Declared Dividend • May 18
First quarter dividend of CA$0.25 announced Dividend of CA$0.25 is the same as last year. Ex-date: 25th May 2026 Payment date: 15th June 2026 Dividend yield will be 7.6%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 15% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Reported Earnings • May 17
First quarter 2026 earnings released: EPS: CA$0.30 (vs CA$0.37 in 1Q 2025) First quarter 2026 results: EPS: CA$0.30 (down from CA$0.37 in 1Q 2025). Revenue: CA$46.8m (down 7.8% from 1Q 2025). Net income: CA$4.08m (down 18% from 1Q 2025). Profit margin: 8.7% (down from 9.8% in 1Q 2025). Revenue is expected to decline by 7.3% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 15%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 15
Yellow Pages Limited Declares A Cash Dividend, Payable on June 15, 2026 Yellow Pages Limited declared a dividend of $0.25 per common share, to be paid on June 15, 2026 to shareholders of record as of May 25, 2026. Announcement • May 14
Yellow Pages Limited to Report Q1, 2026 Results on May 14, 2026 Yellow Pages Limited announced that they will report Q1, 2026 results on May 14, 2026 Announcement • Apr 07
Yellow Pages Limited (TSX:Y) announces an Equity Buyback for 2,037,489 shares, for CAD 25 million. Yellow Pages Limited (TSX:Y) announces a share repurchase program. Under the program, the company will repurchase up to 2,037,489 common shares for CAD 25 million. The shares will be repurchased at a price of CAD 12.27 per share, which represents the volume weighted average price for the five consecutive trading days ending the trading day immediately prior to April 7, 2026. Announcement • Feb 19
Yellow Pages Limited, Annual General Meeting, May 14, 2026 Yellow Pages Limited, Annual General Meeting, May 14, 2026. Reported Earnings • Feb 16
Full year 2025 earnings released: EPS: CA$1.34 (vs CA$1.84 in FY 2024) Full year 2025 results: EPS: CA$1.34 (down from CA$1.84 in FY 2024). Revenue: CA$198.9m (down 7.4% from FY 2024). Net income: CA$18.1m (down 28% from FY 2024). Profit margin: 9.1% (down from 12% in FY 2024). Revenue is expected to decline by 7.1% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 13%. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 15
Fourth quarter dividend of CA$0.25 announced Dividend of CA$0.25 is the same as last year. Ex-date: 25th February 2026 Payment date: 16th March 2026 Dividend yield will be 8.0%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is well covered by cash flows (46% cash payout ratio). The dividend has increased by an average of 15% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. However, EPS has declined by 16% over the last 5 years so the company would need to reverse this trend. Announcement • Feb 12
Yellow Pages Limited Declares Quarterly Dividend, Payable on March 16, 2026 Yellow Pages Limited declared Quarterly dividend of $0.25 per common share, to be paid on March 16, 2026 to shareholders of record as of February 25, 2026. Announcement • Jan 24
Yellow Pages Limited to Report Q4, 2025 Results on Feb 12, 2026 Yellow Pages Limited announced that they will report Q4, 2025 results on Feb 12, 2026 Declared Dividend • Nov 16
Third quarter dividend of CA$0.25 announced Dividend of CA$0.25 is the same as last year. Ex-date: 26th November 2025 Payment date: 15th December 2025 Dividend yield will be 8.7%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is well covered by cash flows (46% cash payout ratio). The dividend has increased by an average of 15% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. However, EPS has declined by 23% over the last 5 years so the company would need to reverse this trend. Announcement • Nov 13
Yellow Pages Limited Declares Quarterly Dividend, Payable on December 15, 2025 The Board of Yellow Pages Limited has declared a dividend of $0.25 per common share, to be paid on December 15, 2025 to shareholders of record as of November 26, 2025. Declared Dividend • Aug 10
Second quarter dividend of CA$0.25 announced Dividend of CA$0.25 is the same as last year. Ex-date: 25th August 2025 Payment date: 15th September 2025 Dividend yield will be 9.1%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by both earnings (88% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 2.5% to shift the payout ratio to a potentially unsustainable range, which is less than the 22% EPS decline seen over the last 5 years. Announcement • Aug 08
