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Yahoo Inc 2

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Transcript

  • 1. Yahoo Inc. NASDAQ:YHOO
  • 2. Main events in 2008
  • 3. The „Microsoft Offer“ fiasco
    • Microsoft offered $ 44 .6 bln for Yahoo
    • … $31/share
    • … +60% of the market price (Jan 08)
    • … management refused the offer
  • 4. The merge – Microsoft’s revenue
    • MSN
    • Flat growth rate
    • Burns cash
    • Ad network: 1/8 of Google’s, 1/3 of Yahoo’s
    Revenue source $ billions Games & mobile 6.1 Servers & licenses 11.2 Windows 15.0 Office 16.4 MSN/Online 2.5
  • 5. Yahoo price per share
  • 6. Share price
    • 60% premium
    • Can it be rejected?
    • (GUESS)
  • 7.  
  • 8. Microsoft: desperation, no Plan B
  • 9. Search volume SE 2007/8 2007/9 2007/10 2007/11 2007/1 2 Google 56,5 57 58,4 58,6 58,4 Yahoo 23,3 23,7 22,8 22,4 22,9
  • 10. Some ratios
    • Looks like serious shortage of advertisers or users
  • 11. Low margin
    • Looks like serious shortage of advertisers or users
  • 12. Balance sheet (millions)
    • $44 bln seems like a good deal…
  • 13. Profits
  • 14. Strength
  • 15. Sales
  • 16. Management effectiveness
  • 17. Summary
    • Good, healthy company
    • ..that makes products that only few people wont
    • Google is the one who “gets it”
  • 18. Sources
    • Google Finance (not Yahoo Finance…)
    • www.reuters.com/finance/stocks/ratios
    • www.lupa.cz

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