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Yellow Pages

TSX:Y
Snowflake Description

Good value with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
Y
TSX
CA$296M
Market Cap
  1. Home
  2. CA
  3. Media
Company description

Yellow Pages Limited operates as a digital media and marketing solutions company. The last earnings update was 73 days ago. More info.


Add to Portfolio Compare Print
Y Share Price and Events
7 Day Returns
5.3%
TSX:Y
-0.5%
CA Interactive Media and Services
0.4%
CA Market
1 Year Returns
82.9%
TSX:Y
-32.3%
CA Interactive Media and Services
10.1%
CA Market
Y Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Yellow Pages (Y) 5.3% 15.8% 17.8% 82.9% -41.7% -40.2%
CA Interactive Media and Services -0.5% 2.3% -4% -32.3% -66.6% -51.6%
CA Market 0.4% 2.1% 6.4% 10.1% 6.6% 17.3%
1 Year Return vs Industry and Market
  • Y outperformed the Interactive Media and Services industry which returned -32.3% over the past year.
  • Y outperformed the Market in Canada which returned 10.1% over the past year.
Price Volatility
Y
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Yellow Pages undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Yellow Pages to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Yellow Pages.

TSX:Y Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.2%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:Y
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Interactive Media and Services Unlevered Beta Simply Wall St/ S&P Global 1.04
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.039 (1 + (1- 26.5%) (79.65%))
1.433
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.43
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.433 * 5.44%)
9.24%

Discounted Cash Flow Calculation for TSX:Y using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Yellow Pages is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:Y DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 9.24%)
2020 98.97 Analyst x4 90.60
2021 71.39 Analyst x3 59.82
2022 69.33 Analyst x1 53.19
2023 53.46 Analyst x1 37.55
2024 40.77 Analyst x1 26.21
2025 35.71 Est @ -12.4% 21.02
2026 32.77 Est @ -8.25% 17.65
2027 31.02 Est @ -5.34% 15.30
2028 29.99 Est @ -3.31% 13.54
2029 29.42 Est @ -1.88% 12.16
Present value of next 10 years cash flows CA$347.00
TSX:Y DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$29.42 × (1 + 1.44%) ÷ (9.24% – 1.44%)
CA$382.82
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$382.82 ÷ (1 + 9.24%)10
CA$158.23
TSX:Y Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$347.00 + CA$158.23
CA$505.23
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$505.23 / 28.08
CA$18
TSX:Y Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$18.00
Current discount Discount to share price of CA$10.50
= -1 x (CA$10.50 - CA$18.00) / CA$18.00
41.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Yellow Pages is available for.
Intrinsic value
42%
Share price is CA$10.5 vs Future cash flow value of CA$18
Current Discount Checks
For Yellow Pages to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Yellow Pages's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Yellow Pages's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Yellow Pages's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Yellow Pages's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:Y PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CAD CA$3.06
TSX:Y Share Price ** TSX (2020-01-24) in CAD CA$10.5
North America Interactive Media and Services Industry PE Ratio Median Figure of 30 Publicly-Listed Interactive Media and Services Companies 33.24x
Canada Market PE Ratio Median Figure of 514 Publicly-Listed Companies 15.86x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Yellow Pages.

TSX:Y PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:Y Share Price ÷ EPS (both in CAD)

= 10.5 ÷ 3.06

3.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yellow Pages is good value based on earnings compared to the North America Interactive Media and Services industry average.
  • Yellow Pages is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Yellow Pages's expected growth come at a high price?
Raw Data
TSX:Y PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
Not available
North America Interactive Media and Services Industry PEG Ratio Median Figure of 25 Publicly-Listed Interactive Media and Services Companies 1.64x
Canada Market PEG Ratio Median Figure of 244 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Yellow Pages, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Yellow Pages's assets?
Raw Data
TSX:Y PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CAD CA$-2.77
TSX:Y Share Price * TSX (2020-01-24) in CAD CA$10.5
Canada Interactive Media and Services Industry PB Ratio Median Figure of 18 Publicly-Listed Interactive Media and Services Companies 2.86x
Canada Market PB Ratio Median Figure of 2,345 Publicly-Listed Companies 1.38x
TSX:Y PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:Y Share Price ÷ Book Value per Share (both in CAD)

