Yellow Pages Income Fund

Yellow Pages Income Fund (YLO.UN) hit a new all-time low today of $4.68 based on practically no new news.

There were 2 analyst comments made on Tuesday which might have affected the recent sell off.

http://www.stockchase.com/Company-sl--slq-ID-slv-Yellow--Pages--Income--Fund.php

Based on that current price, it's now at at 25% distribution rate.

On February 12th we'll hear from YLO.UN fourth quarter and year end results. If those results don't show a significant risk to their distribution and pay-out ratios, the share price will probably rebound much higher than today's price. The $4.68 price today is the market factoring in it's current belief that YLO's distribution is going to be cut significantly.

I find it's current price very attractive.

They do have a lot of "goodwill" on their books, which could lead to non-cash losses if those are get written down. But it shouldn't have a material impact on their cash flow. The current depressed economic atmosphere may of course reasonable be expected to hurt their revenue, but their pay-out ratio gives them some degree of a buffer.

Remember, irregardless of it's name (Yellow Pages), it does receive a significant portion of it's revenue from online/internet activities. It's not strictly the hard-physical paper directory people think of when they think of The Yellow Pages.