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  • peristentone peristentone Feb 26, 2012 7:36 AM Flag

    Restructuring hopes

    roneyh, using Credit Suisse numbers I have modeled Yellow declining on average $9M per quarter, and you can get them through the 2013 maturities with those numbers. 2014 they could move to 2018.

    Your assumption is that they both suffer worse EBITDA declines, and also that they are linear down to zero. I suspect that the print never goes to zero, and paradoxically printer advertisers will see *higher ROI* as other advertisers leave. Many older folks still cannot figure out yelp and are not going to use Google to find a local plumber.

    I am still worried about the extent of the EBITDA declines. I am very worried about management's lack of skill in paying back debt. I am not excited about holding equity here. But I suspect there is a business on the other side of this that can sustain.