| PAST TOP PICK | 9.280 | Andrew Guy, CFA | (A Top Pick July 27/07. Down 27%.) Market has deemed it guilty by association with US companies but it has half the level of debt. Still a Buy. | 2008-07-22 | |
| BUY | 8.980 | Peter Brieger | Looking at cash flow is, distribution seems quite safe. Expect there has been a lot of short selling but the stock is starting to pick up a bit. | 2008-07-16 | |
| BUY | 8.570 | Neil Wickham | At these prices has some extremely attractive yields. Yield is well covered and the payout ratio is moderately good. Its long-term viability is good especially when they develop the electronic side more completely. Superb cash flow. | 2008-07-14 | |
| Comment | 8.510 | Michael Smedley | Market has trashed it. Presumes that people are not totally convinced that it competes well enough against the web systems, which of course it is into. Tremendous yield. | 2008-07-08 | |
| Comment | 8.850 | Peter Brieger | Distributions appear to be safe. US counterparts have been having a difficult time. Not sure why the stock has dropped to where it is except possibly short sellers. Doesn’t know what to say. | 2008-06-30 | |
| DON'T BUY | 9.120 | Peter Gibson | Over 12.5% yield but there is probably concerns on converting back from a trust. ROE is basically flat. Nothing great about their profitability. | 2008-06-27 | |
| DON'T BUY | 9.010 | Robert Floyd | Unit trusts still need growth to make them work. Historically, they made a lot of good acquisitions adding to their Yellow Pages franchise but are running out of candidates to purchase and growth rate is somewhat slowing. | 2008-06-24 | |
| DON'T BUY | 9.980 | Laura Wallace | Yield is over 11% and she is cautious when she sees this as it suggests there is some risk. People don’t use Yellow Pages any more and it is a declining business. | 2008-06-18 | |
| DON'T BUY | 9.740 | Norman Levine | Not a fan of this one. They are in a dying business. Their market is shrinking. Distributions are safe currently because they are well covered, but not sure if that will be the same in a few years. | 2008-06-13 | |
| Comment | 9.950 | Peter Brieger | Feels the distribution is safe and expects it to increase modestly. The current malaise has more to do with short selling. | 2008-06-04 | |
| BUY | 9.800 | Stephen Carlin | Weakness is because of some US comparables has reflected on them. Looks very attractive at these levels. 11.5% yield. | 2008-06-03 | |
| DON'T BUY | 10.030 | Paul Gardner, CFA | Made a couple of interesting acquisitions. Will have to go into a corporate entity and will become taxable. Dislikes the company on valuation. Bigger picture is that Internet is taking away from its mainstay product, the Yellow Pages book. (Trying to do something to go against that trend.) Personally, he wouldn’t go into Yellow Pages but would do Google or Yahoo instead. Doesn't like the business plan. Doesn't feel the 11.2% is sustainable. | 2008-05-28 | |
| BUY | 10.680 | John O'Connell, CFA | Represents a pretty compelling valuation. Hedge funds were very aggressively shorting this name because of directory experiences in the US. Different story. | 2008-05-15 | |
| PAST TOP PICK | 10.700 | Kevin Hall BComm, CFA | (A Top Pick July 11/07. Down 18%.) Guilty by association with global competitors that are in financial difficulties. Much better competitor landscape in Canada. Online strategy has been going quite well. Dividend is very safe. Still a Buy. | 2008-05-06 | |
| PAST TOP PICK | 10.710 | Sandy McIntyre | (A Top Pick July 3/07. Down 17% including distributions.) A couple of US yellow page providers got into difficulty in funding dividends and this was guilty by association. Would be a buyer in the $9 range. | 2008-05-05 | |
| BUY | 11.080 | Robert Lauzon | Under $11 is a good entry point. There is some scepticism on the Yellow Pages model. Most people don't use the book anymore. In reality, they have a monopolistic position in Canada and are morphing their business to an online directory, which is showing very good signs of strength and good cash flow. Have a joint venture with Google (GOOG-Q), which seems to be working very well. 10.25% yield. | 2008-04-28 | |
