STOCKCHASE

Sold his holdings because of worries on the balance sheet but they have been addressing it quite well by pushing their maturities out. Debt is still pretty high. Auto Traders hasn't worked. Didn't want to take a chance of a cut in distributions again. Their recent reset preferreds would be a better deal as they are yielding over 7%.

2009-12-30

Comment

5.350

Mark Carpani

Bonds. These are rated BBB Low. Biggest risk in the short-term would be refinancing risk or a decline in customers coming back.

2009-12-29

DON'T BUY

5.300

Possibility of distribution being cut. Conversion soon. Market share being eaten up by Internet. Not a business model they like.

2009-12-22

Comment

5.200

Fairly substantial amount of debt through debentures, preferred shares outstanding and some bank debt. 15% yield. Have a very good engine in their Internet delivery of proximity-based retail solutions. Would like to see them put more cash into this. Speculative.

2009-12-14

Comment

5.480

Caller is Shorting. Risk/reward in terms of unit price is about balanced. Pretty hefty yield that you carry if you are shorting and this is a risky one to Short.

2009-11-25

DON'T BUY

5.350

He has always disliked them. There was a huge debt problem. Does not like their business model. The advertising revenue that they get is old school. It’s really messy. It’s been depressed for so long that he would not be surprised if they recovered 20-40% but this is not his game.

2009-11-24

DON'T BUY

5.350

Paul Harris, CFA

Doesn’t like it. They have done some things that have helped restructure the company. They should have cit the yield more. The business will deteriorate over time.

2009-11-03

Comment

5.420

Derek Webb, CFA

Bad story that just keeps going on. Monster yield but cannot get out of the way of it self. If you're okay clipping the coupon, hang on. Have some huge structural problems. You no longer use Yellow Pages but you look up Google. 14.76% yield.

2009-10-29

BUY

5.590

Don Lato

Dividend is sustainable. Company has vowed they can maintain the distribution as a dividend. It’s got a long road to go to get back to $10. They are having to migrate to an online format and they are slow at doing that.

2009-10-21

DON'T BUY

5.630

John Zechner

Worried about everything going electronic. Their distribution may come down. There is no prospect of growth.

2009-10-20

SELL

5.640

(Market Call Minute.) Too much competition coming in, in a declining market.

2009-10-14

Comment

5.600

Colin Stewart

Cautious on Yellow Pages business. Big secular decline in that kind of print advertising. If you Short this, you have the issue of paying distributions.

2009-10-08

HOLD

5.490

Prakash Hariharan

(Market Call Minute) No. Get in below $5.

2009-09-29

SELL

5.530

Andrew McCreath

Recently had a significant lift as a result of their refinancing. This gives you an opportunity to Sell because it is a declining business.

2009-09-28

SELL

5.640

David Cockfield

You have to judge if the concept they have is going to survive. Thinks they will be under continuing pressure from the Internet.

2009-09-23

BUY

4.910

Doesn’t have much downside from here. Likely they are going to hold the dividend. This is a great place to be if you are looking for yield. Restructured the balance sheet so now they don’t have anything coming due in the next little while.

2009-09-15

Comment

4.850

Have the free cash flow to fully fund all of their debt maturities for the next couple of years. Questions if the downturn in advertising is a cyclical phenomena because of the economy or if it is a secular decline with a long-term shift away from print advertising. She feels it is primarily cyclical.

2009-09-11

HOLD

4.900

John Zechner

(Market Call Minute) Yellow Pages. They’ve never delivered on the growth. Dividend is safe.

2009-09-08

HOLD

4.850

A business in transition and is in a difficult situation. Moving from Yellow Page books to online services. Declining advertising revenue has happened much quicker than they can ramp up online advertising. A lot of the bad news is built into the price. Have a proven balance sheet and a strong free cash flow. 16.6% yield.

2009-09-04

DON'T BUY

4.910

Paul Harris, CFA

Does not like it. Cutting dividend was a smart thing. Has under performed competitors. Does not like long-term perspective of business. Acquisitions should help.

