Yellow Pages (TSE:Y)
TSX:Y
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Yellow Pages
(TSX:Y)
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Rating:69Neutral
Price Target:
C$14.50
▲(28.55% Upside)
Action:Downgraded
Date:05/15/26
The score is supported by attractive valuation (low P/E and high dividend yield) and a positive technical setup with price above key moving averages. This is partially offset by financial performance risks: ongoing revenue decline, margin compression, and contracting free cash flow, with still-meaningful leverage despite recent debt reduction.
Positive Factors
Strong cash generation
Consistent positive operating and free cash flow provides durable internal funding for dividends, capex and strategic investment. Given Yellow Pages’ recurring contract revenue model, this cash generation supports debt reduction and shareholder returns even amid top-line pressure.
Negative Factors
Persistent revenue decline
Multi-year top-line erosion weakens scale benefits and reduces pricing power with advertisers. For a digital marketing platform serving SMBs, sustained revenue declines can erode market relevance, increase per-customer acquisition costs, and limit ability to invest in product improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent positive operating and free cash flow provides durable internal funding for dividends, capex and strategic investment. Given Yellow Pages’ recurring contract revenue model, this cash generation supports debt reduction and shareholder returns even amid top-line pressure.
Read all positive factors
Yellow Pages (Y) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$181.48M
Dividend Yield8.77%
Average Volume (3M)3.58K
Price to Earnings (P/E)9.9
Beta (1Y)0.31
Revenue Growth-7.49%
EPS Growth-20.45%
CountryCA
Employees565
SectorCommunication Services
Sector Strength97
IndustryPublishing
Share Statistics
EPS (TTM)1.26
Shares Outstanding13,758,660
10 Day Avg. Volume2,050
30 Day Avg. Volume3,576
Financial Highlights & Ratios
PEG Ratio-0.30
Price to Book (P/B)2.90
Price to Sales (P/S)0.76
P/FCF Ratio4.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.38
Revenue Forecast (FY)C$185.07M
Yellow Pages Business Overview & Revenue Model
Company Description
Yellow Pages Limited operates as a digital media and marketing solutions company in Canada. The company provides digital and traditional marketing solutions, including online and mobile priority placement on Yellow Pages digital media properties, ...
How the Company Makes Money
Yellow Pages makes money primarily by selling advertising and digital marketing services to businesses. Its core revenue stream is from commercial customers (typically SMBs) that pay for placements and promotion across Yellow Pages’ owned and oper...
Yellow Pages Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The earnings call reflected both positive financial management through strong cash reserves and dividend maintenance, alongside significant challenges with declining revenues and net income, impacted by external factors like labor disruptions.Positive Updates
Adjusted EBITDA Performance
Adjusted EBITDA for the quarter was 20.6% of revenue, despite revenue pressures and changes in product mix.
Negative Updates
Revenue Decline
Total revenues decreased by 8.1% year-over-year to $48.3 million, mainly due to declines in higher-margin digital media and print products.
Read all updates
Q3-2025 Updates
Positive
Negative
Adjusted EBITDA Performance
Adjusted EBITDA for the quarter was 20.6% of revenue, despite revenue pressures and changes in product mix.
Read all positive updates
Company Guidance
During Yellow Pages' third-quarter 2025 earnings call, the company reported an 8.1% decline in total revenue, amounting to $48.3 million. This decrease was largely attributed to a decline in both digital media and print products. Notably, the Canada Post labor disruption deferred approximately $0.5 million in print revenues, affecting the quarter's results. Without this disruption, the revenue decline would have been 7.3%. Digital revenues fell by 6.2% to $40 million, while print revenues decreased by 16.3% to $8.3 million. Adjusted EBITDA dropped by 20.3% to $10 million, with a margin reduction to 20.6% from 23.8% the previous year. The company completed a $2 million voluntary pension contribution and maintained a healthy cash balance of $59 million. A dividend of $0.25 per share was declared, with a payment scheduled for December 15, 2025. Despite revenue pressures, the company remains optimistic about its strategic positioning and future outlook.Yellow Pages Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 194.90M | 198.88M | 214.83M | 239.43M | 268.28M | 287.65M |
| Gross Profit | 109.43M | 186.56M | 50.84M | 76.86M | 96.57M | 102.00M |
| EBITDA | 34.45M | 43.04M | 50.34M | 77.09M | 95.23M | 89.62M |
| Net Income | 17.22M | 18.11M | 24.98M | 47.40M | 73.43M | 70.64M |
Balance Sheet | ||||||
| Total Assets | 146.57M | 162.59M | 163.87M | 167.51M | 207.30M | 305.23M |
| Cash, Cash Equivalents and Short-Term Investments | 55.83M | 62.68M | 46.46M | 23.23M | 45.61M | 125.04M |
| Total Debt | 35.18M | 68.33M | 39.94M | 43.91M | 47.13M | 49.88M |
| Total Liabilities | 86.70M | 110.75M | 110.07M | 125.26M | 141.52M | 189.10M |
| Stockholders Equity | 59.87M | 51.84M | 53.80M | 42.26M | 65.78M | 116.13M |
Cash Flow | ||||||
| Free Cash Flow | 27.05M | 33.54M | 36.54M | 42.81M | 44.50M | 99.50M |
| Operating Cash Flow | 29.22M | 35.05M | 39.02M | 46.77M | 49.50M | 104.58M |
| Investing Cash Flow | 691.00K | 713.00K | -513.00K | -2.50M | -3.67M | -4.48M |
| Financing Cash Flow | -17.24M | -17.28M | -17.54M | -64.94M | -125.49M | -130.03M |
Yellow Pages Technical Analysis
Positive
11.28
Price Trends
12.97
Positive
12.44
Positive
11.61
Positive
Market Momentum
0.10
Negative
54.85
Neutral
69.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:Y, the sentiment is Positive. The current price of 11.28 is below the 20-day moving average (MA) of 13.04, below the 50-day MA of 12.97, and below the 200-day MA of 11.61, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 54.85 is Neutral, neither overbought nor oversold. The STOCH value of 69.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:Y.
Yellow Pages Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$181.48M | 9.95 | 23.61% | 8.77% | -7.49% | -20.45% | |
66 Neutral | C$49.39M | 105.79 | 54.45% | ― | 14.74% | 66.94% | |
63 Neutral | C$43.27M | -6.83 | -63.79% | ― | -3.44% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | C$57.67M | -3.68 | -11.51% | ― | -17.70% | -458.96% | |
46 Neutral | C$92.59M | 6.77 | 19.06% | ― | 4.13% | 9.65% |
* Communication Services Sector Average
TSE:Y
Yellow Pages
13.19
2.62
24.78%
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Yellow Pages Corporate Events
Business Operations and StrategyStock Buyback
Yellow Pages Plans $25 Million Share Buyback and Boosts Pension Funding
Positive
Apr 7, 2026
Yellow Pages Limited has unveiled a plan to return approximately $25 million to shareholders through a pro rata share repurchase of 2,037,489 common shares at $12.27 per share under a court-approved statutory arrangement. The transaction, which al...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.