Yellow Pages Limited Declares Quarterly Dividend, Payable on September 15, 2025 The Board of Yellow Pages Limited declared a dividend of $0.25 per common share, to be paid on September 15, 2025 to shareholders of record as of August 25, 2025. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: CA$0.11 (vs CA$0.56 in 2Q 2024) Second quarter 2025 results: EPS: CA$0.11 (down from CA$0.56 in 2Q 2024). Revenue: CA$51.7m (down 7.4% from 2Q 2024). Net income: CA$1.54m (down 80% from 2Q 2024). Profit margin: 3.0% (down from 14% in 2Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 7.4% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 11%. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Aug 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$452k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (10% net profit margin). Significant insider selling over the past 3 months (CA$452k sold). Declared Dividend • May 18
First quarter dividend of CA$0.25 announced Dividend of CA$0.25 is the same as last year. Ex-date: 27th May 2025 Payment date: 16th June 2025 Dividend yield will be 8.9%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 30% to shift the payout ratio to a potentially unsustainable range, which is more than the 15% EPS decline seen over the last 5 years. Announcement • May 16
Yellow Pages Limited Declares Quarterly Dividend, Payable on June 16, 2025 Yellow Pages Limited declared a dividend of $0.25 per common share, to be paid on June 16, 2025 to shareholders of record as of May 27, 2025. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: CA$0.37 (vs CA$0.62 in 1Q 2024) First quarter 2025 results: EPS: CA$0.37 (down from CA$0.62 in 1Q 2024). Revenue: CA$50.8m (down 7.6% from 1Q 2024). Net income: CA$4.96m (down 41% from 1Q 2024). Profit margin: 9.8% (down from 15% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 7.4% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 10%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Mar 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$140.7m (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (CA$140.7m market cap, or US$97.3m). Announcement • Feb 18
Yellow Pages Limited, Annual General Meeting, May 14, 2025 Yellow Pages Limited, Annual General Meeting, May 14, 2025. Declared Dividend • Feb 16
Fourth quarter dividend of CA$0.25 announced Dividend of CA$0.25 is the same as last year. Ex-date: 26th February 2025 Payment date: 17th March 2025 Dividend yield will be 9.1%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 53% to shift the payout ratio to a potentially unsustainable range, which is more than the 13% EPS decline seen over the last 5 years. Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: CA$1.84 (vs CA$2.70 in FY 2023) Full year 2024 results: EPS: CA$1.84 (down from CA$2.70 in FY 2023). Revenue: CA$214.8m (down 10% from FY 2023). Net income: CA$25.0m (down 47% from FY 2023). Profit margin: 12% (down from 20% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 10%. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year. Price Target Changed • Feb 13
Price target increased by 10% to CA$11.00 Up from CA$10.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CA$11.00. Stock is up 6.5% over the past year. The company posted earnings per share of CA$2.70 last year. Announcement • Feb 13
Yellow Pages Limited Declares Quarterly Dividend, Payable on March 17, 2025 Yellow Pages Limited announced that Board has Quarterly declared a dividend of $0.25 per common share, to be paid on March 17, 2025 to shareholders of record as of February 26, 2025. Announcement • Jan 20
Yellow Pages Limited to Report Q4, 2024 Results on Feb 13, 2025 Yellow Pages Limited announced that they will report Q4, 2024 results on Feb 13, 2025 Declared Dividend • Nov 14
Third quarter dividend of CA$0.25 announced Shareholders will receive a dividend of CA$0.25. Ex-date: 27th November 2024 Payment date: 16th December 2024 Dividend yield will be 9.3%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (10% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 18% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 88% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.9% EPS decline seen over the last 5 years. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: CA$0.46 (vs CA$0.57 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.46 (down from CA$0.57 in 3Q 2023). Revenue: CA$52.6m (down 9.4% from 3Q 2023). Net income: CA$6.27m (down 38% from 3Q 2023). Profit margin: 12% (down from 17% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 11
Second quarter dividend of CA$0.25 announced Shareholders will receive a dividend of CA$0.25. Ex-date: 26th August 2024 Payment date: 16th September 2024 Dividend yield will be 10%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 23% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 57% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.8% EPS decline seen over the last 5 years. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: CA$0.56 (vs CA$0.72 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.56 (down from CA$0.72 in 2Q 2023). Revenue: CA$55.8m (down 11% from 2Q 2023). Net income: CA$7.63m (down 40% from 2Q 2023). Profit margin: 14% (down from 20% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in North America are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Aug 01
