11.05
We had anticipated pressures to continue for YPG in Q3, and while the
results were light on revenues, EBITDA came in nicely ahead of consensus. The shortfall in the quarter stemmed entirely from Trader, as
Directories was solid yet again, and in line with our modest expectations.
Q3 takeaways are: 1) Revenues light on Trader shortfall, as Directory
resiliency intact; 2) Structural print declines at Directory more than offset
by robust online growth, as expected; 3) Mgmt affirmed intention to
maintain $0.80 distribution through 2010; and 4) De-leveraging top priority
Overall Q3 revenues of $410.1MM was light of our $415.9MM estimate,
entirely due to Trader shortcomings. However, total EBITDA of $227.0MM
was a touch above our $225.1MM estimate, with Directories nicely ahead of
our forecast. DCPU was $0.35 was in line with consensus.
we continue to believe that concerns over the
short-to-medium term health of the business is overblown.
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