Presentation to
Review of Capital Raising Opportunities
Education
About MeStefano Cabello
Education:
St. Mary’s University
Honors Program
Majors: Finance and Risk
Management
Cont...
Education
Experience About Me
Education:
Florida Agricultural and Mechanical
University
Concentrations: Finance
Contact:
s...
About Me
Education
Ben Dalusma
Education:
Cornell University,
B.S. Applied Economics and
Management
Concentrations: Financ...
Education
Education:
Cornell University,
B.S. Applied Economics and
Management
Concentrations: Finance and
Strategy
Contac...
About Me
Education
Rachel Libfraind
Education:
University of Pennsylvania,
Wharton School
Concentrations: Finance and
Oper...
Yahoo! Overview
Headquarters Sunnyvale, California
Founding Founded by Jerry Yang and
David Filo in January 1994
IPO April...
Macro-Economic Outlook
Quantitative Easing Economic Performance
• The Federal Reserve’s $85 billion a month purchase of
go...
Capital Market Considerations
Nasdaq Adjusted Close
2939.52
3160.19
3520.76
2900
3000
3100
3200
3300
3400
3500
3600
7/1/12...
Industry Considerations
Investment ConsiderationsInternet Data Usage
• 2.7 billion users worldwide as of 1st quarter of 20...
Industry Considerations
$3.3 $4.6 $5.8
$7.9
$10.0
$11.5 $10.9 $12.1
$14.9
$17.0
$4.0
$5.0
$6.8
$9.0
$11.2
$11.9 $11.8
$13....
Industry Considerations
0%
10%
20%
30%
40%
50%
Search Display
Banners
Classifieds Mobile Digital Video Lead
Generation
Ric...
Key Financial Metrics
Historical Revenues and Net Income
Historical Earnings Per Share
Free Cash Flow
Historical Margins
-...
Competitors Comparable Analysis
Metrics YHOO AOL GOOG FB MSFT
Market Cap: 27.80B 2.82B 296.43B 90.57B 265.25B
Employees: 1...
Simplified 2013 Income Statement
Projection
Key Take Away of the Comp Analysis
• Yahoo has very respectable multiples compared to
the industry’s main competitors
• EB...
Corporate Credit Rating
• Yahoo has not been rated by one of the credit
rating agencies in the past 5 year
• Last time Yah...
Why would Yahoo Be assigned an A
Corporate Credit Rating
Back in February 2008
• Market share, revenue and
income was shri...
Take Away
• Based on those evidence, it is fair to say that
Yahoo’s debt would be assigned a high
grade/corporate credit r...
Key Income Statement Analysis
• Yahoo has done an excellent job reducing expenses,
effectively increasing net income by mo...
2.78 2.67 2.67 2.86
4.38
1
2
3
4
5
2008 2009 2010 2011 2012
Working Capital Ratio
21.68
19.55 18.87
17.88 17.47
10.00
12.0...
Balance Sheet Ratio Comparison with Competitor
Analysis of Yahoo vs Google ROA
• Yahoo increasing ROA %
indicates increasi...
Capital Structure
Financing Strategy:
• Since IPO in 1996, Yahoo has financed its operations through the issuance of equit...
Proposed Acquisition of BuzzFeed
• Mar 2013: BuzzFeed launched a
business section and hires editor-in-
charge of U.S. tech...
Acquisition Financing
• Finance acquisition of Buzzfeed through the issuance of interest-bearing bonds
-Pros
• Decrease Ya...
Funding
Proposal
FCFF Valuation Model of Yahoo
2012 2013E 2014E 2015E 2016E 2017E
Revenue Growth 1.00 0.92 1.0317 1.04 1.05 1.06
Operating ...
Bond Market Overview
Ten Yr Treasury
US Corporate Bonds
Meet the Team:
SEO-U: Investment Banking Consultants
Group 2
JP Morgan Investment Bank
“Our aim is to be the world’s most trusted and
respected financial services institution”
-Jamie ...
JP Morgan Investment Bank
• Serving corporate, institutional and
government clients, J.P. Morgan’s
presence in the global ...