2009-09-01

DON'T BUY

5.120

Hasn't liked this one for years. Doesn't like their business model. Printed page for accessing telephone numbers, etc. is a dying business. They are online, but people don't have to go to them as you can go directly to a company's website or Google. Pretty sure that when it is no longer a trust, payouts will be slashed.

2009-08-24

SELL

5.220

Colin Stewart

Not overly positive on this. High yield of about 18% but only because payout is at about 100% and doesn’t speak to the actual value. Internet search engines have put a lot of pressure on this. Balance sheet is pretty highly levered.

2009-08-20

SELL

5.020

Has disliked this story so much over the last 3 years. In the world of investments, everything is wrong with it. They are over leveraged and distributing too much. If you are not bullish on the economy, then this should go by the wayside.

2009-08-12

Comment

5.090

David Schaffner

Has been a very acquisitive company for the past few years and bond investors typically don't like this. There have been quite a few bonds issued by the holding company and he prefers bonds that are issued by the actual operating company. Also, some of their advertising revenue is starting to migrate to other media. Thinks there are better opportunities for the same value but the ones with the shorter maturity are not too bad.

2009-08-04

DON'T BUY

5.000

Lyle Stein

Not a fan of their business model. A bit of a legacy asset in that the print media is really hurting. Internet model is not the great generator of incremental cash flow.

2009-07-31

Comment

5.150

David Baskin

It will have to become a corporation in about 16 months, which will put the distribution at risk. Transitioning to a web based company, which is a much more crowded market than the Yellow Pages was. Not sanguine about the units alone he does have some preferred shares for more aggressive clients.

2009-07-27

SELL

5.000

Veronika Hirsch

(Market Call Minute.) Bad advertising market.

2009-07-17

BUY

4.930

Ken McCord

Likes this one. Great business. Continues to plod along. Getting some good ad revenue despite the bad economy. Very attractive yield, which he feels is safe.

2009-07-15

BUY

4.920

Preferred their preferred shares YPG.A-T or YPG.B-T but is now starting to reverse these trades and go back to the trust units at under $5. Would like more clarification by management on future plans come 2011 and what their real sustainable dividend will be.

2009-07-13

DON'T BUY

4.970

Never liked this one. Will hurt with the economy because it is somewhat discretionary. Auto Trader has hurt them in lost revenue. From a technology perspective, advertisers would prefer advertising on the Internet in other ways. Debt to EBITDA is at the high end at about 3.2 times. Starting to get their liquidity in order now. Recently cut their distribution. 16.1% return.

2009-07-08

DON'T BUY

4.970

Bonds. A little different dynamic from trust units. Recently issued 4 year 400 basis points above Government of Canada bonds. Even though they have a lot of debt, there is still room. He would still be very cautious because of the vulnerability with the economy and their technology. Probably better stories out there.

2009-07-08

Comment

4.960

Gavin Graham

Very disappointing. Cut distribution by 1/3. Difficulty is migration from paper Yellow Pages directories into web searching. Have joint venture with Google. Also have Auto Trader. Hopefully they will have a sustainable payout and continue to migrate to the electronic media.

2009-07-07

Comment

5.200

Owns more of their bonds than the common shares. Like all media companies it has been suffering during the recession. Also ongoing movement towards online advertising. Also have magazines catering to the automotive sector, which has also hurt. Feels distribution is okay for the rest of 2009.

2009-07-06

WEAK BUY

5.290

Ara Nalbandian

Has come down to about 6X EBITDA. Traditional yellow pages business has 30 million distributions over 300 publications and has been quite stable. Trader media side has seen significant declines (24%) in revenues and EBITDA is down more than that. Look for a 30%-40% cut in distributions once they convert to a corp. Reasonably valued. Declining business longer-term.

2009-07-03

DON'T BUY

5.340

1st quarter came in a little bit light. Longer-term problem is the loss of more and more of the advertising of the print market. Internet advertising earnings don't seem to be going up as fast as the erosion in their print.

