Yellow Pages (TSE:Y)
TSX:Y
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Yellow Pages
(TSX:Y)
Select Model
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Rating:72Outperform
Price Target:
C$13.50
▲(19.68% Upside)
Action:UpgradedDate:03/14/26
The score is driven by strong cash generation and attractive valuation (low P/E and high dividend yield). Technicals are supportive with an uptrend and positive momentum. The main constraint is financial trajectory risk: ongoing revenue/profit decline and rising leverage increase sensitivity if contraction continues.
Positive Factors
Free cash flow generation
Consistent strong free cash flow with FCF exceeding net income and meaningful growth provides durable internal funding. This supports dividends, capital allocation flexibility, debt servicing or buybacks, and cushions the business against cyclical advertising headwinds over the next 2–6 months.
Negative Factors
Persistent revenue decline
Multi-year top-line contraction erodes scale advantages and complicates fixed-cost absorption. If the trend continues, it will pressure margins and cash flow despite current FCF strength, raising execution risk for initiatives aimed at stabilizing or growing commercial customer spend.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Consistent strong free cash flow with FCF exceeding net income and meaningful growth provides durable internal funding. This supports dividends, capital allocation flexibility, debt servicing or buybacks, and cushions the business against cyclical advertising headwinds over the next 2–6 months.
Read all positive factors
Yellow Pages (Y) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$168.13M
Dividend Yield8.77%
Average Volume (3M)3.58K
Price to Earnings (P/E)8.3
Beta (1Y)0.35
Revenue Growth-7.80%
EPS Growth-58.83%
CountryCA
Employees565
SectorCommunication Services
Sector Strength97
IndustryPublishing
Share Statistics
EPS (TTM)0.55
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)1.34
Revenue Forecast (FY)C$184.99M
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:May 07, 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
62
Positive
Balance Sheet
55
Neutral
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 198.88M | 214.83M | 239.43M | 268.28M | 287.65M |
| Gross Profit | 186.56M | 50.84M | 76.86M | 96.57M | 102.00M |
| EBITDA | 43.04M | 50.34M | 77.09M | 95.23M | 89.62M |
| Net Income | 18.11M | 24.98M | 47.40M | 73.43M | 70.64M |
Balance Sheet | |||||
| Total Assets | 162.59M | 163.87M | 167.51M | 207.30M | 305.23M |
| Cash, Cash Equivalents and Short-Term Investments | 62.68M | 46.46M | 23.23M | 45.61M | 125.04M |
| Total Debt | 68.33M | 39.94M | 43.91M | 47.13M | 49.88M |
| Total Liabilities | 110.75M | 110.07M | 125.26M | 141.52M | 189.10M |
| Stockholders Equity | 51.84M | 53.80M | 42.26M | 65.78M | 116.13M |
Cash Flow | |||||
| Free Cash Flow | 33.54M | 36.54M | 42.81M | 44.50M | 99.50M |
| Operating Cash Flow | 35.05M | 39.02M | 46.77M | 49.50M | 104.58M |
| Investing Cash Flow | 713.00K | -513.00K | -2.50M | -3.67M | -4.48M |
| Financing Cash Flow | -17.28M | -17.54M | -64.94M | -125.49M | -130.03M |
Yellow Pages Technical Analysis
Neutral
11.28
Price Trends
12.64
Negative
11.87
Positive
11.24
Positive
Market Momentum
-0.19
Positive
28.56
Positive
3.28
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:Y, the sentiment is Neutral. The current price of 11.28 is below the 20-day moving average (MA) of 13.08, below the 50-day MA of 12.64, and above the 200-day MA of 11.24, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 28.56 is Positive, neither overbought nor oversold. The STOCH value of 3.28 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | C$168.13M | 8.29 | 23.61% | 8.77% | -7.80% | -58.83% | |
67 Neutral | C$88.70M | 10.57 | 72.44% | ― | 50.79% | 213.45% | |
62 Neutral | C$44.58M | 5.11 | -63.79% | ― | -3.78% | 78.12% | |
61 Neutral | C$62.87M | -6.14 | -10.35% | ― | -4.04% | -297.93% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
41 Neutral | C$94.57M | -1.22 | 19.06% | ― | 8.98% | -55.35% |
* Communication Services Sector Average
TSE:Y
Yellow Pages
12.22
2.12
20.98%
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Yellow Pages Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Yellow Pages Posts Solid Profit and Cash Despite Ongoing Revenue Declines
Positive
Feb 12, 2026
Yellow Pages Limited reported fourth quarter 2025 revenue of $48.0 million, down 6.5% year over year, as ongoing declines in higher‑margin digital media and print products continued to weigh on sales, though the pace of annual revenue erosio...
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.