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  "documentTitle": "Yahoo! Inc. (YHOO)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2015-11-19 00:00:00",
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  "notes": "The slide argues that the market is assigning a very low valuation to the core business, implying a lack of confidence in current management.",
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      "text": "At best, the current stock price implies a meager ~2x consensus 2015 EBITDA multiple on the Core Business.",
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      "text": "EV/EBITDA multiple: 2.2x",
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      "text": "believe separating Yahoo's Alibaba Group and Yahoo Japan stakes from its Core Business would unlock immediate value for shareholders and allow Yahoo's Core Business to better recruit and retain talent.",
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      "kind": "paragraph",
      "text": "Despite our continued belief that the proposed spin-off of Aabaco Holdings should be deemed tax free under current law, we believe it is important to note the market's assessment of the current strategy.",
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      "text": "As you know, in our initial presentation to you we highlighted several different scenarios that we felt could achieve this goal. Our first choice was for Yahoo to spin-off Yahoo's Core Business...",
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      "kind": "source-note",
      "text": "Source: Company filings, Bloomberg, and Starboard Value estimates. Note: As of November 17, 2015.",
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