Yellow Pages Limited (Y.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+176.5%

CA$38.16

vs CA$13.80 price

Levered DCF

CA$32.30

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.04

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.32×	6.44×	4.21×	4.39×	5.1×	5.52×	2.54×	2.4×
P/B	2.9×	2.99×	4.69×	4.9×	3.1×	11.38×	-14.42×	-1.67×
P/S	0.76×	0.75×	0.83×	1.2×	1.25×	1×	0.6×	0.34×
EV / EBITDA	3.48×	3.11×	2.84×	3.42×	3.19×	2.7×	2.37×	2.57×
Gross margin	93.8%	23.7%	32.1%	36.0%	35.5%	38.8%	40.0%	33.4%
Operating margin	15.4%	16.5%	25.5%	29.1%	26.8%	28.1%	27.2%	17.4%
Net margin	9.1%	11.6%	19.8%	27.4%	24.6%	18.1%	23.5%	14.3%
Current ratio	2.55×	1.95×	1.39×	1.6×	2.63×	3.67×	2.14×	1.22×
Debt / equity	0.7×	0.74×	1.04×	0.72×	0.43×	5.26×	-9.39×	-2.84×
Interest coverage	39.34×	35.16×	37.01×	50.38×	7.65×	5.44×	3.34×	1.98×
Dividend yield	9.0%	8.4%	6.7%	4.4%	4.1%	2.6%	0.0%	0.0%
Payout ratio	74.9%	54.3%	28.1%	19.3%	20.9%	14.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.9%	46.4%	112.2%	111.6%	60.8%	205.8%	-568.2%	-69.5%
Return on invested capital	21.0%	20.9%	39.4%	48.6%	31.8%	23.2%	41.6%	28.4%
Return on assets	11.1%	15.2%	28.3%	35.4%	23.1%	16.4%	29.0%	18.7%
Free cash flow yield	22.3%	22.7%	21.6%	13.8%	27.7%	36.4%	56.2%	59.6%
Earnings yield	12.1%	15.5%	23.9%	22.8%	19.6%	18.1%	39.4%	41.7%
Enterprise value	CA$123.6M	CA$156.4M	CA$218.7M	CA$325.6M	CA$286.1M	CA$333.8M	CA$352.3M	CA$456.3M
Net debt / EBITDA	-0.75×	-0.08×	0.27×	0.03×	-0.82×	0×	0.75×	1.45×
Cash conversion cycle (days)	-394	22	23	17	20	39	56	56