알리바바 IPO로 야후 주식 하락

Yahoo Stock Gets Crushed As Alibaba IPOs — Core Business Now Valued At Less Than Zero Read more 

야후 주식 매각하고 알리바바 주식 매입하는 분위기를 장시가 보여줌. 야후 주식은 개장시 42.40 달러였는데 기사가 나간 시점에 -5%하락함. 야후 기업 가치는 400억 달러 규모임. 근데 사실상 야후 주력 비즈니스 가치는 마이너스인 것으로 알려진 것이 문제임. 이는 야후가 보유한 알리바바 지분, 야후 재팬 지분을 제외해서 고려한 가치이다. 마여사 고민이 깊어질 듯

Here's the math for figuring out the value of Yahoo's core:

• Start with Yahoo's $40 billion market cap.
• Subtract the $10.5 billion in cash that Yahoo will have after receiving the proceeds of its Alibaba stock sale and paying taxes on its gain (Yahoo won't have to pay these cash taxes for a while, so it will retain the cash for now).
  
• Subtract the value of Yahoo's 35% stake in Yahoo Japan. It's worth about $5 billion after taxes.
  
• Compute the value of the 401 million shares in Alibaba that Yahoo still owns, which is worth about $25 billion after taxes with Alibaba trading at $90 per share.

What you're left with is the value the market is attributing to Yahoo's core business: About -$500 million with Alibaba trading at $90.