Yellow Pages Limited to Report Q2, 2024 Results on Aug 07, 2024 Yellow Pages Limited announced that they will report Q2, 2024 results on Aug 07, 2024 Declared Dividend • May 13
First quarter dividend of CA$0.25 announced Shareholders will receive a dividend of CA$0.25. Ex-date: 28th May 2024 Payment date: 17th June 2024 Dividend yield will be 9.6%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 23% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 61% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.7% EPS decline seen over the last 5 years. Announcement • May 11
Yellow Pages Limited Announces Board Changes Yellow Pages Limited announced the changes to its board of directors. During its meeting immediately following the AGM, the Board named Susan Kudzman Chair Emerita and appointed her Chair of the Audit Committee of the Corporation. It also appointed Rob Hall, who previously served as Chair of the Audit Committee of the Corporation, as Chair of the Board, with immediate effect. Reported Earnings • May 09
First quarter 2024 earnings released: EPS: CA$0.62 (vs CA$0.70 in 1Q 2023) First quarter 2024 results: EPS: CA$0.62 (down from CA$0.70 in 1Q 2023). Revenue: CA$55.0m (down 12% from 1Q 2023). Net income: CA$8.40m (down 32% from 1Q 2023). Profit margin: 15% (down from 20% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • May 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 19% Last year net profit margin: 27% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (19% net profit margin). Market cap is less than US$100m (CA$132.7m market cap, or US$97.0m). New Risk • Mar 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$135.7m (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 8.4% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (CA$135.7m market cap, or US$99.9m). Announcement • Feb 21
Yellow Pages Limited, Annual General Meeting, May 09, 2024 Yellow Pages Limited, Annual General Meeting, May 09, 2024. Upcoming Dividend • Feb 19
Upcoming dividend of CA$0.25 per share Eligible shareholders must have bought the stock before 26 February 2024. Payment date: 15 March 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 9.7%. Within top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (0.5%). Declared Dividend • Feb 16
Fourth quarter dividend of CA$0.25 announced Shareholders will receive a dividend of CA$0.25. Ex-date: 26th February 2024 Payment date: 15th March 2024 Dividend yield will be 8.3%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 16% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 1.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 15
Full year 2023 earnings released: EPS: CA$2.70 (vs CA$3.10 in FY 2022) Full year 2023 results: EPS: CA$2.70 (down from CA$3.10 in FY 2022). Revenue: CA$239.4m (down 11% from FY 2022). Net income: CA$47.4m (down 36% from FY 2022). Profit margin: 20% (down from 27% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 12% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 14
Yellow Pages Limited Declares Dividend, Payable on March 15, 2024 Yellow Pages Limited announced that it has declared a dividend of $0.25 per common share, to be paid on March 15, 2024 to shareholders of record as of February 27, 2024. New Risk • Feb 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$135.5m (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (246% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (CA$154k sold). Market cap is less than US$100m (CA$135.5m market cap, or US$99.8m). Announcement • Dec 31
Yellow Pages Limited Announces Changes to its Board of Directors Yellow Pages Limited announced the appointment of Treena Cooper to its board of directors, effective January 1, 2024. Ms. Cooper brings a wealth of experience to the Board. She has over 20 years of legal experience, with expertise in the areas of corporate and commercial law, mergers and acquisitions, corporate governance, intellectual property, and labour and employment law. Ms. Cooper currently serves as Vice-President, Legal and General Counsel at IPEX and has held this role since 2023. Prior to joining IPEX, Ms. Cooper held progressively senior positions at Yellow Pages between 2008 and 2023, including her most recent role as Senior Vice-President, General Counsel and Secretary. Treena holds an LLB from the University of Ottawa and was called to the Bar in 2001 and 2004 in Ontario and Quebec, respectively. Treena replaces Paul W. Russo, who is stepping off the Board effective December 31, 2023. Upcoming Dividend • Nov 16
