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Yellow Pages Limited (Y) Fair Value & Analysis

Communication Services · CA · Market cap C$149M

YP Yellow Pages Limited Y · TO
PriceC$13.20
Fair ValueC$34.55
Upside+161.7%
Quality77/100
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Weak Growth
Thin margins · 8.8% net margin
Low debt · generates free cash flow
7.82% dividend yield
Ranks above peers (12/14)
Wide moat 65/100
Evidence: High Range C$25.91 – C$43.18 Share as image

Fair value as of: Jul 14, 2026

From 22 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from C$29.36 to C$34.55 (+17.7%) since Jun 25, 2026. Share price +3.5% over the past month.

A strong business, screening 162% undervalued on our models.

What matters 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.
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Price vs Fair Value (5 years)

C$13.40 C$7.33 Fair Value C$34.55 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range C$7.33 – C$13.40 · fair‑value band C$25.91 – C$43.18 · the C$13.20 price screens below the C$34.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Yellow Pages Limited (Y) currently trades at C$13.20, while our model-based Fair Value estimate is C$34.55, implying the stock looks roughly 161.7% undervalued today. The Quality Score stands at 77/100 (high quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Yellow Pages Limited generated revenue of C$195M at a net margin of 8.8%. Revenue declined 7.8% year over year. It earns a return on equity of 30.3%. Net debt stands at C$5.6M. Fundamentals as of Jul 14, 2026

Our scenario range runs from C$25.91 (bear case) to C$43.18 (bull case); at C$13.20, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at 162%, Y screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF C$26.98 C$32.10 C$39.72 80
Residual Income C$8.43 C$12.00 C$75.03 76
Rev-Margin DCF C$27.11 C$36.88 C$48.90 74
All 22 models by family
DCF Models
FCF DCF C$26.45 C$31.90 C$40.68 38
Owner Earnings C$23.55 C$28.26 C$35.83 31
5Y Revenue Exit C$27.11 C$36.28 C$49.59 39
5Y EBITDA Exit C$30.54 C$42.21 C$57.65 41
5Y P/E Exit C$27.08 C$36.23 C$47.18 38
10Y Revenue Exit C$26.21 C$32.21 C$38.54 36
10Y EBITDA Exit C$28.46 C$35.33 C$42.57 37
10Y P/E Exit C$26.66 C$32.18 C$37.33 35
Earnings-Based
Graham-Dodd C$10.68 C$13.05 C$14.68 54
EPV C$22.56 C$24.62 C$26.29 59
Multiples
P/E Multiple C$25.91 C$34.55 C$43.18 63
P/S Multiple C$20.02 C$26.69 C$33.37 58
P/B Multiple C$11.80 C$15.73 C$19.67 55
EV/EBIT C$37.41 C$48.06 C$58.72 53
EV/EBITDA C$39.03 C$50.23 C$61.43 54
EV/Revenue C$29.68 C$40.07 C$50.46 43
Asset-Based
NCAV (Graham) C$2.25 C$3.01 C$4.50 50
Growth DCF
Growth DCF C$26.98 C$32.10 C$39.72 80
Rev-Margin DCF C$27.11 C$36.88 C$48.90 74
Economic Profit
Residual Income C$8.43 C$12.00 C$75.03 76
ROIC Compounder C$22.56 C$24.62 C$26.29 72
Growth Earnings
Growth-Adj P/E C$18.26 C$26.09 C$33.92 68

Widest divergence: Multiples (C$34.55) versus Asset-Based (C$3.01). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) C$195M
Revenue growth (YoY) -7.8%
Net margin 8.8%
Return on equity 30.3%
Free cash flow C$33.5M FY2025
P/E ratio 10.2
More key figures
Operating margin 12.1%
EPS (TTM) C$1.26
Dividend yield 7.8%
EPS growth (YoY) -13.6%
Net debt C$5.6M FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 75 · Market factors (momentum, volatility) 72

Profitability 81
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 81
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Yellow Pages Limited, through its subsidiaries, provides digital and print media, and marketing solutions to small and medium-sized enterprises in Canada.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
C$199M
Latest YoY
−7.4%
Avg. growth/yr (3Y) 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.
−9.5%
Avg. growth/yr (5Y) 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.
−9.8%
Avg. growth/yr (17Y) 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.
−11.8%
Revenue −8.8%/yr
FY21 C$288M
FY22 C$268M
FY23 C$239M
FY24 C$215M
FY25 C$199M
Net income −28.8%/yr
FY21 C$70.6M
FY22 C$73.4M
FY23 C$47.4M
FY24 C$25.0M
FY25 C$18.1M

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Cite: Fair Value Calculator (2026). "Yellow Pages Limited Fair Value". https://www.fairvalue-calculator.com/stock/Y

Peer Group

Publishing · 111 stocks

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.

Quality Score 77 · Top 25%
Fair Value upside +162% · Top 25%
Return on equity (TTM) 30% · Top 25%
Return on assets 11% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 12% · Top 25%
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 7.8% · Top 25%

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 10.2× · Cheaper than median
P/B 2.06× · Pricier than median
P/S (TTM) 0.55× · Cheaper than median
P/FCF 3.2× · Cheaper than median
EV/EBITDA 1.3× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 38
FUTURE 0 · sector 0
PAST 100 · sector 21
HEALTH 100 · sector 99
DIVIDEND 100 · sector 57

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Yellow Pages Limited (Y) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of C$34.55 versus a price of C$13.20, about +162% (undervalued).
What is the fair value of Y?
Our model-based fair value for Yellow Pages Limited is C$34.55 (as of Jul 14, 2026), built from audited fundamentals. The current price is C$13.20.
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 revenue of Yellow Pages Limited (Y)?
Yellow Pages Limited reported trailing-twelve-month revenue of about C$195M (latest available figure, as of Jul 14, 2026).
What is the net profit margin of Y?
The net profit margin of Yellow Pages Limited is about 8.8%, meaning it keeps roughly 8.8% of revenue as net income. Based on the latest reported figures.
Does Yellow Pages Limited pay a dividend?
Yellow Pages Limited currently shows a dividend yield of about 8.10% relative to its recent price (as of Jul 14, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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