| Comment | 11.000 | Duncan Stewart | Well run company with a very strong franchise and brand. A lot of people discard their directory and instead, use the Internet. The Internet is also their salvation in that it looks like they are going to be working with Google (GOOG-Q) and try to keep their brand and position to retain some revenue stream. Not a growth stock. Only buy for the dividend. | 2008-04-25 | |
| BUY | 11.120 | Ravi Sood | (Market Call Minute.) Very good entry point. Long-term issues with this business, but the market is more than discounting these. | 2008-04-21 | |
| HOLD | 10.980 | Peter Brieger | If you can see 2% or 3% capital gain plus your yield this should be quite good. | 2008-04-17 | |
| BUY | 11.120 | Andrew Guy, CFA | One of the best management teams he has ever met. Very stable, very strong cash flow generating ability. Will continue to be able to pay its dividend. | 2008-04-07 | |
| Comment | 11.410 | Peter Brieger | Has never been a huge fan of this one although he is buying a little for income-oriented accounts. If you're looking for income, this is fine, but don't expect very much on the capital gains side. The target on the street is around $13. | 2008-04-02 | |
| VAGUE | 10.190 | Ross Healey | Got down to its book value, now it’s at its good will (paid too much for its acquisitions). Concerned from a balance sheet point of view. From an earnings point of view it should be OK. Getting a good yield at this price, reasonably sustainable. | 2008-03-26 | |
| VAGUE | 10.130 | Benj Gallander | 11.2% yield, good reason to keep it. An interesting stock now, could justify buying it. If they can maintain distribution it helps. | 2008-03-25 | |
| DON'T BUY | 10.200 | Laura Wallace | People no longer use the Yellow Pages book as in the past. It will still exist as not everyone is computer literate or will use a computer to look up phone numbers. Has been able to achieve some growth through acquisition, but looking out 3 to 5 years she can’t see where the growth will come from. | 2008-03-12 | |
| DON'T BUY | 9.730 | Kenneth P. Norquay, CMT | Has hit a 5-year low and pays almost 11%. Don't let the 11% fool you. How long did it take to lose 11% on a capital loss? High yielding, income oriented, so-called safe things are just the same as any penny stock. 5-year chart shows a triangle formed in 06 and 07 and it broke down through that. That's a negative sign. | 2008-03-11 | |
| DON'T BUY | 10.140 | Norman Levine | Not a fan of Yellow Pages. Shudders at its long-term business model because of the Internet influence. | 2008-03-10 | |
| BUY | 10.360 | Gavin Graham | Down 25% in the last 2 months. 8% to 9% yield. Has been tarred with the Yellow Pages in the US, which have slowed down because of the economy. This one has good growth and good brands. You get paid while you wait for it to go back up. | 2008-03-06 | |
| DON'T BUY | 10.360 | John Zechner | Got hit along with US Yellow Pages, but it is not the same situation. All income trusts are going to be converted to normal corporations within a 2 to 2.5 year period and he looks at them on an enterprise value to EBITDA. This one is still trading in excess of 10X, which is rather rich for the rate it is growing. | 2008-03-06 | |
| Comment | 10.560 | Michael Sprung | Have reached levels where he is starting to look at it. Looking more attractive on his value screens now. The big question has been the advertising environment, which could be softening up over the next while. | 2008-03-05 | |
| BUY | 10.650 | John O'Connell, CFA | Had a sharp drop on rumours that an insider was selling stock. Also a US hedge fund mistakenly shorted this company comparing it to US Yellow Pages. Good yield. Would sell in the $13 area. | 2008-03-03 | |
| DON'T BUY | 11.200 | Peter Brieger | There is a controversy on the street about this company. One shop called for a price of about $10.50 and contributes this to competition in the space. However, the consensus on the street is for a target of about $14. He prefers other things such as pipelines. | 2008-02-28 | |
| TOP PICK | 11.200 | Bruce Campbell | US Yellow Pages company came out with their 2007 results and guidance. Debt equity was 7X. Have lots of competition plus the US economy. Stock went down 39% and dragged this one down too. This one is basically a monopoly, between 2.8 and 3.2X EBITDA and strong management. With the online site growing 25%-30% they are a grower. It gives you a 10% yield. | 2008-02-28 | |