Upcoming dividend of CA$0.20 per share at 7.2% yield Eligible shareholders must have bought the stock before 23 November 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 7.2%. Within top quartile of Canadian dividend payers (6.7%). Higher than average of industry peers (3.3%). Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: CA$0.57 (vs CA$0.66 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.57 (down from CA$0.66 in 3Q 2022). Revenue: CA$58.1m (down 12% from 3Q 2022). Net income: CA$10.1m (down 40% from 3Q 2022). Profit margin: 17% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.9% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 7.7%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Nov 10
Yellow Pages Limited Declares Dividend, Payable on December 15, 2023 Yellow Pages Limited announced that Board has declared a dividend of $0.20 per common share, to be paid on December 15, 2023 to shareholders of record as of November 24, 2023. New Risk • Nov 09
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$154k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (236% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (CA$154k sold). Announcement • Oct 20
Yellow Pages Limited (TSX:Y) announces an Equity Buyback for 4,440,497 shares, for CAD 50 million. Yellow Pages Limited (TSX:Y) announces a share repurchase program. Under the program, the company will repurchase up to 4,440,497 common shares for CAD 50 million. The shares will be repurchased at a price of CAD 11.26 per share, which represents the volume weighted average price for the five consecutive trading days ending the trading day immediately prior to October 19, 2023. Upcoming Dividend • Aug 17
Upcoming dividend of CA$0.20 per share at 6.4% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (4.1%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: CA$0.72 (vs CA$0.50 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.72 (up from CA$0.50 in 2Q 2022). Revenue: CA$62.7m (down 9.8% from 2Q 2022). Net income: CA$12.7m (flat on 2Q 2022). Profit margin: 20% (up from 18% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 5.1% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 9.3%. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Announcement • Aug 10
Yellow Pages Limited Declares Dividend, Payable on September 15, 2023 The board of Yellow Pages Limited has declared a dividend of $0.20 per common share, to be paid on September 15, 2023 to shareholders of record as of August 25, 2023. Upcoming Dividend • May 17
Upcoming dividend of CA$0.20 per share at 4.7% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (3.9%). Price Target Changed • May 14
Price target decreased by 9.7% to CA$14.00 Down from CA$15.50, the current price target is provided by 1 analyst. New target price is 8.6% above last closing price of CA$12.89. Stock is down 6.9% over the past year. The company posted earnings per share of CA$3.10 last year. Announcement • May 12
Yellow Pages Limited Declares Cash Dividend, Payable on June 15, 2023 Board of Yellow Pages Limited has declared a dividend of $0.20 per common share, to be paid on June 15, 2023 to shareholders of record as of May 25, 2023. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: CA$0.70 (vs CA$0.56 in 1Q 2022) First quarter 2023 results: EPS: CA$0.70. Revenue: CA$62.7m (down 7.5% from 1Q 2022). Net income: CA$12.4m (down 15% from 1Q 2022). Profit margin: 20% (down from 22% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 6.1% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 4.0%. Recent Insider Transactions Derivative • Mar 06
Senior VP exercised options to buy CA$63k worth of stock. On the 25th of February, Treena Cooper exercised options to buy 5k shares at a strike price of around CA$14.15, costing a total of CA$64k. Since March 2022, Treena's direct individual holding has decreased from 6.98k shares to 4.52k. Company insiders have collectively sold CA$631k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Mar 03
Senior VP exercised options to buy CA$63k worth of stock. On the 25th of February, Treena Cooper exercised options to buy 5k shares at a strike price of around CA$14.15, costing a total of CA$64k. Since March 2022, Treena's direct individual holding has decreased from 6.98k shares to . Company insiders have collectively sold CA$631k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 18
Yellow Pages Limited, Annual General Meeting, May 11, 2023 Yellow Pages Limited, Annual General Meeting, May 11, 2023. Announcement • Feb 16
