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  "documentTitle": "SpringOwl | Activist Presentation Deck | 99 slides",
  "authorId": "springowl",
  "authorName": "SpringOwl",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-12-01 00:00:00",
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  "pageNumber": 75,
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  "notes": "The slide uses a comparative table structure to demonstrate value creation through asset optimization and share buybacks.",
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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 $120/share and YJ increasing in value by 12%",
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      "text": "Comparative valuation table showing Alibaba, Yahoo Japan, Cash, Real Estate, Core, Mkt Cap, and Per Share values across three scenarios.",
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      "kind": "title",
      "text": "Key Drivers to Unlocking Value In Yahoo's Share Price ($B Unless Noted)",
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