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Benjamin Dalusma

  1. 1. Presentation to Review of Capital Raising Opportunities
  2. 2. Education About MeStefano Cabello Education: St. Mary’s University Honors Program Majors: Finance and Risk Management Contact: scabello@mail.stmarytx.edu Volunteer Income Tax Assistant (VITA) Duration: 3 months Role: Finance Intern • Prepare federal income taxes for individuals and businesses through schedule C form. Standard Insurance Group: Duration: 3 months Role: Underwriting Intern • Analyzed operational risks inherent in businesses • Participated in a project with claims over $100K Key Skills: • Fluent in Spanish • Advanced Accounting • Financial Statements Analysis • Mathematical Background Why Investment Banking? I want to have a career where my work has a direct impact on the capital markets. I want to learn advanced financial and valuation models using quantitative analysis to help companies raise capital and so I can predict their future behavior. Most people don’t know: that I scuba dive and swam in the oceans of Greece, Italy, and Mexico My favorite activities are: I like to read philosophy and epistemology and play chess One place that I would like to visit: Rio de Janiero Something I’ve never done, but would love to do is: become one of the first people to space travel to other galaxies. Information Experience Summer Plans: Location: San Antonio, TX Company: Nustar Energy Position: Risk Management Intern Hometown: San Antonio, TX
  3. 3. Education Experience About Me Education: Florida Agricultural and Mechanical University Concentrations: Finance Contact: sherie1.carter@famu.edu Sherie Carter Information Summer Plans: Location: Atlanta, GA Company: JB&T Properties Position: Intern Hometown: Kansas City, MO JB&T Properties Duration: 3 months Role: Summer Intern • Managed profits and losses and developed efficient accounts receivable and accounts payable databases • Responsible for advertising property information for investors Alpha Kappa Alpha Sorority Duration: 3 months Role:AKA Week Committee • Budget the use of funds for a week of events every semester • Network with other organizations to ensure attendance at events • Advertise events through social media outlets Key Skills: • Project Management • Leadership • Organization • Work Ethic Why Investment Banking? I love working in groups and also enjoy I am passionate about helping people find the resources they need to be successful and I believe as an Investment Banker I will be helping businesses succeed by getting the financial support they need Most people don’t know: I can sew My favorite activity is: sewing and designing One place that I would like to visit: South Africa. Something I’ve never done, but would love to do is: run a marathon.
  4. 4. About Me Education Ben Dalusma Education: Cornell University, B.S. Applied Economics and Management Concentrations: Finance Minor: Statistics Contact: benjamin.dalusma@gmail.com Key Skills: • Fluent in French • Time Management • Corporate Ratings and Credit Analysis • Data Analysis • Financial Analysis Why Investment Banking? 'm interested in investment banking because I want to apply my theoretical knowledge of finance in a fast paced environment. I also want to learn more about the financial service industry and be exposed to a deal and customer focused environment. Most people don’t know: that I'm from Port-au-Prince, Haiti.. My favorite activity is: watching European soccer on week ends. One place that I would like to visit: Australia. Something I’ve never done, but would love to do is: run a marathon Information Experience Summer Plans: Location: New York, NY Company: Standard and Poors Position: Loans and Recovery Ratings Analytics Analyst Hometown: Port-au-Prince, Haiti Standards and Poor Duration: 3 months Role: Ratings Analytics Analyst • Gather, organize and analyze data about high yield bond issuers. • Develop valuation models and forecasting technique in order to predict future performance of companies in the technology sector • Use different sensitivity analysis to examine and simulate (company) performance. Phi Delta Theta Duration: 12 months Role: House Manager and Treasure • Create annual budgets for the fraternity's operation. • Report different journal entries for the fraternity's financial statement to our headquarters.
