Yellow Pages Limited (Y) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Yellow Pages Limited C$34.55, price C$13.50, upside +155.9%, quality 77 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range C$7.33 – C$13.71 · fair‑value band C$25.91 – C$46.08 · the C$13.50 price screens below the C$34.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Yellow Pages Limited, through its subsidiaries, provides digital and print media, and marketing solutions to small and medium-sized enterprises in Canada.
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Yellow Pages Limited, through its subsidiaries, provides digital and print media, and marketing solutions to small and medium-sized enterprises in Canada. The company offers digital and traditional marketing solutions, including online and mobile priority placement on Yellow Pages digital media properties, content syndication, search engine, website fulfillment, social media campaign management, digital display advertising, reputation management as well as print advertising including printed directories and direct mail marketing. Its online properties include YP.ca that allows users to discover and transact within their local neighborhoods through merchant profiles, editorial content, reviews, and booking functionalities; Canada411, an online and mobile destination for personal and local business information; and 411.ca, a digital directory service to help users find and connect with people and local businesses .It also operates as a directory publisher for Bell, Telus, Bell Aliant, Bell MTS, and other telephone companies; and Yellow Pages print directories, which offers numbers and addresses for local communities. Yellow Pages Limited was founded in 1908 and is headquartered in Montreal, Canada.
Stock analysis
Yellow Pages Limited (Y) currently trades at C$13.50, while our model-based Fair Value estimate is C$34.55, implying the stock looks roughly 60.9% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of C$34.55 per share, and 19 of the 22 models we run sit above the C$13.50 price.
Bear case: the Economic Profit group reads lowest at C$12.00, and 3 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: C$25.91 (bear) to C$46.08 (bull), the price of C$13.50 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 77/100 (high quality), in the Communication Services sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Yellow Pages Limited reported revenue of C$199M in FY2025 versus C$288M in FY2021, a compound −8.8%/yr. Reported net income was C$18.1M in FY2025, compounding −28.8%/yr from FY2021.
Key figures
Market cap C$186M (≈ $131M) · P/E ratio 10.7 · P/S ratio 0.98 · EPS (TTM) C$1.26 · Dividend yield 7.4% · Net margin 9.1% · Return on equity 30.3% · Return on assets (EBIT) 27.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 156%, Y screens cheaper than that median.
Fair Value models
Bear C$25.91Fair Value C$34.55Bull C$46.08
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (C$0.1909 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−7.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.8%
Start year 2020 (pandemic). Over 10 years: −13.3% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+2.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.0%
Dividend (yield on the price)7.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−13% vs −10%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.28% → 15%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 5.7%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about −10.1% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Publishing · 108 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside+156% · Top 25%
Profitability
Return on equity (TTM)30% · Top 25%
Return on assets11% · Top 25%
Net margin (TTM)9% · Above median
Operating margin (TTM)12% · Above median
Growth and dividend
Revenue growth−8% · Bottom 25%
Dividend yield (TTM)7.4% · Top 25%
Valuation Multiplesvs Publishing median · lower = cheaper
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Is Yellow Pages Limited (Y) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of C$34.55 versus a price of C$13.50, about +156% upside (undervalued).
What is the fair value of Y?
Our model-based fair value for Yellow Pages Limited is C$34.55 (as of Sep 23, 2026), built from audited fundamentals. The current price: C$13.50.
What is the quality score of Y?
Yellow Pages Limited has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Yellow Pages Limited (Y)?
Our model-based price target is the fair value of C$34.55 (as of Sep 23, 2026) from 22 valuation models. Cautious scenario C$25.91, optimistic scenario C$46.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Yellow Pages Limited stock forecast for 2026?
Our models put fair value at C$34.55, about +156% upside versus a price of C$13.50 (undervalued). Cautious scenario C$25.91, optimistic scenario C$46.08. The calculation is refreshed regularly with new filings.
What is the revenue of Yellow Pages Limited (Y)?
Yellow Pages Limited reported trailing-twelve-month revenue of about C$195M (latest available figure, as of Sep 23, 2026).
Does Yellow Pages Limited pay a dividend?
Yellow Pages Limited currently shows a dividend yield of about 7.41% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Yellow Pages Limited (Y)?
For today's price to be fair in a discounted-cash-flow model, Yellow Pages Limited would have to grow free cash flow by -8.2 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -9.8 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of Y use?
