ANALYST VIEWS: WHAT ARE THE PROBLEMS YELL FACES THIS YEAR?

LORNA TILBIAN | NUMIS
We are downgrading our full-year 2011 and 2012 forecasts. We expect further investment in digital and believe the group would use any cyclical upswing in the share price to launch a needed second rights issue.

PAUL GOODEN | RBS
The problem management has is that print still accounts for 69 per cent of group revenue and is in free fall. Digital products are under-invested and there is limited room to invest given Yell is close to banking covenants.

SAM HART | CHARLES STANLEY
It is hard to see the profits the firm is making at its online business offsetting the large falls in sales that come from its printed unit that is in terminal decline. Investors are right to be worried about its balance sheet.