  5. 5. Education Education: Cornell University, B.S. Applied Economics and Management Concentrations: Finance and Strategy Contact: kak293@cornell.edu About MeKelli Keith Key Skills: • Strong communication and leadership skills • Quantitative data analysis with statistical modeling • Diligent • Detail Orientated Why Investment Banking? I am really interested in the finance, and applying it in a fast pace environment. I really like the idea of working with a team to create a financial solution for the client. Most people don’t know: I really enjoy art and crafts and I also have a project to work on. My favorite activities are: watching Netflix and spending time with my family. One place that I would like to visit: South East Asia. Something I’ve never done but would like to do: travel the world and visit every continent. Information Experience Summer Plans: Location: Westchester, NY Company: IBM Position: Financial Analyst Co-op Hometown: Fairfax, VA IBM Duration: 6 months Role: Financial Analyst Co-op • Consolidated and prepared monthly and quarterly forecast and close packages on Business Partner channel revenue • Enhanced processes for more efficient reporting and more accurate forecasting of Business Partner revenue • Collaborate in teams to create finance reports and action plans for Business Partners EdgeConneX Duration: 9 months Role: Operations Intern • Wrote the user manuals for the company’s proprietary database detailing step by step processes for both internal and external use • Helped organized financial presentations for investors; inclusive of slide organization and packaging of presentations
  6. 6. About Me Education Rachel Libfraind Education: University of Pennsylvania, Wharton School Concentrations: Finance and Operations & Information Management Contact: rlib@wharton.upenn.edu Recover Care Inc. Duration: 2 months Role: Finance Intern • Helped create new product portfolio Excel file, • Made overlay competitor map of competitor locations • Created a 6,300 line sales tax write- off spreadsheet in Excel • Created tax refund excel file and individual credit memos Rotaract Philadelphia: Duration: 9 months Role: Vice President of Membership • Recruited members and exceeded the clubs membership goals by adding over 20 members. • Organized social events to improve group dynamics. • Helped create resume portfolio to improve membership retention. Key Skills: • Spanish proficiency • Strong communication skills • Detailed oriented • Leadership Why Investment Banking? I love working in groups and also enjoy working with quantitative data, so I feel that IB is a great career path to combine the two. Most people don’t know: that I have hiked in the Andes and visited Machu Picchu. My favorite activity is: traveling with friends and family. One place that I would like to visit: Spain Something I’ve never done, but would love to do is: Skydiving in Argentina, which is where I will be studying abroad next semester Information Experience Summer Plans: Location: Philadelphia, PA Company: Wharton SPUR Research Program Research: Impact of corporate culture on M&A deals Hometown: Princeton Junction, NJ
  7. 7. Yahoo! Overview Headquarters Sunnyvale, California Founding Founded by Jerry Yang and David Filo in January 1994 IPO April 1996 at a split adjusted price of $.54 ($13) Employees 14,100 Geographic Mix 70% Americas, 30% Rest of World Product Overview – Online content – News – Email – Music – Video – TV – Search services – Local advertising – Social networking – Mobile applications Summary Financial Performance Trading Overview Stock Price $27.00 52-week Change 69.28% S&P 500 52-week Change 15.95% Avg Vol (3 months) 0.05% Share Outstanding 1.08B Market cap 29.21B Enterprise Value 25.78B Enterprise Value/EBITDA 19.42B Year 2010 2011 2012 Revenue 6.32 4.98 4.99 COGS 2.66B 1.54B 1.66B EBITDA 1.51B 1.47B 1.46B Net Income 1.23B 1.05B 3.95B EPS (Basic) 0.91 0.82 3.31 Gross Margin 58% 69% 67%
