Hey Ben,
I've never been a big fan of Corus - especially post Shaw acquisition. The company always looks perpetually cheap, but at the end of the day, they never quite seem to deliver on expectations. I think this is the main reason why it remains cheap - it has been a value trap for the past handful of years and while it could rebound since it is so cheap, there is no guarantee.
I also have issues with the 9% yield here which is not sustainable over the long term. Payout out that high of a yield is not good business practice for corporations. It's not like this is a REIT or income fund or anything. If it stays at these price levels for long, it only increases the likelihood of a dividend cut.
In terms of growth, the expectation is for a return to positive earnings growth next year and flat revenue growth through 2024. At best, this is a value play if it can execute and return to growth - at worst, it continues to be a value trap, the dividend gets cut and it continues to struggle. The good thing, is that it has been lowering its debt profile over the past few years cuz it does generate strong cash flows.
In terms of what you should do - it all circles back to why you bought the company in the first place. If it was because of the high yield, then you really need to be mindful that while it is well covered by cash flows (~25% payout ratio), its just not good business practice to payout a yield that high. So I'm not ready to say a dividend cut is imminent or anything as it looks sustainable, but management could be looking at that yield and be concerned. All things to think about before making your decision.
It may just be a hold and see what happens. Typically, when I have smaller positions that are struggling - I tend to have more patience with them and see how it works out if they struggle. I won't add to my positions, but keep a close eye on them. That is however, inline with my own risk tolerance.
Mat