| DON'T BUY | 11.730 | Colin Stewart | Pretty stable business. Phone directories and online advertising businesses. His concerns on this name would be the fairly high degree of financial leverage and its premiere valuation. Too expensive for him. | 2008-02-27 | |
| BUY | 11.790 | Sandy McIntyre | The downgrade by Blackmont (?) was clearly an issue for the stock. It was based on weak operating results in some US print analogs, but they don't have the same business model as this company. The business model to drive the Web strategy is a very good one. Partnered with Google in Canada. If you have a 1 to 2 year timeline, Buy. | 2008-02-26 | |
| PAST TOP PICK | 12.130 | Andrew Guy, CFA | (A Top Pick Feb 8/07. Up 2% including distributions.) Still likes. Management has done a great job of anticipating how quickly to move the business online. | 2008-02-06 | |
| HOLD | 12.100 | Paul Gardner, CFA | (Market Call Minute.) Doesn't generally like it because of the technology of Google and everyone else surfing the net. Eventually people will put less advertising there. | 2008-02-05 | |
| Comment | 12.300 | Brendan Caldwell | Looking at the pullback that it has had, it is one that is well worth looking at. Although he doesn't own it, he is going to have a good close look at it as a possibly could yield and value play. | 2008-02-01 | |
| DON'T BUY | 12.370 | Norman Levine | He has not been a fan of this one for some time. His concern is that they are continuing to bleed to the Internet. They have an Internet presence, but he is not sure they’re capturing as much as they are losing to others. | 2008-01-29 | |
| TOP PICK | 12.600 | Bruce Campbell | Historically it has never failed to grow in a recession. 9% yield. Well run. Dividend growth will probably slow. In good shape to turn themselves into a corporation. | 2008-01-23 | |
| BUY | 12.380 | Michael Simpson, CFA | Increase distributions a couple of months ago giving over a 9% yield. These yellow pages are a lot different than the one in the US. Have a dominant market share at 90%. Have good collaboration with Google. Have the best margins of any directory globally. Cheap as he has ever seen it. | 2008-01-22 | |
| TOP PICK | 11.890 | Ben Cheng | An analyst recently severely downgraded, primarily based on expected weakness in the US directory business. This one does not have the competition there is in the US. They have 97% market share plus a serious online product. | 2008-01-21 | |
| PAST TOP PICK | 13.570 | Andrew Guy, CFA | (A Top Pick Feb 8/07. Up 6.8%.) Still likes and could still be a Top Pick. Very disciplined management team. Generating good cash flows and increasing distributions on a steady basis. | 2007-12-27 | |
| PAST TOP PICK | 13.380 | David Baskin | (A Past Top Pick. Jan 10/07. Up 3.3%.) Including distributions, he has had a 12.5 % gain. Feels the 8.5% yield is safe. | 2007-12-18 | |
| HOLD | 13.480 | Glenn Paradis, BA, CFA | A great longer-term story. They continually raise their distributions. Stock has come off fairly significantly in the last few months but has held in very well compared to some of its global peers. They have competition in their online business. Doesn't see a lot of significant upside in the near term. Could consider buying more on weakness. | 2007-12-17 | |
| PAST TOP PICK | 13.600 | Michael Smedley | (A Top Pick Nov 22/06. Up 5.8% plus distributions.) Still likes. Also in the Internet business. | 2007-12-12 | |
| PAST TOP PICK | 14.090 | Michael Smedley | (A Past Top Pick Nov 22/06. Up 9.3%.) A good stable Hold. 8% yield. | 2007-11-27 | |
| Comment | 14.270 | Michael Decter | Had very solid Q3 results. Doesn't see a lot of upside in this but it is very solid and doesn't see any downside. You will get the distribution and a little bit of growth. | 2007-11-12 | |
| BUY | 14.500 | Michael Simpson, CFA | Recent results released were quite strong. Gave guidance for next year of about 4%. Good price. | 2007-11-08 | |
| DON'T BUY | 14.350 | Michael Sprung | Doesn’t feel the 7.6% yield is sufficient to justify the equity risk that you’re getting. Limited growth going forward. Would rather have it above 8%-8,5%. | 2007-11-06 | |