= 10.5 ÷ -2.77

-3.79x

* Primary Listing of Yellow Pages.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Yellow Pages has negative assets, we can't compare the value of its assets to the CA Interactive Media and Services industry average.
X
Value checks
We assess Yellow Pages's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Interactive Media and Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Interactive Media and Services industry average (and greater than 0)? (1 check)
  5. Yellow Pages has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Yellow Pages expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-16.8%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is Yellow Pages expected to grow at an attractive rate?
  • Unable to compare Yellow Pages's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Yellow Pages's earnings growth to the Canada market average as no estimate data is available.
  • Yellow Pages's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:Y Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:Y Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -16.8%
North America Interactive Media and Services Industry Earnings Growth Rate Market Cap Weighted Average 17.2%
North America Interactive Media and Services Industry Revenue Growth Rate Market Cap Weighted Average 14.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 10.1%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:Y Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:Y Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 51
2023-12-31 63
2022-12-31 79
2021-12-31 287 89 2
2020-12-31 339 118 4
2020-01-25
2019-12-31 403 145 4
TSX:Y Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-09-30 434 155 81
2019-06-30 466 140 94
2019-03-31 523 137 96
2018-12-31 577 135 83
2018-09-30 631 117 -542
2018-06-30 677 119 -576
2018-03-31 707 132 -590
2017-12-31 728 117 -594
2017-09-30 752 120 -441
2017-06-30 778 156 -431
2017-03-31 795 150 -422
2016-12-31 818 158 -404

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Yellow Pages is high growth as no earnings estimate data is available.
  • Yellow Pages's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:Y Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Yellow Pages Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:Y Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2020-01-25
2019-12-31
TSX:Y Past Financials Data
Date (Data in CAD Millions) EPS *
2019-09-30 3.06
2019-06-30 3.56
2019-03-31 3.65
2018-12-31 3.13
2018-09-30 -20.54
2018-06-30 -21.89
2018-03-31 -22.36
2017-12-31 -22.52
2017-09-30 -16.70
2017-06-30 -16.26
2017-03-31 -15.95
2016-12-31 -15.23

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Yellow Pages will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Yellow Pages's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the North America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Yellow Pages has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Yellow Pages performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Yellow Pages's growth in the last year to its industry (Interactive Media and Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Yellow Pages's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Yellow Pages has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Yellow Pages has become profitable in the last year making it difficult to compare the North America Interactive Media and Services industry average.
Earnings and Revenue History
Yellow Pages's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Yellow Pages Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:Y Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 434.23 81.03 5.08
2019-06-30 466.23 94.32 5.13
2019-03-31 522.67 96.39 5.05
2018-12-31 577.20 82.81 4.99
2018-09-30 631.22 -541.75 5.12
2018-06-30 676.77 -576.06 5.30
2018-03-31 707.07 -590.31 5.49
2017-12-31 727.97 -594.48 5.67
2017-09-30 752.14 -441.46 28.52
2017-06-30 777.59 -430.51 28.87
2017-03-31 794.56 -421.94 29.22
2016-12-31 817.98 -403.71 29.56
2016-09-30 823.76 33.74 27.85
2016-06-30 833.21 43.13 28.21
2016-03-31 827.50 48.68 28.54
2015-12-31 829.77 61.06 28.92
2015-09-30 836.59 150.41 28.03
2015-06-30 844.42 163.80 27.95
2015-03-31 860.23 174.84 27.91
2014-12-31 877.53 188.54 27.83
2014-09-30 900.16 124.28 28.95
2014-06-30 919.08 139.51 29.89
2014-03-31 941.69 162.29 30.85
2013-12-31 971.76 176.36 31.81
2013-09-30 998.26 962.83 32.20
2013-06-30 1,028.62 937.69 32.59
2013-03-31 1,071.92 947.42 32.95

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Yellow Pages has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) due to its liabilities exceeding its assets.
  • Yellow Pages used its assets more efficiently than the North America Interactive Media and Services industry average last year based on Return on Assets.
  • Yellow Pages has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Yellow Pages's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Interactive Media and Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Yellow Pages has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Yellow Pages's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Yellow Pages's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Yellow Pages is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Yellow Pages's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Yellow Pages's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Yellow Pages has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Yellow Pages Company Filings, last reported 3 months ago.

