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Yellow Pages
(TSX:Y)
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Rating:57Neutral
Price Target:
C$13.50
▲(4.49% Upside)
Action:Reiterated
Date:08/10/26
The score is held back primarily by weakening fundamentals: sustained revenue declines, compressed margins, and a more leveraged balance sheet with weakening cash flow momentum. Offsetting these are relatively supportive technicals (price above major moving averages with positive MACD) and attractive headline valuation (low P/E and high dividend yield). The latest earnings call adds a mixed but slightly cautious overlay due to continued topline and margin pressure despite disciplined capital returns.
Positive Factors
Cash generation
High cash conversion (FCF ~91% of net income) indicates the business reliably turns reported profits into cash. Over months this supports debt service, operational flexibility, and funding for marketing or product investment without depending on external financing, strengthening durability.
Negative Factors
Sustained revenue decline
A persistent multi-year top-line decline erodes scale and pricing leverage. Over a 2–6 month horizon this trend undermines reinvestment capacity, raises unit costs, and makes margin recovery harder absent meaningful customer or product growth, risking longer-term competitiveness.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
High cash conversion (FCF ~91% of net income) indicates the business reliably turns reported profits into cash. Over months this supports debt service, operational flexibility, and funding for marketing or product investment without depending on external financing, strengthening durability.
Read all positive factors
Yellow Pages (Y) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$156.36M
Dividend Yield7.5%
Average Volume (3M)2.22K
Price to Earnings (P/E)9.5
Beta (1Y)0.24
Revenue Growth-7.62%
EPS Growth22.65%
CountryCA
Employees452
SectorCommunication Services
Sector Strength97
IndustryPublishing
Share Statistics
EPS (TTM)1.40
Shares Outstanding11,721,171
10 Day Avg. Volume1,592
30 Day Avg. Volume2,218
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)1.23
Revenue Forecast (FY)C$183.82M
Yellow Pages Business Overview & Revenue Model
Company Description
Yellow Pages Limited, a Canadian company headquartered in Montreal and founded in 1908, is a prominent provider of digital media and marketing solutions. It offers a comprehensive suite of digital and traditional marketing services specifically ta...
How the Company Makes Money
Yellow Pages primarily makes money by selling advertising and digital marketing services to businesses, especially local SMEs, that want visibility and customer leads across Yellow Pages’ owned-and-operated properties and third-party platforms. Ke...
Yellow Pages Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: operational and financial discipline delivered solid profitability, a stronger cash position (~$38M), a repurchase program and a declared dividend, and net income materially improved. However, recurring topline weakness remains a significant concern — total revenue fell 8% YoY, print declined 14.8%, and adjusted EBITDA and margins contracted. Management highlighted continued macro uncertainty and product-mix pressure that could keep margins constrained. Overall the positives (cash generation, shareholder returns, net income gain, and cost actions) are offset by persistent revenue declines and margin pressure.Positive Updates
Maintained Profitability and Cash Generation
Adjusted EBITDA of $9.1M for Q2 2026 with an adjusted EBITDA margin of 19.1%; company reports solid profitability and steady cash generation despite revenue pressures.
Negative Updates
Topline Revenue Decline
Total revenues decreased by $4.1M, or 8.0% year-over-year, to $47.6M for Q2 2026, with the overall revenue decline rate worsening versus the 7.4% decline reported in the same period last year.
Read all updates
Q2-2026 Updates
Positive
Negative
Maintained Profitability and Cash Generation
Adjusted EBITDA of $9.1M for Q2 2026 with an adjusted EBITDA margin of 19.1%; company reports solid profitability and steady cash generation despite revenue pressures.
Read all positive updates
Company Guidance
Management's forward-looking message was cautious: they expect ongoing macroeconomic uncertainty, continuing revenue pressure and an unfavorable product mix to put "some pressure on margins in upcoming quarters" despite ongoing cost discipline and operating efficiencies; Q2 revenue fell 8% YoY to $47.6M (digital $38.4M, –6.2%; print $9.1M, –14.8%), adjusted EBITDA was $9.1M (–15.1% YoY) at a 19.1% margin (down from 20.7%), adjusted EBITDA less capex was $8.6M (down $1.7M), net income was $3.3M (vs. $1.5M), cash on hand was ~ $38M (as of July 31, 2026), the company repurchased 2,037,489 shares at $12.27/share for $25.3M and contributed $2M to the pension, and the Board declared a $0.25 per-share dividend payable Sept 15, 2026 (record Aug 17, 2026).Yellow Pages Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
55
Neutral
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 190.78M | 198.88M | 214.83M | 239.43M | 268.28M | 287.65M |
| Gross Profit | 143.50M | 186.56M | 50.84M | 76.86M | 96.57M | 102.00M |
| EBITDA | 37.04M | 35.56M | 50.34M | 77.09M | 95.23M | 89.62M |
| Net Income | 18.98M | 18.11M | 24.98M | 47.40M | 73.43M | 70.64M |
Balance Sheet | ||||||
| Total Assets | 123.63M | 162.59M | 163.87M | 167.51M | 207.30M | 305.23M |
| Cash, Cash Equivalents and Short-Term Investments | 38.67M | 65.17M | 46.46M | 23.23M | 45.61M | 125.04M |
| Total Debt | 34.21M | 36.13M | 39.94M | 43.91M | 47.13M | 49.88M |
| Total Liabilities | 93.53M | 110.75M | 110.07M | 125.26M | 141.52M | 189.10M |
| Stockholders Equity | 30.10M | 51.84M | 53.80M | 42.26M | 65.78M | 116.13M |
Cash Flow | ||||||
| Free Cash Flow | 23.95M | 33.51M | 36.54M | 42.81M | 44.50M | 99.50M |
| Operating Cash Flow | 26.79M | 35.05M | 39.02M | 46.77M | 49.50M | 104.58M |
| Investing Cash Flow | 637.00K | 713.00K | -513.00K | -2.50M | -3.67M | -4.48M |
| Financing Cash Flow | -42.65M | -17.28M | -17.54M | -64.94M | -125.49M | -130.03M |
Yellow Pages Technical Analysis
Positive
12.92
Price Trends
12.85
Positive
12.61
Positive
12.09
Positive
Market Momentum
0.11
Negative
57.98
Neutral
69.08
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 12.92 is below the 20-day moving average (MA) of 13.06, above the 50-day MA of 12.85, and above the 200-day MA of 12.09, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 57.98 is Neutral, neither overbought nor oversold. The STOCH value of 69.08 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | C$49.83M | 2.55 | 48.45% | 6.11% | -4.53% | ― | |
67 Neutral | C$45.52M | 7.17 | 16.27% | ― | -45.64% | -72.40% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | C$66.10M | -6.07 | -10.41% | ― | -16.37% | -105.29% | |
57 Neutral | C$156.36M | 9.53 | 40.00% | 7.50% | -7.62% | 22.65% | |
41 Neutral | C$89.12M | -0.87 | 23.06% | ― | 10.94% | -171.99% |
* Communication Services Sector Average
TSE:Y
Yellow Pages
13.34
3.09
30.17%
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Yellow Pages Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Yellow Pages Maintains Profitability Amid Revenue Decline and Boosts Capital Returns
Neutral
Aug 6, 2026
Yellow Pages Limited reported second-quarter 2026 results showing an 8.0% year-over-year revenue decline to $47.6 million, driven mainly by shrinking digital media and print sales, with digital revenues down 6.2% as customer counts fell but averag...
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.