Morningstar | No-moat Altaba's main holding remains Alibaba.
Altaba is a closed-end management investment company with its main holding in Alibaba. The firm, initially Yahoo, which sold its core Internet business to Verizon in 2017, also sold its remaining stake in Yahoo Japan in 2018 for approximately $6.3 billion. Currently, our outlook for Altaba and our $98 per share fair value estimate are based on our expectations of the wide-moat rated Alibaba, the world’s largest online and mobile commerce company that operates China’s most-visited online marketplaces. Alibaba also provides digital media and entertainment platforms in addition to cloud computing. While Altaba’s valuation is based on its holding in Alibaba, we expect it to be discounted, as the risk of a non-tax-efficient liquidation of that holding remains.Altaba is a publicly traded, non-diversified, closed-end management investment company. The company's investment objective is to seek to increase the price per share at which it trades relative to then-existing values of its principal underlying assets (the Alibaba Group Holding Limited (Alibaba) ordinary shares and American Depositary Shares and Yahoo Japan Corporation (Yahoo Japan) shares of common stock). In addition to the Alibaba shares and Yahoo Japan shares, the company also owns investments in certain additional companies Excalibur IP, LLC, which owns a portfolio of patent assets and short-term investments.
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