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  "documentTitle": "SpringOwl | Activist Presentation Deck | 99 slides",
  "authorId": "springowl",
  "authorName": "SpringOwl",
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  "presentationDate": "2015-12-01 00:00:00",
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  "notes": "The slide uses a 'bridge' logic to show how different asset valuations and share buybacks lead to a higher implied share price.",
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      "kind": "callout",
      "text": "$4B Cash + $1.8B Real Estate + $4B Debt. Can Retire 228M Shares At $43/Share. New Share Count: 716M Shares",
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      "text": "If our plan is implemented by the company and just the core business is fixed (with no additional improvement in the value of the Alibaba and YJ stakes), we believe that Yahoo's stock would trade about $60/share or more than $30/share higher than the plan advocated by Starboard.",
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      "text": "Source: SpringOwl Asset Management LLC. Note: 1. Although Real Estate value is being realized, it is being used to retire shares. 2. Through working with a Liberty-like partner to realize tax efficiencies with BABA returning to $120/share and YJ increasing in value by 12%",
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      "text": "Comparison table of Yahoo valuation components across three scenarios: Market Today, Starboard's Plan, and Our Plan.",
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      "text": "Key Drivers to Unlocking Value In Yahoo's Share Price ($B Unless Noted)",
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