TSX:Y Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 -77.69 177.43 94.90
2019-06-30 -94.93 176.41 47.70
2019-03-31 -106.08 264.93 110.68
2018-12-31 -119.16 263.67 80.05
2018-09-30 -145.70 375.04 98.46
2018-06-30 -182.31 374.25 64.98
2018-03-31 -205.72 403.72 70.79
2017-12-31 -199.88 402.97 46.41
2017-09-30 369.13 386.08 31.85
2017-06-30 365.86 385.63 14.59
2017-03-31 378.47 402.62 15.72
2016-12-31 368.90 402.20 17.26
2016-09-30 716.68 462.87 72.12
2016-06-30 720.92 462.50 13.96
2016-03-31 747.76 498.16 35.05
2015-12-31 759.52 497.83 67.25
2015-09-30 751.63 563.51 107.71
2015-06-30 734.17 563.20 74.43
2015-03-31 704.60 597.14 142.02
2014-12-31 684.18 596.87 102.78
2014-09-30 579.45 662.13 183.72
2014-06-30 581.58 661.93 146.23
2014-03-31 565.93 735.58 194.42
2013-12-31 544.50 735.40 202.29
2013-09-30 505.44 854.41 253.79
2013-06-30 441.54 862.55 198.38
2013-03-31 378.28 888.56 164.66
  • Yellow Pages has negative shareholder equity (liabilities exceed assets), this is a more serious situation compared with a high debt level.
  • Irrelevant to check if Yellow Pages's debt level has increased considering it has negative shareholder equity.
  • Debt is well covered by operating cash flow (87.1%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Yellow Pages's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Yellow Pages has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Yellow Pages's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Yellow Pages dividends.
If you bought CA$2,000 of Yellow Pages shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Yellow Pages's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Yellow Pages's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:Y Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Global Interactive Media and Services Industry Average Dividend Yield Market Cap Weighted Average of 42 Stocks 0.4%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.4%
Canada Minimum Threshold Dividend Yield 10th Percentile 1%
Canada Bottom 25% Dividend Yield 25th Percentile 1.9%
Canada Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:Y Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31
2020-12-31
2020-01-25
2019-12-31
TSX:Y Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2013-08-08 0.000 0.000
2013-05-07 0.000 0.000
2013-02-05 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Yellow Pages has not reported any payouts.
  • Unable to verify if Yellow Pages's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Yellow Pages's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Yellow Pages has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Yellow Pages's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Yellow Pages afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Yellow Pages has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Yellow Pages's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Eckert
COMPENSATION CA$2,757,400
AGE 64
TENURE AS CEO 2.3 years
CEO Bio

Mr. David Alan Eckert has been President and Chief Executive Officer of Yellow Pages Limited since September 15, 2017. Mr. Eckert served as the Chief Executive Officer of Hibu Plc since March 2014. Mr. Eckert served as an Operational Chief Restructuring Officer of Hibu Plc from October 17, 2013 to March 2014. He served as the Chief Executive Officer of Safety-Kleen HoldCo., Inc. since February 2010. Mr. Eckert served as the Chief Executive Officer at Safety-Kleen, Inc. and Safety-Kleen Systems, Inc. since February 2010. Mr. Eckert served as a Co-Chairman of the Board and Co-Chief Executive Officer of Smith Valve Corporation. He also served as the Chief Executive Officer of Iron Age Corporation (and its affiliates) from December 2003 to March 2007. He served as the President of Iron Age Corporation. He served as Senior Executive Vice President for Kessler Financial Services, LP, President and Chief Operating Officer of Clean Harbors, Inc. He has served as the Chief Executive Officer of the Hibu Group Limited. He has 30 years Of experience. He served as an Independent Business Consultant and Private Investor since March 2007. Prior to that, he served as Vice President and Partner of International Management Consultant to Bain & Company. He was Chief Executive Education Officer at Kellogg School of Management. He serves as the Chairman of the Advisory Board of Northwestern University's McCormick School of Engineering and Applied Science. He serves as a Director and Chairman of the New England Advisory Board for Let's Get Ready, a program in which college students help high school students prepare for college. He served as Vice Chairman at Italiaonline S.p.A. (Also known as Seat Pagine Gialle SpA) since October 8, 2015 until 2018 and its Director since 2015 until 2018. Mr. Eckert has been a Vice Chairman of Seat Pagine Gialle SpA since October 08, 2015. He has been a Director of X-Rite, Incorporated since September 22, 2008. He has served as a Director of Safety-Kleen Systems, Inc. He serves as a Director of the Hibu Group. He has been Director of Yellow Pages Limited since May 10, 2017. He serves as a Director of Clean Harbors Inc., since March 2007 and seved as director of Iron Age Corporation from December 2003 to March 2007. Mr. Eckert graduated from Northwestern University with a Bachelor's degree in Mechanical Engineering & Economics and an MBA from Harvard Graduate School of Business Administration, where he was a Baker Scholar and a Loeb Rhoades Fellow.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year, both up more than 20%.
  • David's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Yellow Pages management team in years:

