Strong Print YP Growth Continues for Indies
A recent release from Deutsche Bank Equity Research’s Paul Ginocchio recommends RHD (RH Donnelly) as a buy based on their growth and shift to a dividend valued stock.
They also included some interesting research showing 11% print growth for the independent print yellow pages publishers. Granted, some of this growth is through acquisition. Nonetheless, the market for local advertising continues its push forward.
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March 3rd, 2007 at 9:53 pm
I wonder how much of this growth is “same store sales” versus acquisition or new market entry.
March 3rd, 2007 at 10:13 pm
My guess is that any double digit growth is likely to come from acquisitions.
Same book growth on the independent side usually ranges in the high single digits, and occasionally in the 10-15%.
It’s much harder for an incumbent to show that kind of growth because of their much larger revenue base and historically higher rates.
By the way, I received my 7th yellow pages directory at my home in San Diego. I get two from the incumbent AT&T (big book and mini book), a Verizon, oops Idearc directory, San Diego Directories which was acquired by Yellow Book, the other Yellow Book directory, a directory from United and now a new independent called Your Community Phone Book.