2009-06-26

BUY

5.420

Steve Carlin

A real tough stock from a fundamental perspective. This slowdown in the economy, fundamentals have deteriorated significantly. Have been some concerns on the ability to continue 15% distributions but they are a lot less than the cash flows generated. He would invest in the stock simply for its yield.

2009-06-19

BUY

5.500

Michael Decter

Thinks 14.5% distributions are sustainable at the current level. Not at the top of his buy list but there is solid value at this level.

2009-06-15

Comment

5.290

Has never been a fan of this stock. An economically sensitive company and when times get tough smaller companies cut back. You can now use Internet to get business phone numbers. At this price, it is probably washed out and is a fair thing to start to accumulate.

2009-06-08

HOLD

5.570

Mark Carpani

5.25% maturing 2015. Valued at $.82 on the $1. Not a bad franchise. Has a strategic partnership with Google. Lower on the investment-grade spectrum.

2009-06-02

Comment

5.950

2 main problems have been facing this trust. Market felt they had too much debt so they cut distributions to address this. Also the long-term direction of the directory business. They have to do a better job of articulating their online strategy.

2009-05-22

Comment

6.060

Doesn't know this will look like in 5 years. A lot of competition coming into the directory business. Prefers businesses where he has visibility 5, 10, 15 years out. Good sales force and decent balance sheet. If they can get their web-based delivery accepted by the market as a growth story, it would get multiple expansion. 13% yield.

2009-05-14

DON'T BUY

5.520

Never liked it. Never liked the mutual fund space. Doesn’t think we will see much movement in this one or in the sector. 21% Dividend is safe. 81% payout ratio. There's some interest expense in there that hits the bottom line.

2009-05-04

Comment

5.750

Michael Herring

caller asked: Who gets paid first?: Debentures, Preferred Share holders, and finally common shareholder.

2009-04-28

VAGUE

5.860

Fallen quite dramatically. Many US counterparts have gone under. But has a well over 90% market share here. Concerns are that as economy slows, they will be affected. Larger ads might be taken to half a page and so on. Is a very good reflection on where the Canadian economy is. You can never say never regarding a distribution cut. 81% payout ratio.

2009-04-27

BUY

5.750

Charles Lannon

Distribution cuts will be the rule as we roll into 2011, but not this one. Would prefer their bonds at 8%

2009-04-23

DON'T BUY

6.070

Lyle Stein

Not a big fan of the model. Doesn't think the consumer strength that has driven the stock is going to be there over the next 3 to 4 years. Doesn't see this as a growth industry.

2009-04-08

BUY on WEAKNESS

5.940

Low cost high return form of advertising. Been range bound at about $5.50-$6 and thinks this will continue. $1.17 distribution should be safe throughout 2009. They will be re-evaluating their structure in 2010 preparing for a corporation conversion and there may be a cut at that point. The business is relatively stable. Good value level at around $5 but cut back at around $6-$6.50.

2009-04-02

BUY

5.850

Mark Carpani

5.71% April 21/14 bonds yielding 7.45% is a good investment. Fairly recession proof. Will be working with Google rather than in competition. Very good cash flow. Strong coverage ratios. The only concern is the $450 million maturity due this month but given the demand in the credit market he doesn’t see this as a problem.

2009-04-01

TOP PICK

6.290

5.85% bonds maturing Nov/19. Yield to maturity over 9%. In a recession media stocks get impacted because of smaller revenues and lower cash flows. This allows him to be higher up in claims/cash flow if there are any problems. In a recovery, spreads will narrow and you have a capital appreciation. (He also owns the equities.)

2009-03-25

BUY

6.290

(Market Call Minute.) At these levels, it is a Buy. (See Top Picks.)

2009-03-25

BUY

6.050

Ken McCord

This is the better operator in a relatively weak sector right now. Likes the media space. Yield of about 19%.

2009-03-19

SELL

5.730

John Zechner

(Market Call Minute.) Still too expensive. Will ultimately be losing market share to economics.

2009-03-16

HOLD

5.140

Brendan Caldwell

(Market Call Minute.) Have done better than some of their counterparts in other countries that there seems to be a lack of recognition.

