{
  "docId": "019de50e-7f68-7228-bbd2-549c7110e259",
  "docSlug": "91859e30a73eb3853d457ba5998f1bd0",
  "documentTitle": "Yahoo | Investor Presentation Deck | 35 slides",
  "authorId": "yahoo",
  "authorName": "Yahoo",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2008-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3342599,
  "pageNumber": 26,
  "pageCount": 35,
  "prevPage": 25,
  "nextPage": 27,
  "slideType": "other",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "Uses a sum-of-the-parts valuation logic to argue against a takeover bid.",
  "elementsJson": null,
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019de50e-7f68-7228-bbd2-549c7110e259/26",
  "deckHref": "/decks/019de50e-7f68-7228-bbd2-549c7110e259",
  "deckJsonHref": "/decks/019de50e-7f68-7228-bbd2-549c7110e259.json",
  "deckAnchorHref": "/decks/019de50e-7f68-7228-bbd2-549c7110e259#slide-26",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Our Board believes that Microsoft's proposal substantially undervalues Yahoo!",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "448c16c1-c9c8-4fd9-863f-5f76e2566a65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.28,
        "x": 0.02,
        "y": 0.23
      },
      "kind": "diagram",
      "text": "Significant Equity Value: Operations + Asian Assets + Cash and NOLs + New Growth Markets",
      "attrs": null,
      "subkind": "value-chain",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce676cb6-2648-4a83-b083-82f0bf8e5407",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.67,
        "x": 0.31,
        "y": 0.29
      },
      "kind": "list",
      "text": "3 Year Revenue ex-TAC and OCF growth projected 20%+ CAGR; Projected to double OCF from $1.9B in 2008E to $3.7B by 2010E; Execution expected to lead to premium OCF multiple",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3dbe50f8-0188-478a-a585-df2ccc8769c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.67,
        "x": 0.31,
        "y": 0.81
      },
      "kind": "list",
      "text": "Potential accretive commercial or strategic transactions",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "691417fd-f716-45ce-9f08-a7730338ad01",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.67,
        "x": 0.31,
        "y": 0.42
      },
      "kind": "list",
      "text": "Market value of Asian public stakes at $9 per share – strategic assets; Significant additional value in private assets of Alibaba Group",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd7f5e55-0668-465a-b6cd-3aaad2d31f6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.67,
        "x": 0.31,
        "y": 0.63
      },
      "kind": "list",
      "text": "Leading mobile Internet franchise; High growth emerging markets footprint",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cad7a279-3619-4e8d-ac9f-be08d236f392",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.67,
        "x": 0.31,
        "y": 0.53
      },
      "kind": "list",
      "text": "$2.7B of cash and NOL value (~$2 per share)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf3e844d-4ec1-4d7d-908e-7257bad0347c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.02,
        "y": 0.89
      },
      "kind": "source-note",
      "text": "(1) Please refer to Appendix for Revenue ex-TAC and OCF GAAP reconciliations. (2) Value of cash and marketable securities and NPV of net operating losses (NOLs) as of 12/31/2007. Source: Company 3-Year Plan.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0595b36e-fa23-42ae-a698-6217845d06ab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.43,
        "x": 0.02,
        "y": 0.06
      },
      "kind": "title",
      "text": "Yahoo!'s Equity Value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6279f2f-ee41-4957-9238-6f73ae84ee6f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Value chain",
      "slug": "value-chain",
      "agent": null,
      "layer": "slide",
      "matchId": "08995960-6eda-4d50-853b-0c391402b7cc",
      "evidence": "diagram/value-chain: Significant Equity Value: Operations + Asian Assets + Cash and NOLs + New Growth Markets",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "sum-of-the-parts-valuation",
      "slug": null,
      "matchId": "6e62d60b-6f19-4503-898d-1ad61e26410d",
      "evidence": "Breakdown of equity value into distinct operational and asset components",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}