reports
- Ali Mogharabi
Yahoo Completes Sale to Verizon; Altaba Will Be a Closed-End Managemen...
Yahoo completed the sale of its core business to Verizon for approximately $4.48 billion. The firm will be called Altaba, Inc. (AABA) starting June 16, 2017, and will begin trading as a closed-end management company on June 19, 2017. We now value Altaba at $55 per share, mainly due to Morningstar’s higher valuation of Alibaba, in which Altaba has a 15% stake. With the shares trading near our new fair value estimate, we recommend a wider margin of safety before investing in this no-moat name. O...
- Ali Mogharabi
Yahoo 1Q Results Beat Expectations; Sale to Be Completed by End of 2Q;...
Yahoo reported better-than-expected first-quarter 2017 top- and bottom-line results, yet these results won't raise the sales price of its core business to Verizon. Verizon's acquisition of Yahoo is likely to close in June. We have not made any significant adjustments to our Yahoo valuation, which remains at $45 per share based on our sum-of-the-parts analysis of the core business (price to be paid by Verizon), and discounted fair value estimates for Yahoo’s holdings in Alibaba and Yahoo Japan....
- Ali Mogharabi
Yahoo and Verizon Agree to a Lower Price; Deal to Close in Second Quar...
The various data breaches experienced by Yahoo appear not to have significantly impacted Verizon’s plan to acquire Yahoo’s core business, as both companies announced a new agreement that will be approximately $4.48 billion, or 7.25% lower than the initial deal signed in July 2016. In addition, while Yahoo will bear any liabilities related to SEC investigations and legal actions taken by shareholders, both companies have agreed to split other possible liabilities from data breaches. The dea...
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