2009-03-05

DON'T BUY

5.490

Laura Wallace

Concerned that people are not using Yellow Pages except for Canada 411, which is not as profitable. Distribution is really high, which suggests it is vulnerable to a cut.if the distribution is safe, putting it into a Tax-Free Savings account would be very advantageous.

2009-03-04

BUY

5.750

Kevin Hall BComm, CFA

Thinks 20% yield is safe for the next 12 months. Very good value at under $6. Negative sentiment because of slowing economy. Advertising spending will be coming under pressure. Much better shape than its peers but have been impacted with them.

2009-02-27

Comment

5.600

Continues to evolve their web-based strategy. It's upwards of 20%-25% of revenues at this point. Down because investors are cool to income trusts.

2009-02-24

PAST TOP PICK

5.200

(A Top Pick Feb 28/08. Down 46.9%.) They have met all expectations and still pays a dividend. Announced they do not intend to cut the yield. Now paying a 22% yield. Online business grew 42% last quarter.

2009-02-23

HOLD

5.810

Has been hit pretty hard. Peers have been plagued by debt but their business is quite different and more insulated because of their market position in Canada. Expects some weakness in advertising revenues but they are offsetting somewhat by online advertising and this looks quite good. Have some debt maturities coming up in June but will be able to rule that over without any problem. Distribution is very safe.

2009-02-03

HOLD

5.810

Derek Webb, CFA

Has never liked the Yellow Pages business because the Internet is beating it. Longer-term it's a dying, dead business. Yield of about 18% and hopefully it is stable.

2009-02-03

SELL

6.500

(Market Call Minute.) Has a lot of economic sensitivity as well as being a bad business model.

2009-01-27

Comment

6.210

Best in class amongst the various Yellow Pages type businesses. Balance sheet is acceptable but not pristine. Will be able to absorb a certain amount of tax friction going into 2011. Management has advised distributions will be safe as a dividend. Internet is about 20% of their business and will grow over the years.

2009-01-22

BUY

6.490

Management says they will stay a trust until 2011. Payout ratio about 82%. Expects advertising will slow down. These levels are reflecting a lot of bad news. Print business is declining but they are making it up through the Internet. Yield of about 18%.

2009-01-16

HOLD

6.460

Robert Floyd

Involved in mature businesses that have generated decent cash flows. Will have to change to a corporation in 2011. Questions how much growth there is and what they will look like as a corporation. Would hold on for the next 12 months or so.

2009-01-15

BUY

6.200

Gavin Graham

Some sensitivity to the economy but actually Yellow Pages ads are one of the last things people give up. Migrating their business to the Internet. No competition. Affected by poor showing of the US yellow page companies. 16.5% yield.

2009-01-14

BUY

6.950

Have regularly beat numbers. Probably one of the best management teams in Canada. Challenge is that they are in the midst of a transition from print to an online model.

2009-01-06

DON'T BUY

6.460

Duncan Stewart

(Market Call Minute.) Good yield, but long-term he doesn't think yellow pages business is a good one.

2008-12-30

HOLD

5.510

Gordon Higgins, CA, MBA

Statistically cheap. People are worried that in a recession advertising is cut back. Think the stock price is more than reflecting any cutback in advertising. There are no near-term financing issues.

2008-12-22

DON'T BUY

5.230

Despite Yellow Pages trying to diversify the Internet is basically eating them.

2008-12-19

SELL

5.990

Has never been a fan of this company. Has never understood the business model. Consider taking a tax loss. (Deadline Dec 23rd. Not valid for registered accounts.)

2008-12-15

PAST TOP PICK

6.530

(Past Top Pick Jan 21/08. Down 38%.) Probably suffering more from the slowing Canadian economy, which affects their top line sales numbers. Trading well below fair value. He transferred his trust holdings into Yellow Pages preferred shares. (See Top Picks.)

2008-12-08

HOLD

6.540

David Cockfield

Will have to convert back into a Corp in 2011 so the yield will probably get cut at that time. They are adjusting to going away from paper and on to the internet.