| PAST TOP PICK | 14.190 | Patrick Kim | (A Top Pick Nov 1/06. Up 15.5%.) As one of the larger names, he looks at this as a bellwether. Fantastic market share. Spins off a lot of free cash flow. Very aggressive. | 2007-11-02 | |
| BUY | 14.190 | Andrew Guy, CFA | Excellent management team, very strong cash flows and the ability to grow their dividend. | 2007-11-02 | |
| DON'T BUY | 14.250 | Michael Sprung | Don’t think current yield justifies the equity risk. | 2007-10-26 | |
| HOLD | 13.780 | Chris Rankin, MBA, CFA | It is a high quality asset. The company has been moving to an online business model and doing fairly well. Believes it is fairly valued and slightly expensive. He doesn't think they will make a lot of money but thinks they will do fine. | 2007-10-19 | |
| BUY on WEAKNESS | 13.560 | Michele Robitaille | A high quality trust with a good track record of delivering. They are handling the migration to online searches quite well. Would be a buyer under $13.50. | 2007-10-03 | |
| PAST TOP PICK | 13.690 | Patrick Kim | (A top pick Nov 1/06, up 18.1%) very liquid. “old-faithful”. Continue to soldier on, online business is fantastic: 10% of total revenue. Will be steady climb up. | 2007-09-21 | |
| TOP PICK | 13.390 | Michele Robitaille | Very competitive position in all of its key markets. Very high cash flow stability. Good stability and earnings and a strong revenue growth profile. Online business grew 50% in the 2nd quarter. | 2007-08-23 | |
| Comment | 13.320 | Stephen Carlin | Very well run company. Growing their business. Feels distributions are fully sustainable. Doesn't expect a lot of upside, so if you buy it would be for the yield. | 2007-08-21 | |
| BUY on WEAKNESS | 13.210 | Michael Sprung | In the long-term, he feels that technology is going to take away a lot of the need for yellow pages. Distribution is secure. Their income and revenues are also secure. Would prefer to get it at $11. | 2007-08-10 | |
| TOP PICK | 13.610 | Andrew Guy, CFA | One of the best management teams. Adept at acquiring, integrating, taking costs out of their business and creating new business models. Supply information to Google and Yahoo. $.50 of every $1 they make flows through to shareholders. Any place below $14 is a good price. | 2007-07-27 | |
| BUY | 14.030 | Leslie Lundquist | Should have secured distributions for the foreseeable future. | 2007-07-25 | |
| DON'T BUY | 14.200 | Paul Gardner, CFA | Have done a good job of cutting their costs. Still have incredible margins. Feels the Yellow Pages are not used as much and prefers other internet search vehicles. | 2007-07-19 | |
| BUY | 14.350 | David Baskin | Yield is very steady. Likes what they are doing on the internet. The 7th or 8th most visited web site in Canada. Distribution keeps going up. | 2007-07-17 | |
| TOP PICK | 14.020 | Kevin Hall BComm, CFA | Expanded into the classified publishing with the acquisition of Trader Medium, Auto Trader, etc. Delivering very good growth of about 30% on the internet side. Looking for 4%-5% growth overall. | 2007-07-11 | |
| BUY | 14.070 | Michael Simpson, CFA | Have about 90% of the Yellow Pages directory in Canada. Have been pretty innovative. Growing their online presence. Have a new product, “ Hello Yellow”, where you can call 310-YELLOW to get the name of a supplier in your area. 7.75% distribution. | 2007-07-04 | |
| TOP PICK | 14.050 | Sandy McIntyre | About 7.75% yield. Sound business model. Their print book drives their web strategy, which is a growth strategy. One of the higher-quality income funds. | 2007-07-03 | |
| TOP PICK | 13.740 | Andrew Guy, CFA | (A Top Pick Feb 8/07. Up 6.1%.) A "free cash flow machine". For every $1 it takes in, over $.50 ends up on the bottom line and is available for increases in distribution. Growing their internet presence. One of the best Canadian management teams overall. | 2007-06-27 | |
| BUY | 14.180 | Dean Orrico | You've seen some softness in the market right across the board. If you are interested in income, this company is as good as it gets. Their strategy is that they will continue to maintain their 1.09 distribution and increasing their cash flow, so that by 2011, they will be able to pay the new taxes, and still maintain their 1.09 distribution.
