{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-158d3eacd7e9", "slug": "430184de7abe", "title": "Yahoo! Inc. (YHOO)", "subtitle": "Third Point · 2011-09", "author": "Third Point", "date": "2011-09-14 00:00:00", "pageCount": 13, "kind": "conference-presentation", "orientation": "landscape", "aspectRatio": 1.2941177, "targetCompany": "Yahoo! Inc.", "targetTicker": "YHOO", "document": { "id": "019dd923-622b-71dc-a6db-158d3eacd7e9", "slug": "430184de7abe", "title": "Yahoo! Inc. 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Inc.", "targetTicker": "YHOO", "metadata": { "local_root": "/tmp/legacy-images/430184de7abe", "activist_firm": "Third Point", "origin_corpus": "contrarian", "extraction_seconds": 128.40126180648804 } }, "coverage": { "pageCount": 13, "pagesIndexed": 13, "pagesWithImages": 13, "pagesWithMetadata": 13, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 71, "chartCount": 4, "metricSlides": 0, "toolMatches": 11, "documentToolMatches": 4, "frameworkMatches": 3, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "9b15b284-0c2c-4126-b364-c96ecf0a7cd6", "evidence": "The presentation identifies a problem, agitates it, and proposes a solution", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:49.188682+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Problem (Identify pain)", "beatId": "7960b26e-47e5-4ae4-b292-5eb452dd9335", "matchId": "9b15b284-0c2c-4126-b364-c96ecf0a7cd6", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The presentation identifies Yahoo's undervaluation and underutilization", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Agitate (Make it worse)", "beatId": "af5e14dc-45d4-4caf-945d-0ec164b45012", "matchId": "9b15b284-0c2c-4126-b364-c96ecf0a7cd6", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The presentation highlights how existing and potential value has been squandered", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 13, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 8, "name": "Solution (Provide relief)", "beatId": "2362833a-2fdb-44ad-8b73-a4d9261e075f", "matchId": "9b15b284-0c2c-4126-b364-c96ecf0a7cd6", "beatType": { "name": "Solution (Provide relief)", "slug": "problem-agitate-solution-solution-provide-relief", "status": "active", "canonId": "019dd9b8-0fee-73e9-9ae5-799c7f3895cd", "version": 1, "description": null }, "evidence": "The presentation proposes a solution with new leadership to unlock Yahoo's intrinsic value", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "25e10b6c-4989-4146-afb5-f95242e3652d", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "8136b7af-8f45-46a5-8080-ee1a9469398c", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "5ea86869-6c03-4f67-a546-a5dd381f5960", "evidence": "Yahoo Board (Chairman Roy Bostock) and dismissed CEO Carol Bartz", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. 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information in a list format.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:12.66037+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f21d5859-0458-4ae8-8f6e-7df483b3d72e", "evidence": "The pie chart shows the valuation components of Yahoo.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:12.729331+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "f1a8d736-425d-45fe-b3f2-77778c69c38c", "evidence": "Valuation breakdown table showing Net Cash, Yahoo Japan, Alibaba Group, Core Yahoo, and Consolidated values across five scenarios.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:12.449607+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "1e9877c0-648a-4fd7-a059-6ae3de42dca1", "evidence": "Growth of the Chinese e-commerce consumer base vs USA.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:51:12.56221+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. 