Our models discount Yellow Pages Limited at 11.3 %: a base by market capitalisation (micro), damped by beta 0.63, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Yellow Pages Limited that is -8.2 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Yellow Pages Limited (Y) delivered so far?
Over the past 5 years revenue at Yellow Pages Limited grew -9.8 % a year. The price currently implies -8.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Yellow Pages Limited (Y) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Yellow Pages Limited (-8.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Yellow Pages Limited (Y)?
The free-cash-flow yield on the price is 18.05 %: that much free cash flow Yellow Pages Limited produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Yellow Pages Limited (Y)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Yellow Pages Limited it is C$34.55 per share (as of Sep 23, 2026), against a price of C$13.50. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Yellow Pages Limited stock overvalued or undervalued in 2026?
As of Sep 23, 2026, Y trades below its calculated fair value: price C$13.50, fair value C$34.55, a gap of about +156% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of Y?
No. The price is what the market pays today (C$13.50); the fair value is what the company's own numbers justify (C$34.55). For Yellow Pages Limited the two are C$21.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Yellow Pages Limited worth?
The market values Yellow Pages Limited at about C$186M (market capitalisation, as of Sep 23, 2026). Per share that is C$13.50; our models calculate a fair value of C$34.55 per share.
What do the bullish and bearish scenarios say about Y?
Our models span a range for Yellow Pages Limited: cautious scenario C$25.91, base C$34.55, optimistic C$46.08 per share (as of Sep 23, 2026, price C$13.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of Y?
Yellow Pages Limited trades at a price-to-earnings ratio of 10.7 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$34.55 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 7.4 (reported 10.3). Other multiples: P/B 2.5, P/S 0.7, EV/EBITDA 2.0.
How solid is the balance sheet of Yellow Pages Limited (Y)?
Balance-sheet figures for Yellow Pages Limited (as of Sep 23, 2026): return on equity 30.3%. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is Y from its 52-week high?
Yellow Pages Limited trades at C$13.50, about 2% below its 52-week high of C$13.71 and 30% above the low of C$10.38 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of C$34.55 is for.
Which stocks are comparable to Yellow Pages Limited?
From the same area (Communication Services) we also value The New York Times Company, Jiangsu Phoenix Publishing & Media Corporation, China Science Publishing & Media Ltd, People.cn CO., LTD, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Yellow Pages Limited stock attractive at the current price?
The data as of Sep 23, 2026: price C$13.50, calculated fair value C$34.55 (+156%), Quality Score 77/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of Y calculated?
We run Yellow Pages Limited through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$34.55, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Yellow Pages Limited currently trades 156 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Yellow Pages Limited (Y)?
The closing price on Sep 23, 2026 was C$13.50. Our model-based fair value is C$34.55, about +156% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Yellow Pages Limited right now?
The rarer combination: high quality (77/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (C$25.91). The market is more pessimistic than our downside scenario.
Key figures of Yellow Pages Limited
How large is the market capitalisation of Yellow Pages Limited (Y)?
The market capitalisation of Yellow Pages Limited is C$186M (≈ $131M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Yellow Pages Limited (Y)?
The price-to-sales ratio of Yellow Pages Limited is 0.98 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Yellow Pages Limited (Y)?
Earnings per share at Yellow Pages Limited are C$1.26 (price ÷ EPS = P/E 10.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Yellow Pages Limited (Y)?
The dividend yield of Yellow Pages Limited is 7.4% (payout 79.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Yellow Pages Limited (Y)?
The net margin of Yellow Pages Limited is 9.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Yellow Pages Limited (Y)?
The return on equity (ROE) of Yellow Pages Limited is 30.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Yellow Pages Limited (Y)?
On an EBIT basis the return on assets of Yellow Pages Limited is 27.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Yellow Pages Limited (Y)?
The operating margin of Yellow Pages Limited is 12.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Yellow Pages Limited (Y)?
Revenue at Yellow Pages Limited is growing −7.8% versus a year earlier (3y avg −9.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Yellow Pages Limited (Y)?
Earnings per share at Yellow Pages Limited are growing −13.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Yellow Pages Limited (Y) carry?
The net debt of Yellow Pages Limited is C$5.6M (fiscal year 2025, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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