good article by Susan Krishinsky...In the globe and mail...who is she anyways? Bottom line, long term growth to be digital, 2.55 billion debt, Ylo.un 90% monopoly on yellow pages in Canada, 20% of Revenue from digital, 17% decline in advertising media vs 2.3% decline in yellow pages. Nothing new here. Tellier says things are "going remarkably well". I imagine he would know. As a contrarian I would take this article as a buy signal. Lets face it, if yellow pages can't transition to digital supremacy in the next five years who can? And I had to laugh when they suggested that Facebook is a competior through social referrals. Like most people when I want something like a deck built I might ask a friend for a referral if they know someone but I will get three quotes and two will come from an objective source and by the way I did this when yellow pages was the only game in town. So who is fooling who? The only thing thats changed is that more people are accessing business services online and from the article it seems like ylo.un has adequate apps to provide for this option. Is the debt an issue, not while they keep renewing it at lower rates and rates remain low. Are they a growth story, not really while they gain digital media they are losing paper media but I would suggest that this is built into the stock price. Can they maintain distributions, absolutely. Will they emerge the online behemoth that they are in paper, not likely, nor will they be more profitable, but I'm pretty sure they will be the leader and for that I believe they are undervalued. Are they a takeout target, absolutely. If I was Google I would want to take them out before the economy fully recovers and the share price appreciates. I own about 12,000 units. Not my bigest position by far and as some know I have pared it down recently. But can I make money on this security, yes. The real question is ... can you? cheers rythman