  8. 8. Macro-Economic Outlook Quantitative Easing Economic Performance • The Federal Reserve’s $85 billion a month purchase of government and mortgage back securities has produced an environment conducive for investment in equity markets • Due to the prospects of QE tapering, there has been a spike in short-term and long-term interest rates and a subsequent capital outflow in fixed income securities and a major sell off in the stock markets • S&P 500: -4.76 %; Dow Jones Industrial Average: -4.30; MSCI Emerging Market Index: -17.14%; SPDR Barclays Capital Intermediate Term Corporate Bond ETF: -4.53% 1.51 1.81 2.64 1.3 1.5 1.7 1.9 2.1 2.3 2.5 2.7 2.9 10-Year Treasury Yield Source: Yahoo finance, Bloomberg, World Bank • The International Monetary Fund reduced its US growth forecast from 1.9% to 1.7% • Unemployment rate: 7.6% • US economy added 195,000 non-farm jobs in June, exceeding analyst expectations • Home prices surged 12.2% in May, highest in 7 years • 30 Year Fixed Rate Mortgage: from 3.4% in May to over 4.6% in July • Auto sales grew 9.2% translating into a seasonally adjusted annual rate of 15.96 million units -4 -3 -2 -1 0 1 2 3 2007 2008 2009 2010 2011 2012 US GDP Growth
  9. 9. Capital Market Considerations Nasdaq Adjusted Close 2939.52 3160.19 3520.76 2900 3000 3100 3200 3300 3400 3500 3600 7/1/12 8/1/12 9/1/12 10/1/12 11/1/12 12/1/12 1/1/13 2/1/13 3/1/13 4/1/13 5/1/13 6/1/13 7/1/13 iShares Core US Bond Market ETF Source: Yahoo Finance 109.42 110.07 109.12 110.93 107.01 105 106 107 108 109 110 111 112 7/1/12 8/1/12 9/1/12 10/1/12 11/1/12 12/1/12 1/1/13 2/1/13 3/1/13 4/1/13 5/1/13 6/1/13 7/1/13
  10. 10. Industry Considerations Investment ConsiderationsInternet Data Usage • 2.7 billion users worldwide as of 1st quarter of 2013 • Global Growth Rate: 566.4% (2012) • Global Penetration Rate: 34.3% (2012) • US Social Media Market Share of Visits (May 2013): -Facebook: 57.28% -Youtube: 24.63% -Twitter: 1.55% -Yahoo! Answers: 1.16% -LinkedIn: 1.12% -Tumblr: .51% 83.16% 8.05% 5.35% 1.62% Desktop Search Market Share Google - Global Yahoo - Global Bing Baidu Ask - Global AOL - Global Lycos - Global Excite - Global • Global Mobile Desktop Search: -Google: 84.55% -Yahoo: 6.68% -Bing: 2.71% -Baidu: .69% Source: MorningStar, internetworldstats.com, Netmarketshare.com, dreamgrow.com The best mobile Internet companies will create reach with subscribers, platforms, and developers Companies will continue to struggle to launch effective mobile ad products Companies that deploy a successful social media strategy will outperform those that create and aggregate editorial content Mobile advertising has increasing capacity for growth
  11. 11. Industry Considerations $3.3 $4.6 $5.8 $7.9 $10.0 $11.5 $10.9 $12.1 $14.9 $17.0 $4.0 $5.0 $6.8 $9.0 $11.2 $11.9 $11.8 $13.9 $16.8 $19.5 $0 $5 $10 $15 $20 $25 $30 $35 $40 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Inbillions Last 6 months First 6 months Online Advertising Historical Revenue Mix Source: IAB Internet Advertising Revenue Report, 2012 full Year Results, April 2013
  12. 12. Industry Considerations 0% 10% 20% 30% 40% 50% Search Display Banners Classifieds Mobile Digital Video Lead Generation Rich Media 2006 2007 2008 2009 2010 2011 2012 Source: IAB Internet Advertising Revenue Report, 2012 full Year Results, April 2013 The surge in Mobile growth can be attributed to: Growth in device penetration (Smartphone and tablet), led by Apple and Google Faster connection speeds as 4G / LTE adoption is fueled by infrastructure and device upgrades Improved screen resolutions that can squeeze more ads onto the mobile screen Increased sophistication in incorporating ads into mobile apps and websites Shifting social media consumption onto mobile devices Advertising Format Share, 2006-2012 (% of Total Revenue)