2008-12-05

Comment

6.540

Has been hit quite hard due to concerns of their US competitors facing some challenges due to leverages. Yellow Pages leverage is quite manageable. Feels they can maintain the 18% yield. Payout ratio is in the high 80’s.

2008-12-05

BUY

7.400

David Burrows

(Market Call Minute.) Would take a look at this one for the 15.8% yield.

2008-12-01

BUY

6.700

(Market Call Minute.) Little concerned about the economy and where rates are going but would buy at this price.

2008-11-20

BUY

6.850

(Market Call Minute.) One of the best players in that industry. Great management team.

2008-11-19

HOLD

6.850

Don Lato

Yield of over 14%. There are still business risks with this and is economically sensitive. Prefers others. (See Top Picks.)

2008-11-19

HOLD

7.550

Peter Brieger

Increased distributions and beat estimations but the stock price is still down. There is a love/hate relationship going on. The hate part is that people are not using Yellow Pages anymore as well as poor results in similar US operations. Management says they will maintain distributions and will have enough money by 2011 to pay the tax.

2008-11-12

DON'T BUY

7.950

Not a fan of their business model. A declining business. He rarely uses Yellow Pages but uses the Internet instead.

2008-11-11

HOLD

8.000

Michael Decter

Good solid business. If you own, be patient and look for a general market recovery that will lift things that are paying a good distribution. Would look for an exit sometime next year.

2008-11-07

BUY

7.900

David Baskin

(Market Call Minute.) Great results today. Probably a buy.

2008-11-06

BUY

8.300

Robert Lauzon

Will be one of the more stable cash flow generators in the business trust sector over the next few years. Between $8 and $10 will probably be the trading range. Yield of about 13%.

2008-10-29

BUY

8.150

(Market Call Minute.) It has been oversold and there is a big Short position in New York.

2008-10-24

HOLD

9.310

Yield is safe although not a catalyst to the upside. Don’t expect a lot of downside. Yield should be the same in 2011 but a dividend, which is more tax efficient.

2008-10-02

Comment

9.850

Has been under pressure because of problems in the US with similar businesses. Very good business in terms of its consistency of cash flow. However, the overall economic environment in Canada is weaker than it has been and advertising spending could drop off.

2008-09-24

BUY

9.870

Has been under siege by Short sellers during the summer because of comparison with similar companies in US and Europe. No comparison as this one has about 90% market share and a much greater Internet penetration. Buying back shares.

2008-09-19

DON'T BUY

9.380

Lyle Stein

What concerns him is that this is a “yesterday” business compared to a “tomorrow” business. Cash flows are okay but as we go into taxation in 2011 there is not a lot of safety in the level of distribution.

2008-09-09

BUY

9.950

Business has performed exactly how he had hoped. Raised distributions from $1.13 to $1.17. US hedge funds had been shorting based on US companies. Likes it for income accounts. Under $10 it’s a Buy.

2008-08-18

Comment

9.800

Distribution is secure through 2011. There was a panic Sell because of a US Idea Arc (?), which cut its dividend and this trust became a popular Short. He Bought at it’s low in July. Good balance sheet. Actively growing its web based business.

2008-08-15

Comment

10.050

Historically has been one of the more defensive names for recessionary times. Although it has come off a lot, it has not come off nearly as much as its competitors in the US. Have a more monopolistic market in Canada. Distribution is safe, but you will see a guidance of slowing growth from the firm.

2008-08-07

BUY

9.770

Peter Brieger

He is considering adding to his position. Recently made a US acquisition, which will enhance and consolidate their position. There was a lot of short selling on this one and that may be over. Distribution is safe. 11.5% yield.

2008-08-05

Comment

9.570

Michael Smedley

Has been down. The trusts have fallen with the market. There are questions if they can compete with the Internet business but they are in this as well. Good managers. 11.9% yield.

2008-08-01

DON'T BUY

9.300

Duncan Stewart

Some very weak numbers out of other Yellow Pages competitors. Very susceptible to a worldwide recession. Wait for a sign of an economic turnaround in the US.

2008-07-28

PAST TOP PICK

9.280