Microsoft’s proposal undervalues us, says Yahoo
March 21st, 2008 | by bgmahesh |For those who like to get into the details, check out what Yahoo has filed with the SEC [it can take a while to load, follow exhibit 99.2]. Few points in the document,
- Reasoning behind Yahoo Board’s rejection of Microsoft offer
- Growth and profitability prospects aren’t appreciated by public markets
- Revenues to increase from $1.9b (2008) to $3.7b (2010)
- 2009 and 2010 growth is higher than street estimates
- Yahoo is a unique combination of assets
- A leader in online advertising
- Strategic Asian assets
- Mobile and Emerging Markets franchises
- Gets into the details of the assets Yahoo has around the world which should be considered in the valuation (Yahoo India is one amongst them)
- Global query share: Yahoo has 27%, Microsoft (live.com) has just 4%