  13. 13. Key Financial Metrics Historical Revenues and Net Income Historical Earnings Per Share Free Cash Flow Historical Margins -2,000,000 -1,000,000 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 2008 2009 2010 2011 2012 2013 2014 Free Cash Flow Pro Forma FCF Note: Free Cash Flow defined as Operating Cash Flow minus Capital Expenditures 0 1000 2000 3000 4000 5000 6000 7000 8000 2008 2009 2010 2011 2012 RevenueinMillions$ Net Income Revenue 0% 20% 40% 60% 80% 100% 2008 2009 2010 2011 2012 Gross Margin Profit Margin 0 1 2 3 4 2008 2009 2010 2011 2012 EPS Expon. (EPS)
  14. 14. Competitors Comparable Analysis Metrics YHOO AOL GOOG FB MSFT Market Cap: 27.80B 2.82B 296.43B 90.57B 265.25B Employees: 11,700 5,600 53,891 4,169 N/A Qtrly Rev Growth (yoy): -0.07 0.02 0.31 0.53 0.1 Revenue (ttm): 4.91B 2.20B 53.50B 6.12B 77.85B Gross Margin (ttm): 0.68 0.31 0.58 0.74 0.74 EBITDA (ttm): 1.33B 482.30M 16.81B 2.7B 30.52B Operating Margin (ttm): 0.16 0.14 0.25 0.29 0.34 Net Income (ttm): 4.05B 1.05B 11.22B 554M 21.86B EPS (ttm): 3.45 11.7 33.42 0.22 2.58 P/E (ttm): 7.45 3.12 26.73 173.4 12.34 PEG (5 yr expected): 1.32 1.57 1.29 1.68 1.32 P/S (ttm): 5.65 1.27 5.5 13.94 3.37 Corporate Credit Rating BBB- (as of 2009) BB+ AA NR AAA Entreprise Value/Revenue 4.94 1.18 4.46 12.06 2.61 Entreprise Value/EBITDA 18.26 5.38 14.63 27.34 6.65
  15. 15. Simplified 2013 Income Statement Projection
  16. 16. Key Take Away of the Comp Analysis • Yahoo has very respectable multiples compared to the industry’s main competitors • EBITDA Valuation multiple is higher than competitor other than Facebook • EPS is relatively compared to other competitors. • Low P/E and PEG ratio indicating that the company might be undervalued • Excellent gross margins ratio over the past 2 years
  17. 17. Corporate Credit Rating • Yahoo has not been rated by one of the credit rating agencies in the past 5 year • Last time Yahoo was rated, they were at assigned a BBB- (low compared to Google’s AA and Microsoft’s AAA) • There is evidence to believe that if rated today Yahoo would be in the BBB+ and A+ credit Rating
  18. 18. Why would Yahoo Be assigned an A Corporate Credit Rating Back in February 2008 • Market share, revenue and income was shrinking. • Yahoo had more than 800M dollar in debt • Yahoo was a potential target for Microsoft • Structure of the industry was changing and Yahoo had missed on many opportunities (cloud computing for example) • High period of instability in management, S&P’s outlook on the company was negative • Stock price was declining Now in August 2013 • Revenue and market share is stable while net income has been increasing • Yahoo has close to no debt now • Assets on BS worth over 17 billion dollars compared to 11 billion in 08 • Strategic partnership are helping them jump on the next big thing in the tech place: “Mobile” • Marissa Mayer has been around for more than a year and there is much more stability in the business. The outlook is positive • Stock price is increasing
  19. 19. Take Away • Based on those evidence, it is fair to say that Yahoo’s debt would be assigned a high grade/corporate credit rating. • It’s also fair to say that investing in Yahoo bond represents a safe/ low risk investment since the likelihood of default is relatively low • Finally this is an good reason why Yahoo should focus on issuing this debt instead of an equity raising
  20. 20. Key Income Statement Analysis • Yahoo has done an excellent job reducing expenses, effectively increasing net income by more than 50% in the past three years • All the income statement ratios indicate that the company is doing well. Metrics such as EPS, gross margins and profit margins have been increasing in the past five years • It is important to note that the company has close to no leverage. • $0 of interest expense in the past five years.