Are making efforts to grow their online business. | 2007-06-14 | |
| HOLD | 14.090 | Michele Robitaille | Excellent management team. Moving into vertical media.
Looking for strong online growth (30%).
Not very cheap right now. Expects a pull back, but if you are holding it, continue to hold. | 2007-06-11 | |
| DON'T BUY | 13.800 | Chris Rankin, MBA, CFA | Is the most expensive of this type of business.
It's out of favor.
Thinks it's going to pull back further and faster. | 2007-06-08 | |
| DON'T BUY | 14.570 | Michael Sprung | A concern is that their growth prospects in Canada is becoming more and more limited. With the changes in technology, their stranglehold on the information markets could have other people nipping at their heels. Would be a little more comfortable if the distributions were 8%. | 2007-05-28 | |
| PAST TOP PICK | 14.540 | Andrew Guy, CFA | (A Top Pick Feb 8/07. Up 11.9%.) Still some good upside. Market is not giving it full value. | 2007-05-25 | |
| PAST TOP PICK | 14.530 | Patrick Kim | (A Top Pick Nov 1/06. Up 19%.) Very close to its target price. | 2007-05-14 | |
| PAST TOP PICK | 14.580 | Gavin Graham | (A Top Pick May 3/06. Down 13.8%.) Still likes. | 2007-04-23 | |
| TOP PICK | 13.790 | Andrew Guy, CFA | (A Past Top Pick Feb 8/07. Up 6.9%.) Looking for them to continue to increase their business. Very strong name. Almost $.50 of every $1 of revenue ends up as free cash flow. | 2007-04-09 | |
| BUY | 13.860 | Stephen Carlin | Off from its highs because of the October 31 government fiasco. Distributions are safe. Will grind its way higher because the fundamentals continue to be strong. | 2007-04-05 | |
| HOLD | 13.620 | Robert Lauzon | Trades at a pretty hefty multiple at about 12 X EBITDA. Gave positive guidance in January. | 2007-03-30 | |
| PAST TOP PICK | 13.700 | Gavin Graham | (A Top Pick May 3/06. Down 15.3%.) Lots of cash. A great stable, interest-like business. | 2007-03-26 | |
| BUY on WEAKNESS | 13.630 | Michele Robitaille | Executing well on their growth strategy as they develop the online segment of their business. Wait for a bit of a pullback before buying. Strong management team. | 2007-03-23 | |
| BUY | 13.600 | Michael Simpson, CFA | Largest directory provider in Canada and have about a 93% market share. Their Internet business is growing rapidly. Good-quality name and great margins. | 2007-03-20 | |
| BUY | 13.500 | Kevin Hall BComm, CFA | Good-quality core holding. Recently acquired the directory services for eastern Canada from Bell Aliant (BA.UN-T). Decent growth profile. | 2007-03-09 | |
| BUY | 13.740 | Brendan Caldwell | Feels some of the business trusts are good investments for the next while. Yield of about 7.5%. Continuing to grow its business. Recently acquired Eastern Canada Yellow Pages. | 2007-02-27 | |
| DON'T BUY | 13.740 | Norman Levine | Not a fan. Doesn't like the business model long-term. Expensive. | 2007-02-27 | |
| PAST TOP PICK | 13.710 | Patrick Kim | (A Top Pick Nov 1/06. Up 10.1%.) Continue to hit their targets. Deliver his organic growth of about 5%-7% year after year. | 2007-02-22 | |
| Comment | 13.610 | Larry Berman CFA, CMT, CTA | Chart shows a lot of stability after the Oct 31 trust announcement. Old lows of $14 and the 200-day moving average, represents upside resistance. If it got up to $14, he would be a seller. | 2007-02-21 | |
