Yahoo Inc 2

742 views

Published on

Published in: Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
742
On SlideShare
0
From Embeds
0
Number of Embeds
3
Actions
Shares
0
Downloads
6
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Yahoo Inc 2

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

×