YLO.TO怎么样？

ellesmere

一路下跌，可是分红比较高。

George25

TD downgraded YLO today.

George25

http://ca.reuters.com/article/businessNews/idCATRE76766D20110708?pageNumber=1&virtualBrandChannel=0Yellow Media shares slide after TD downgrade



Fri Jul 8, 2011 4:05pm EDT  Print This Article | Single Page[-] Text [+]   
1 of 1Full SizeTORONTO (Reuters) - Shares of Yellow Media Inc (YLO.TO: Quote) tumbled more than 11 percent on Friday after TD Newcrest downgraded its rating in the stock to "reduce", delivering another blow to a company struggling with a transition from print to online and a high debt burden.

Newcrest, a unit of Toronto-Dominion Bank (TD.TO: Quote), has had a "hold" rating on the Canadian telephone directory publisher since the beginning of March last year, when it was trading in the C$6 range.

Since then, the stock has lost over half of its value as investors fret about its debt schedule and falling revenue from print advertising.

TD Newcrest was the fourth investment bank in just two weeks to cut share-price targets for the company, reducing it to C$2 from C$4.

Shares of Yellow Media were down 11.5 percent at C$2.38 late on Friday afternoon. Two weeks ago the stock was at C$3.18.

In a note to clients, TD Newcrest analyst Scott Cuthbertson expressed concern about the company's ability to manage high debt levels and declining revenues from print advertising.

Yields on the company's debt securities are consistent with non-investment grade bonds, a red flag for equity investors, he said.

He added that "the pace of revenue declines in core businesses has accelerated, and has not been offset by gains in the online business."

With earnings likely to remain pressured, management will likely discontinue its dividend payout by year-end, he said
Around three-quarters of Yellow Media's revenue comes from selling advertising in its Yellow Pages and related business directories, with the rest coming from online services.

Analysts say that while the company has a viable online business that still has room to grow, they expect falling earnings and tighter margins as businesses abandon print advertising.

Yellow has said it will soon sell advertisements and charge for priority placement on its mobile platform, where it faces stiff competition from wireless carriers, payment processors and social media sites.

The company also said in March that it will sell its automotive classifieds assets for C$745 million ($776 million) in cash to try to trim debt.

TD Newcrest said it was increasingly likely Yellow Media would be removed from the Toronto Stock Exchange's blue-chip TSX 60 index.

Yellow Media was the most heavily traded company in Toronto by late afternoon, with 6 million shares changing hands.

(Reporting by Trish Nixon, Editing by Alastair Sharp and Peter Galloway)