Yellow Pages Limited Declares Cash Dividend, Payable on March 15, 2023 Yellow Pages Limited declared Board has declared a dividend of $0.15 per common share, to be paid on March 15, 2023 to shareholders of record as of February 24, 2023. Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: CA$3.10 (vs CA$2.68 in FY 2021) Full year 2022 results: EPS: CA$3.10 (up from CA$2.68 in FY 2021). Revenue: CA$268.3m (down 6.7% from FY 2021). Net income: CA$73.4m (up 4.0% from FY 2021). Profit margin: 27% (up from 25% in FY 2021). The increase in margin was driven by lower expenses. Revenue is expected to decline by 6.3% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Recent Insider Transactions • Feb 13
Insider recently sold CA$518k worth of stock On the 10th of February, Steven Tananbaum sold around 37k shares on-market at roughly CA$14.14 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$713k more than they bought in the last 12 months. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Paul Russo was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: CA$0.66 (vs CA$0.52 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.66 (up from CA$0.52 in 3Q 2021). Revenue: CA$66.3m (down 6.5% from 3Q 2021). Net income: CA$16.7m (up 21% from 3Q 2021). Profit margin: 25% (up from 19% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is expected to decline by 5.9% p.a. on average during the next 2 years, while revenues in the Interactive Media and Services industry in Canada are expected to grow by 6.0%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Nov 11
Yellow Pages Limited Declares Dividend, Payable on December 15, 2022 Yellow Pages Limited declared a dividend of $0.15 per common share, to be paid on December 15, 2022 to shareholders of record as of November 24, 2022. Upcoming Dividend • Aug 17
Upcoming dividend of CA$0.15 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Canadian dividend payers (5.3%). Higher than average of industry peers (3.8%). Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: CA$0.50 (vs CA$0.23 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.50 (up from CA$0.23 in 2Q 2021). Revenue: CA$69.6m (down 6.7% from 2Q 2021). Net income: CA$12.7m (up 111% from 2Q 2021). Profit margin: 18% (up from 8.1% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 11% compared to a 18% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Recent Insider Transactions • May 26
Senior VP recently sold CA$51k worth of stock On the 20th of May, Treena Cooper sold around 4k shares on-market at roughly CA$13.90 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$320k more than they bought in the last 12 months. Upcoming Dividend • May 19
Upcoming dividend of CA$0.15 per share Eligible shareholders must have bought the stock before 26 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Canadian dividend payers (5.0%). In line with average of industry peers (4.4%). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: CA$0.56 (vs CA$0.46 in 1Q 2021) First quarter 2022 results: EPS: CA$0.56 (up from CA$0.46 in 1Q 2021). Revenue: CA$67.8m (down 7.8% from 1Q 2021). Net income: CA$14.6m (up 21% from 1Q 2021). Profit margin: 22% (up from 17% in 1Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 9.4% compared to a 23% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • May 12
Yellow Pages Limited Approves Cash Dividend, Payable on June 15, 2022 Yellow Pages Limited announced that the Board of Directors approved a cash dividend of $0.15 per common share payable on June 15, 2022 to shareholders of record as at May 27, 2022. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Paul Russo was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions Derivative • Mar 05
Senior VP exercised options to buy CA$90k worth of stock. On the 25th of February, Treena Cooper exercised options to buy 7k shares at a strike price of around CA$13.90, costing a total of CA$93k. This transaction amounted to 156% of their direct individual holding at the time of the trade. Since March 2021, Treena's direct individual holding has decreased from 7.31k shares to 4.28k. Company insiders have collectively bought CA$27k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Mar 04
Yellow Pages Limited, Annual General Meeting, May 11, 2022 Yellow Pages Limited, Annual General Meeting, May 11, 2022. Upcoming Dividend • Feb 17
Upcoming dividend of CA$0.15 per share Eligible shareholders must have bought the stock before 24 February 2022. Payment date: 15 March 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Canadian dividend payers (4.8%). In line with average of industry peers (4.3%). Price Target Changed • Feb 12
Price target increased to CA$14.33 Up from CA$13.17, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CA$14.15. Stock is up 21% over the past year. The company posted earnings per share of CA$2.68 last year. 