http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30888755&l=0&r=0&s=YLO&t=LIST
1For those who understand the french language, the last conference call is very interesting
http://www.pagesjaunesgroupe.com/finances/all/2%208%209%2010
For the benefit of the others:
They are way more open than YP to answer questions. It gives them far more credibility.
They already offset the print decline by the digitals products. The profit margin is pratically the same on digital and print (+- 45 %)
They recently withdraw all their credit lines because, as YP, they “prefer” to hold their cash in bank account “to make sure the cash will be available when needed”.
Similar incomes, EBITDA and debt level.
Market cap about 640 million Euro vs 50 for YP and they believe their stock is undervalued!
Important portion of debt to refinance in 2013 as YP and a debt restructuration to be annouced during the year. They don’t expect to issue shares to avoid shareholders dilution and they don’t seem worried by refinancing.
They have “exceptionally” cut the dividend for the next year to maintain a maximum financial flexibility during the refinancing period.
And…the CFO is a woman….
Incidentally, I spoke with Amanda Di Gironimo from YP IR for 45 minutes last Friday. I will summarize the most important points of our call when I will have the time.
“Yes, we would love to hear what she has to say since she has not called back the rest of us. Especially if you got an answer regarding the suspension of the preferreds blocking the conversion of the preferred A’s”
Yes, I asked this question because I own C’s and D’s. Her opinion is that the conversion imply the payment of arrears and since all preferred are on the same rank, it have to be paid at the same time (in shares or cash on the converted shares and in cash for the others). But she add that A’s will not be necessarily converted in commons on the first opportunity and maybe not at all and that it is possible that a global deal will be propose later, before the end of the year. They don’t seems to be minded to pay any dividend soon. I asked if the CCAA is one of the possibility. She seems to be a little upset by my question and repeated that no scenario is discarded but that the objective is to have the best deal for the shareholders AND the creditors.
Sorry I don’t have more time for today, but I will try to post more during the week.