUY
DON'T BUY
February 8, 2012
Bonds: Owns in high yield fund. Buying one high yield bond is always a mistake because you need to be very diversified. Believes tomorrow we will learn they are earning free cash flow. They have been paying off debt.
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Yellow Pages Ltd. (Y-T)
February 8, 2012
Bonds: Owns in high yield fund. Buying one high yield bond is always a mistake because you need to be very diversified. Believes tomorrow we will learn they are earning free cash flow. They have been paying off debt.
TOP PICK
TOP PICK
January 18, 2012
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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Yellow Pages Ltd. (Y-T)
January 18, 2012
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.
DON'T BUY
DON'T BUY
January 6, 2012
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.
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Yellow Pages Ltd. (Y-T)
January 6, 2012
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
SELL
December 28, 2011
A Tax Loss Selling situation. If you think it is coming back you can buy it back after 31 days.
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Yellow Pages Ltd. (Y-T)
December 28, 2011
A Tax Loss Selling situation. If you think it is coming back you can buy it back after 31 days.
SELL
SELL
December 9, 2011
Directory business is still declining at about 15% a year on an earnings basis. Significant leverage on the balance sheet.
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Yellow Pages Ltd. (Y-T)
December 9, 2011
Directory business is still declining at about 15% a year on an earnings basis. Significant leverage on the balance sheet.
TOP PICK
TOP PICK
December 5, 2011
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.
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Yellow Pages Ltd. (Y-T)
December 5, 2011
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
DON'T BUY
December 1, 2011
This business is very broken.
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Yellow Pages Ltd. (Y-T)
December 1, 2011
This business is very broken.
HOLD
HOLD
November 28, 2011
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.
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Yellow Pages Ltd. (Y-T)
November 28, 2011
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
TOP PICK
November 16, 2011
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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Yellow Pages Ltd. (Y-T)
November 16, 2011
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.
COMMENT
COMMENT
November 4, 2011
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.
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Yellow Pages Ltd. (Y-T)
November 4, 2011
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
BUY
November 1, 2011
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.
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Yellow Pages Ltd. (Y-T)
November 1, 2011
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
SELL
October 26, 2011
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.
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Yellow Pages Ltd. (Y-T)
October 26, 2011
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
DON'T BUY
October 11, 2011
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.
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Yellow Pages Ltd. (Y-T)
October 11, 2011
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
DON'T BUY
September 20, 2011
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.
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Yellow Pages Ltd. (Y-T)
September 20, 2011
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
BUY
September 20, 2011
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.
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Yellow Pages Ltd. (Y-T)
September 20, 2011
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
HOLD
September 16, 2011
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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Yellow Pages Ltd. (Y-T)
September 16, 2011
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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