2.2
Average Tenure
  • The tenure for the Yellow Pages management team is about average.
Management Team

David Eckert

TITLE
President
COMPENSATION
CA$3M
AGE
64
TENURE
2.3 yrs

Franco Sciannamblo

TITLE
Senior VP & CFO
COMPENSATION
CA$774K
TENURE
1.5 yrs

Steve Smith

TITLE
Senior Advisor for Profitable Growth
COMPENSATION
CA$1M
TENURE
2.1 yrs

John Ireland

TITLE
Senior Vice-President of Organizational Effectiveness
COMPENSATION
CA$1M
TENURE
2.2 yrs

Yan Belanger

TITLE
Vice President of Operations

Antoine Hage

TITLE
Chief Technology & Development Officer and Vice President
TENURE
3.9 yrs

Treena Cooper

TITLE
VP, General Counsel & Secretary
TENURE
1.5 yrs

Nathalie d'Escrivan

TITLE
Vice President Marketing
TENURE
3.9 yrs

Sherilyn King

TITLE
Corporate Vice President of Sales & Customer Service
TENURE
0.3 yrs

Caroline Andrews

TITLE
VP & Chief Publishing Officer
TENURE
5.6 yrs
Board of Directors Tenure

Average tenure and age of the Yellow Pages board of directors in years:

2.7
Average Tenure
64
Average Age
  • The average tenure for the Yellow Pages board of directors is less than 3 years, this suggests a new board.
Board of Directors

Susan Kudzman

TITLE
COMPENSATION
CA$222K
AGE
56
TENURE
1.7 yrs

David Eckert

TITLE
President
COMPENSATION
CA$3M
AGE
64
TENURE
2.7 yrs

Craig Forman

TITLE
Independent Director
COMPENSATION
CA$160K
AGE
57
TENURE
8 yrs

Rob Hall

TITLE
Independent Director
COMPENSATION
CA$169K
AGE
43
TENURE
2.1 yrs

Paul Russo

TITLE
Independent Director
COMPENSATION
CA$166K
AGE
65
TENURE
2.1 yrs

Kalpana Raina

TITLE
Independent Director
COMPENSATION
CA$150K
AGE
64
TENURE
7.1 yrs

Don Morrison

TITLE
Independent Director
COMPENSATION
CA$150K
AGE
66
TENURE
6.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
X
Management checks
We assess Yellow Pages's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Yellow Pages has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Yellow Pages Limited (TSE:Y) Is Employing Capital Very Effectively

The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Yellow Pages: 0.54 = CA$114m ÷ (CA$334m - CA$123m) (Based on the trailing twelve months to June 2019.) So, Yellow Pages has an ROCE of 54%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE. … Yellow Pages has a medium level of current liabilities, boosting its ROCE somewhat.

Simply Wall St -

Investors Who Bought Yellow Pages (TSE:Y) Shares Three Years Ago Are Now Down 58%

Yellow Pages Limited (TSE:Y) shareholders should be happy to see the share price up 13% in the last quarter. … During five years of share price growth, Yellow Pages moved from a loss to profitability. … If you are thinking of buying or selling Yellow Pages stock, you should check out this free report showing analyst profit forecasts.

