Yellow Pages Ltd.

Y-T

TSE:Y

9.49
0.10 (1.06%)
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
DON'T BUY
DON'T BUY
September 7, 2011
Very difficult business. This is a migration from print to web page on the back of a company with a massive debt load and declining cash flow. This is a recipe for a share price that goes down.
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Yellow Pages Ltd. (Y-T)
September 7, 2011
Very difficult business. This is a migration from print to web page on the back of a company with a massive debt load and declining cash flow. This is a recipe for a share price that goes down.
DON'T BUY
DON'T BUY
September 6, 2011
Just lost their CFO. Continues to struggle with its transition from its directory type of business to online/online advertising type of business. 25% of revenues are coming from online business. There is a lot of Goodwill on the balance sheet that should be written down. Eventually they have to look at some type of restructuring.
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Yellow Pages Ltd. (Y-T)
September 6, 2011
Just lost their CFO. Continues to struggle with its transition from its directory type of business to online/online advertising type of business. 25% of revenues are coming from online business. There is a lot of Goodwill on the balance sheet that should be written down. Eventually they have to look at some type of restructuring.
BUY
BUY
August 31, 2011
Blind-sided in every possible direction. Stock is now dirt cheap, nice yield and it is quite beaten up. Huge discount to book. Analysts think they will earn the yield 2 or 3 times over. He would average down. Has a chance to rebound.
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Yellow Pages Ltd. (Y-T)
August 31, 2011
Blind-sided in every possible direction. Stock is now dirt cheap, nice yield and it is quite beaten up. Huge discount to book. Analysts think they will earn the yield 2 or 3 times over. He would average down. Has a chance to rebound.
DON'T BUY
DON'T BUY
August 29, 2011
Huge yield up 15.8%. This is an avoid. Too much debt and you wonder if the old model works anymore.
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Yellow Pages Ltd. (Y-T)
August 29, 2011
Huge yield up 15.8%. This is an avoid. Too much debt and you wonder if the old model works anymore.
SELL
SELL
August 25, 2011
Has a soap opera running with this one. He bought a bunch at $0.81 but it could be a stupid average down. He thinks there may be a special dividend. Before the end of the year, he might sell for tax loss. He thinks it will survive. Management is long on promise and short on delivery – major danger signals.
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Yellow Pages Ltd. (Y-T)
August 25, 2011
Has a soap opera running with this one. He bought a bunch at $0.81 but it could be a stupid average down. He thinks there may be a special dividend. Before the end of the year, he might sell for tax loss. He thinks it will survive. Management is long on promise and short on delivery – major danger signals.
SPECULATIVE BUY
SPECULATIVE BUY
August 24, 2011
Dividend was clearly unsustainable but when they cut it, stock still dropped. It’s now undervalued and the business is not going away. They have a growing net presence. They paid down some debt and are making enough to pay the dividend. Sentiment is against company and volume is enormous. Being used as a speculative vehicle, which makes him nervous.
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Yellow Pages Ltd. (Y-T)
August 24, 2011
Dividend was clearly unsustainable but when they cut it, stock still dropped. It’s now undervalued and the business is not going away. They have a growing net presence. They paid down some debt and are making enough to pay the dividend. Sentiment is against company and volume is enormous. Being used as a speculative vehicle, which makes him nervous.
DON'T BUY
DON'T BUY
August 23, 2011
Not worth getting into. They are skating on thin ice. Management has a huge task ahead of them. Print business is in secular decline, down about 10% a year. It is harder to solicit ad sales for only part of business. Prefers the preferred. You will get capital gain and redemption in 2017 plus the dividend as long as they don’t go under.
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Yellow Pages Ltd. (Y-T)
August 23, 2011
Not worth getting into. They are skating on thin ice. Management has a huge task ahead of them. Print business is in secular decline, down about 10% a year. It is harder to solicit ad sales for only part of business. Prefers the preferred. You will get capital gain and redemption in 2017 plus the dividend as long as they don’t go under.
DON'T BUY
DON'T BUY
August 23, 2011
For the last couple of years they have consistently had a YLO question. He doesn’t like their business model. An old economy stock trying to e a new economy stock and they have to sell so much more in the new economy to get the same revenue as in the old economy. Questions if the current dividend will remain stable. You have to believe an investment has a sustainable business model.
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Yellow Pages Ltd. (Y-T)
August 23, 2011
For the last couple of years they have consistently had a YLO question. He doesn’t like their business model. An old economy stock trying to e a new economy stock and they have to sell so much more in the new economy to get the same revenue as in the old economy. Questions if the current dividend will remain stable. You have to believe an investment has a sustainable business model.
DON'T BUY
DON'T BUY
August 19, 2011
Market was pretty good in anticipating the falloff. Problems they have are pretty basic. Computers have done a lot of harm to this company. Doesn't know if they will survive until June of next year.
