Pages Jaunes Groupe France For those who understand the french language, the last conference call is very interesting
https://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.