Simply Wall St -

An Intrinsic Calculation For Yellow Pages Limited (TSE:Y) Suggests It's 48% Undervalued

Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) forecast 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Levered FCF (CA$, Millions) CA$81.1m CA$61.7m CA$63.6m CA$46.9m CA$41.9m CA$39.1m CA$37.5m CA$36.6m CA$36.2m CA$36.2m Growth Rate Estimate Source Analyst x4 Analyst x2 Analyst x1 Analyst x1 Est @ -10.54% Est @ -6.79% Est @ -4.17% Est @ -2.34% Est @ -1.05% Est @ -0.15% Present Value (CA$, Millions) Discounted @ 12.93% CA$71.8 CA$48.4 CA$44.2 CA$28.8 CA$22.8 CA$18.9 CA$16.0 CA$13.8 CA$12.1 CA$10.7 ("Est" = FCF growth rate estimated by Simply Wall St) Present Value of 10-year Cash Flow (PVCF)= CA$287.5m After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = CA$36m × (1 + 1.9%) ÷ (12.9% – 1.9%) = CA$336m Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = CA$CA$336m ÷ ( 1 + 12.9%)10 = CA$99.54m The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CA$387.07m. … TSX:Y Intrinsic value, July 5th 2019 The assumptions Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows.

Simply Wall St -

Do Institutions Own Yellow Pages Limited (TSE:Y) Shares?

Our analysis of the ownership of the company, below, shows that institutions are noticeable on the share registry. … Check out our latest analysis for Yellow Pages TSX:Y Ownership Summary, May 30th 2019 What Does The Institutional Ownership Tell Us About Yellow Pages? … Insider Ownership Of Yellow Pages The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

Some Yellow Pages (TSE:Y) Shareholders Have Copped A Big 70% Share Price Drop

While it may not be enough for some shareholders, we think it is good to see the Yellow Pages Limited (TSE:Y) share price up 21% in a single quarter. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During five years of share price growth, Yellow Pages moved from a loss to profitability.

Simply Wall St -

Yellow Pages Limited (TSE:Y) Earns Among The Best Returns In Its Industry

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Yellow Pages Limited (TSE:Y)'s Return on Capital

and looking to gauge the potential return on investment in Yellow Pages Limited (TSE:Y). … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Therefore, looking at how efficiently Yellow Pages is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

What Do You Get For Owning Yellow Pages Limited (TSE:Y)?

and looking to gauge the potential return on investment in Yellow Pages Limited (TSE:Y). … To understand Yellow Pages’s capital returns we will look at a useful metric called return on capital employed. … Yellow Pages's Return On Capital Employed

Simply Wall St -

Who Are The Top Investors In Yellow Pages Limited (TSE:Y)?

In this article, I'm going to take a look at Yellow Pages Limited’s (TSE:Y) latest ownership structure, a non-fundamental factor which is important, but remains a less discussed subject among investors. … Ownership structure of a company has been found to affect share performance over time. … Check out our latest analysis for Yellow Pages

Simply Wall St -

Is It The Right Time To Buy Yellow Pages Limited (TSE:Y)?

Yellow Pages Limited (TSE:Y), a media company based in Canada,. … With many analysts covering the stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price? … Today I will analyse the most recent data on Yellow Pages’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Company Info

Description

Yellow Pages Limited operates as a digital media and marketing solutions company. It offers a suite of apps, Websites, and print media to suit the search preferences of Canadians. The company provides digital and traditional marketing solutions, including online and mobile priority placement on Yellow Pages owned and operated media, content syndication, search engine solutions, Website fulfillment, social media campaign management and digital display advertising, video production, and print advertising to small and medium-sized businesses. It also offers 411.ca, a digital directory service; digital and print media marketing solutions; local digital restaurant guides; and booking and reservation management systems. Yellow Pages Limited was founded in 1908 and is headquartered in Montreal, Canada.

Details
Name: Yellow Pages Limited
Y
Exchange: TSX
Founded: 1908
CA$296,194,499
28,075,308
Website: http://corporate.yp.ca
Address: Yellow Pages Limited
The Nordelec,
1751 Rue Richardson,
Montreal,
Quebec, H3K 1G6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX Y Common Shares The Toronto Stock Exchange CA CAD 20. Dec 2012
OTCPK YLWD.F Common Shares Pink Sheets LLC US USD 20. Dec 2012
DB YMI Common Shares Deutsche Boerse AG DE EUR 20. Dec 2012
Number of employees
Current staff
Staff numbers
883
Yellow Pages employees.
Industry
Interactive Media and Services
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/01/25 01:02
End of day share price update: 2020/01/24 00:00
Last estimates confirmation: 2019/12/10
Last earnings filing: 2019/11/13
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.