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Yellow Pages Ltd. (Y-T)
August 19, 2011
Market was pretty good in anticipating the falloff. Problems they have are pretty basic. Computers have done a lot of harm to this company. Doesn't know if they will survive until June of next year.
COMMENT
COMMENT
August 15, 2011
Looking at this to see what to do about their preferreds and bonds. Thinks it is possible they will eliminate the dividend down the road. Expects the company will survive and will be a free cash flow generator and pay back all their debt. Go to the short-term bonds if you want to be in this company.
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Yellow Pages Ltd. (Y-T)
August 15, 2011
Looking at this to see what to do about their preferreds and bonds. Thinks it is possible they will eliminate the dividend down the road. Expects the company will survive and will be a free cash flow generator and pay back all their debt. Go to the short-term bonds if you want to be in this company.
HOLD
HOLD
August 11, 2011
Preferred Class A 4.25% Retractable Dec. 2012. Their intention is to payout this preferred shares with cash. They have the balance sheet to do it. Stock is priced as though it is going to go bankrupt but that is not going to happen. They are still paying a dividend.
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Yellow Pages Ltd. (Y-T)
August 11, 2011
Preferred Class A 4.25% Retractable Dec. 2012. Their intention is to payout this preferred shares with cash. They have the balance sheet to do it. Stock is priced as though it is going to go bankrupt but that is not going to happen. They are still paying a dividend.
DON'T BUY
DON'T BUY
August 9, 2011
They paid out all that income in an unsustainable environment and then yanked the dividend. Lot of debt in a challenged environment. Some one should take these guys out.
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Yellow Pages Ltd. (Y-T)
August 9, 2011
They paid out all that income in an unsustainable environment and then yanked the dividend. Lot of debt in a challenged environment. Some one should take these guys out.
DON'T BUY
DON'T BUY
August 4, 2011
Preferreds due Dec 2012. Safe to hold to maturity? Just reported and results were not good. There is a big black cloud hanging over them because of 1) their sale of Trader.com, auto trader's publication and 2) they cut their common share dividend. This particular preferred is retractable in Dec 2012. There is a question if they will have enough money at that time to pay these out.
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Yellow Pages Ltd. (Y-T)
August 4, 2011
Preferreds due Dec 2012. Safe to hold to maturity? Just reported and results were not good. There is a big black cloud hanging over them because of 1) their sale of Trader.com, auto trader's publication and 2) they cut their common share dividend. This particular preferred is retractable in Dec 2012. There is a question if they will have enough money at that time to pay these out.
DON'T BUY
DON'T BUY
August 3, 2011
Will you love that dividend when it gets cut? Market is saying it is not going to last. Avoids this stock. Need to give us better clarity on the balance sheet.
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Yellow Pages Ltd. (Y-T)
August 3, 2011
Will you love that dividend when it gets cut? Market is saying it is not going to last. Avoids this stock. Need to give us better clarity on the balance sheet.
DON'T BUY
DON'T BUY
July 26, 2011
Market is focused on a highly leveraged balance sheet. EBITDA is deteriorating or flattening. The company must keep its debt level below 3X the level of EBITDA that they are generating. Market is concerned that by 2012 they will have trouble meeting their covenants. Believes distributions will be cut.
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Market is focused on a highly leveraged balance sheet. EBITDA is deteriorating or flattening. The company must keep its debt level below 3X the level of EBITDA that they are generating. Market is concerned that by 2012 they will have trouble meeting their covenants. Believes distributions will be cut.
DON'T BUY
DON'T BUY
July 26, 2011
Doesn’t like the business they are on. Doesn’t believe they can replace what they had in print media. Yield is telling you it is not sustainable here.
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Doesn’t like the business they are on. Doesn’t believe they can replace what they had in print media. Yield is telling you it is not sustainable here.
COMMENT
COMMENT
July 25, 2011
This is tempting see that it has come down so far. Has really never liked the business. Can’t see where the growth is coming from.
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This is tempting see that it has come down so far. Has really never liked the business. Can’t see where the growth is coming from.
DON'T BUY
DON'T BUY
July 21, 2011
Yield of 28%, so what does that tell you? They are trying but it is a tough business. They have a lot of debt and market doesn’t believe they can keep paying their dividend.
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Yield of 28%, so what does that tell you? They are trying but it is a tough business. They have a lot of debt and market doesn’t believe they can keep paying their dividend.
DON'T BUY
DON'T BUY
July 14, 2011
Relatively well-managed. They should eliminate their dividends. Have way too much debt. Will be downgraded. Owns some bonds.
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Relatively well-managed. They should eliminate their dividends. Have way too much debt. Will be downgraded. Owns some bonds.
TOP PICK
TOP PICK
July 12, 2011
Has been beaten up by the analysts. There will come a time when people shut up about it and when that happens, the stock will take off.
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Has been beaten up by the analysts. There will come a time when people shut up about it and when that happens, the stock will take off.
