Remember yellow pages?
Well, you may be surprised to hear that America’s largest independent producer of yellow pages is the subject of today’s analysis (Thryv Holdings, previously known as Dex One). Fear not though, my thesis has absolutely nothing to do with the prospects of this dying operation. The value here stems from a source that will be familiar to those who read my Donnelley Financial write-up. I.e., A legacy “melting ice-cube” print-based operation set to be overtaken by a growing software segment. Ironically enough, Thryv Holdings was at one point a subsidiary of R.H Donnelley Corp, which was founded by Rueben H. Donnelley, the son of RR Donnelley founder Richard R. Donnelley. If you’ve read that writeup you may recall that DFIN was split out of R.R. Donnelley in 2016. Okay, I promise there will be no more “Donnelleys” in this piece from here on out.
Click on the PDF below for the write-up
(Frustrated with Substack’s lack of formatting options, I’ve decided to simply post the write-ups as PDFs moving forward. )
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Excellent synopsis, as always.
Thank you for the write-up. How did you find out they were going to do a spin off? This information does not seem to be available with a quick google search or in the SEC. Is this something they directly stated in one of their earning calls?