  21. 21. 2.78 2.67 2.67 2.86 4.38 1 2 3 4 5 2008 2009 2010 2011 2012 Working Capital Ratio 21.68 19.55 18.87 17.88 17.47 10.00 12.00 14.00 16.00 18.00 20.00 22.00 24.00 2008 2009 2010 2011 2012 Debt-Equity Ratio (%) 82.19 83.65 84.12 84.84 85.13 82 82.5 83 83.5 84 84.5 85 85.5 2008 2009 2001 2011 2012 Solvency Ratio • Increasing solvency ratios indicates Yahoo’s ability to meet long-term debt obligations • Yahoo’s decreasing debt-to-equity ratios indicates business is less risky as debt is not heavily relied on to finance operations • Increasing working capital ratios indicate Yahoo is in a good financial position to meet short-term obligations Analysis of Key Balance Sheet Ratios Working Capital Ratio Solvency RatioDebt-Equity Ratio (%)
  22. 22. Balance Sheet Ratio Comparison with Competitor Analysis of Yahoo vs Google ROA • Yahoo increasing ROA % indicates increasing efficiency in utilizing assets to generate income • 2012 ROA data shows Yahoo’s ROA is 101.48% higher than it’s main competitor Google • Conclusion: Increasing trend of Yahoo’s ROA indicates profitability of company is improving 3.06 4.00 8.25 7.09 23.07 13.31 16.10 14.70 13.42 11.45 0.00 5.00 10.00 15.00 20.00 25.00 2008 2009 2010 2011 2012 ROA using Net Income (%) Yahoo Google
  23. 23. Capital Structure Financing Strategy: • Since IPO in 1996, Yahoo has financed its operations through the issuance of equity every year • From 2005 going forward, Yahoo has repurchased its common stock on a yearly basis, sometimes exceeding the issued monetary amount; E.g In 2012 issued $218 million in common stock and repurchased $2.16 billion in common stock • Yahoo’s Weight Average Cost of Capital is solely influenced by the expected return on its equity, which is computed through the Capital Asset Pricing Model 0.9% 99.1% Debt Equity
  24. 24. Proposed Acquisition of BuzzFeed • Mar 2013: BuzzFeed launched a business section and hires editor-in- charge of U.S. technology, media and telecom coverage from Thomson Reuters, Peter Lauria • Similar advertising model, using banner ads as source of revenue • Target demographic consists of young adults • Facilitate Yahoo’s attempt to re-brand as a trendier company by improving connections with social media platforms such as Facebook and Twitter Potential Synergies Headquarters New York City Founding Founded by Jonah Peretti in 2006 Customers >14 million monthly unique visitors Geographic Mix Americas 95% Rest of World 5% Product Overview Stories and news to be shared via social networks Slogan “The Viral Web in Real Time” BuzzFeed Financials and Key Metrics
  25. 25. Acquisition Financing • Finance acquisition of Buzzfeed through the issuance of interest-bearing bonds -Pros • Decrease Yahoo’s WACC • Benefit from Tax Shield and lower tax bill • Demonstrates management belief in growth -Cons • Will break industry norm through debt financing • Cash will be tied up in interest payments • Creditors will have a right to assets
  26. 26. Funding Proposal
  27. 27. FCFF Valuation Model of Yahoo 2012 2013E 2014E 2015E 2016E 2017E Revenue Growth 1.00 0.92 1.0317 1.04 1.05 1.06 Operating Margins 0.11 0.12 0.125 0.13 0.135 0.14 Revenues $4,986,566 $4,585,463 $5,142,198 $5,183,567 $5,233,409 $5,283,251 EBIT $566,368 $550,256 $642,775 $673,864 $706,510 $739,655 EBIT(1-t) $379,467 $368,671 $430,659 $451,489 $473,362 $495,569
  28. 28. Bond Market Overview Ten Yr Treasury US Corporate Bonds
  29. 29. Meet the Team: SEO-U: Investment Banking Consultants Group 2
  30. 30. JP Morgan Investment Bank “Our aim is to be the world’s most trusted and respected financial services institution” -Jamie Dimon, Chairman and CEO “Number One Global Investment Bank and Number One in Debt Issuance in North America” -Global Finance, Top Investment Banks 2013
  31. 31. JP Morgan Investment Bank • Serving corporate, institutional and government clients, J.P. Morgan’s presence in the global credit markets is unmatched. The firm combines superior debt origination and structuring expertise with exceptional distribution capabilities to a large base of investors. • The origination team works directly with issuers, including corporations, banks and sovereign governments that seek funding. J.P. Morgan advises these clients on debt financing strategies, from a simple bank loan to multi-billion-dollar capital raising across asset classes. Colleagues partner across borders to deliver successful structuring, marketing and pricing. The business then distributes that product to investor clients. Syndicated and Leveraged Finance • J.P. Morgan provides leveraged financing to companies to help them achieve objectives such as making an acquisition, effecting a buy- out, repurchasing shares or funding a one-time dividend or investment. J.P. Morgan arranges leveraged loans, high-yield or junk bonds and mezzanine debt for clients
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