SELL
SELL
July 11, 2011
Are bonds still a safe investment? Had a difficult time transferring business model from print to online. 2 key issues. Management used some of the Auto Trader money to buy back equity, which has a negative effect on bondholders. Also their bonds don't have a “change of control” covenant so won't be taken out at par if company merges or is taken out. Tricky call.
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Are bonds still a safe investment? Had a difficult time transferring business model from print to online. 2 key issues. Management used some of the Auto Trader money to buy back equity, which has a negative effect on bondholders. Also their bonds don't have a “change of control” covenant so won't be taken out at par if company merges or is taken out. Tricky call.
WEAK BUY
WEAK BUY
July 6, 2011
Probably worth a lot more than its present price of $2.53. Will probably have to slash and dice its dividend more. Still generating strong free cash flow. Business model is dying, but it's not going to be dead next quarter but in the next few years. Okay for the speculative side of your portfolio, probably 1% only. He owns their preferred shares.
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Probably worth a lot more than its present price of $2.53. Will probably have to slash and dice its dividend more. Still generating strong free cash flow. Business model is dying, but it's not going to be dead next quarter but in the next few years. Okay for the speculative side of your portfolio, probably 1% only. He owns their preferred shares.
COMMENT
COMMENT
July 5, 2011
6.25 convertible bond. He has been looking at this one for a while. It is convertible to equity at some point. You can convert it at $8 at which point it is like a common share. They sold their Auto Trader publication to pay down debt. This bond could get paid out at any time. There are yellow preferred shares and you get a descent dividend.
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6.25 convertible bond. He has been looking at this one for a while. It is convertible to equity at some point. You can convert it at $8 at which point it is like a common share. They sold their Auto Trader publication to pay down debt. This bond could get paid out at any time. There are yellow preferred shares and you get a descent dividend.
DON'T BUY
DON'T BUY
June 30, 2011
Chart is disastrous. There is not even an indication that you want have a low yet. There is concern that they might have to reduce their distribution.
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Chart is disastrous. There is not even an indication that you want have a low yet. There is concern that they might have to reduce their distribution.
DON'T BUY
DON'T BUY
June 29, 2011
Has not like the stock basically from the day it was issued. Their core business is a dying business. Selling their Traders business so that they can survive. Doesn't see their digital business being very successful. Very highly leveraged. Dividend is not safe.
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Has not like the stock basically from the day it was issued. Their core business is a dying business. Selling their Traders business so that they can survive. Doesn't see their digital business being very successful. Very highly leveraged. Dividend is not safe.
DON'T BUY
DON'T BUY
June 29, 2011
Preferred A shares with a retractable date at the end of Dec/12 paying 4.5% yield. Had a bad run because of poor decision-making. He is wary of them being able to cover the principal at maturity. Would prefer their bonds instead.
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Preferred A shares with a retractable date at the end of Dec/12 paying 4.5% yield. Had a bad run because of poor decision-making. He is wary of them being able to cover the principal at maturity. Would prefer their bonds instead.
SELL
SELL
June 28, 2011
Believes the market tells you things you don’t know. Trying to pick a bottom in a stock is one of the toughest things. It’s behaving worse that most stocks in a difficult market.
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Believes the market tells you things you don’t know. Trying to pick a bottom in a stock is one of the toughest things. It’s behaving worse that most stocks in a difficult market.
SELL
SELL
June 27, 2011
Credit Suisse had a note out cutting the target price and will likely have to cut the dividend in half and the stock dropped. He is Short the stock. Feels this company is stuck in a downward spiral. Looking at a year or two out, the cash flow will not support the dividend anymore.
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Credit Suisse had a note out cutting the target price and will likely have to cut the dividend in half and the stock dropped. He is Short the stock. Feels this company is stuck in a downward spiral. Looking at a year or two out, the cash flow will not support the dividend anymore.
WATCH
WATCH
June 23, 2011
Really cheap stock, even if they were to cut the 20% yield. Sold Auto Trader and getting $745 million. Company says they are not concerned about the debt, but the market does not believe it. He would stand aside and wait for a couple of more quarters to see earnings and what is management doing.
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Really cheap stock, even if they were to cut the 20% yield. Sold Auto Trader and getting $745 million. Company says they are not concerned about the debt, but the market does not believe it. He would stand aside and wait for a couple of more quarters to see earnings and what is management doing.
HOLD
HOLD
June 17, 2011
Sold their trader publication to a private equity firm and the closing is sometime at the end of June. Expect the dividend will be secure for the rest of this year. Business is in decline. Transitioning from print to on-line, which is lower margin and more competitive. Dividend could get reduced in 2012. Would hold and look for a rebound.
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Sold their trader publication to a private equity firm and the closing is sometime at the end of June. Expect the dividend will be secure for the rest of this year. Business is in decline. Transitioning from print to on-line, which is lower margin and more competitive. Dividend could get reduced in 2012. Would hold and look for a rebound.
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