| DON'T BUY | 13.350 | Michael Sprung | Yield of about 8%. They will survive, but in the long-term there are alternative sources opening up for the Yellow Pages. | 2007-02-20 | |
| DON'T BUY | 12.920 | Chris Rankin, MBA, CFA | If you run a leveraged buyout model and look at the current state of credit markets, the only positive argument you can make is that credit markets are offering more money today than they have offered in the last 5 years. Trading at 11.6 EBITDA. Doesn't see the stock price appreciating. | 2007-02-09 | |
| TOP PICK | 12.900 | Andrew Guy, CFA | Very strong business. Very long-duration assets. Generates great cash flow. | 2007-02-08 | |
| BUY | 12.920 | Chyanne Fickes | A very good income trust. With its correction, it is probably not a bad buy here. | 2007-02-06 | |
| BUY | 12.950 | Michele Robitaille | In a very healthy position from an operating standpoint. Business is very stable. Relatively lower growth, but have been able to achieve 5%-7% over the last few years. Increased their distributions. Good long-term holding. | 2007-02-02 | |
| HOLD | 13.050 | Michael Sprung | The yield is now somewhat compensating you for the equity risk. | 2007-01-29 | |
| DON'T BUY | 13.280 | Robert Floyd | Always thought the stock trades a little on the expensive side. Have done most of the acquisitions that they can make in their space. Would have to get a lot cheaper for him. | 2007-01-19 | |
| HOLD | 13.240 | Michael Decter | Sold his holdings when he questioned if there was much future growth. Extremely well-managed trust. | 2007-01-18 | |
| DON'T BUY | 13.100 | Larry Berman CFA, CMT, CTA | There is a pretty strong resistance area building at the current level. He would like to see the market trade through that. | 2007-01-17 | |
| BUY | 13.100 | Steve MacInnes | A classic trust structure. They dominate their business. Basically have a monopoly on all the Yellow Pages in the country. Still some growth potential. | 2007-01-11 | |
| TOP PICK | 12.950 | David Baskin | Got hammered along with the other income trusts and hasn't recovered yet. Nice steady yield, which won't go away. Company says it is committed to increasing its distribution year by year. 8.4% yield. | 2007-01-10 | |
| WATCH | 13.000 | Michael Sprung | Hadn't owned it up till now because of the poorer yield. Has come down in value close enough to where he would consider buying it. Probably not there yet. | 2007-01-05 | |
| BUY | 12.870 | Sandy McIntyre | At these prices, this is a better company than it was at its inception. Offers good value. | 2006-12-29 | |
| DON'T BUY | 13.000 | Paul Gardner, CFA | One of the problematic companies that had an unfair advantage when they became a trust as they weren’t taxable and could grow through acquisition. Expect it will be under an onslaught of deterioration and constant selling. Doesn’t like the business model. | 2006-12-19 | |
| HOLD | 13.170 | Michael Sprung | Before the trust changes, he thought it was overpriced. Now that it’s pulled back, it’s a little more attractive. | 2006-12-08 | |
| WAIT | 12.950 | Rob Callander | Growth by acquisition. An exceptional franchise. Waiting to see what the government will do regarding trusts. | 2006-11-23 | |
Experts that have talked about Yellow Pages Income Fund
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