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Signature/author is 'Third Point' as a firm — no individual signatory on the cover, so author_name is null (Daniel Loeb led the campaign but is not credited on this deck). Coins the 'Bostock & Bartz era' as a memorable value-destruction shorthand. Opens with a governance statement slide (p.2) rather than a thesis hook — classic activist framing demanding board change before valuation pivot. Pie chart on p.4 is the rhetorical workhorse: $3.33 core Yahoo is the punchline.", "kpisCited": [ { "detail": "Current $14.26 = Net Cash $2.49 + Yahoo Japan $3.21 + Alibaba $5.24 + Core Yahoo $3.33", "metric": "Sum-of-parts value per share" }, { "detail": "2.6x current vs 7.0x intrinsic/peer multiple", "metric": "Core Yahoo EV/EBITDA" }, { "detail": "$19.93 intrinsic, $25.16 mid-term, $31.71 mid-term + tax efficient", "metric": "Intrinsic value per share" }, { "detail": "40% fully diluted stake worth ~$7bn after tax ($5.24/share) at $25bn enterprise value; up to $15.28/share mid-term + tax efficient", "metric": "Alibaba Group stake value" }, { "detail": "$157bn vs eBay $76.5bn and Amazon $82.4bn", "metric": "Taobao 2012 GMV target" }, { "detail": "Yahoo ~-65% vs Google/NASDAQ/S&P 500 all positive; post-Bartz dismissal +10%", "metric": "Share price performance 2005-2011" }, { "detail": "678 million (178 million U.S.); 284 million e-mail users", "metric": "Worldwide unique visitors" }, { "detail": "Yahoo properties audience +16% YoY in 2Q11; domestic search share +2 pts YoY to 16% in Aug 2011", "metric": "Audience growth" }, { "detail": "140m online shoppers (2010) to 520m (2015), 30% CAGR vs U.S. 140m to 200m, 7% CAGR", "metric": "China e-commerce consumer base" }, { "detail": "5.2% of Yahoo outstanding shares", "metric": "Third Point stake" } ], "closingAsk": "Replace the failed Yahoo board and management so a reinvigorated team can capitalize on the intrinsic value of this premier internet franchise.", "extraction": { "at": "2026-04-22 16:27:15+00", "model": "unknown-legacy", "runId": null, "seconds": 128.40126, "promptVersion": null }, "scqaReward": "Intrinsic value is nearly $20 per share today (40% upside); over two to three years, Alibaba re-rating, a 7x core-Yahoo EBITDA multiple, and tax-efficient structures lift the sum-of-parts to $25-32 per share — 77-122% upside.", "thesisTypes": [ "governance_board", "management_change", "undervaluation", "strategic_pivot", "breakup_spinoff" ], "top3Reasons": [ "Yahoo trades at $14.26 vs sum-of-parts intrinsic value of nearly $20 — 40% upside", "Core Yahoo valued at just 2.6x EV/EBITDA vs a 7.0x intrinsic multiple", "40% Alibaba stake could re-rate from $5.24 to $15.28 as Taobao laps eBay + Amazon" ], "scqaSituation": "Yahoo is a global digital media franchise with 678 million worldwide unique visitors, a 40% fully diluted stake in Alibaba Group, a stake in Yahoo Japan, and net cash — yet shares have languished at $14.26 for six years.", "thesisSummary": "At $14.26, Yahoo trades at just 2.6x EV/EBITDA — net cash, Yahoo Japan, and the 40% Alibaba stake alone are worth $10.93 per share, leaving core Yahoo valued at a punitive $3.33. Third Point, which has re-established a 5.2% stake, argues the failed board under Chairman Roy Bostock and recently dismissed CEO Carol Bartz has squandered both existing and potential value across the 'Bostock & Bartz era,' with shares flat while Google and the indices compounded. The fix is to overhaul the board (keeping only Kenny, Smith, and Yang), block any dilutive PE 'sweetheart' transaction, and let Yahoo's real assets — especially a reappraised Alibaba stake worth up to $15.28 per share as Taobao's 2012 GMV target of $157bn laps eBay plus Amazon combined — take the spotlight, delivering 40% to 122% upside to $20-32 per share.", "primaryDemands": [ "Overhaul the Yahoo Board of Directors, retaining only David Kenny, Brad Smith, and Jerry Yang", "Reject 'sweetheart' private equity deals that give preferential control without pro-rata terms to all shareholders", "Do not dilute Yahoo shareholders to entrench the Board", "Unlock the value of the 40% Alibaba Group stake and Yahoo Japan holding", "Install reinvigorated senior management to revitalize the core Yahoo business" ], "scqaResolution": "Overhaul the board except Kenny, Smith, and Yang, reject any non-pro-rata PE control transaction, install new senior management, and shift focus to revitalizing core 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