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Microsoft, which acquired Nokia's devices and services business this year, announced the planned launch of three new smartphones in the coming months. While the prices for these new phones have not been disclosed yet, they will likely be priced similar to the previous models. In a recent article, we explore how these launches fit into Microsoftâ s long-term mobile strategy.

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According to a recent report by RootMetrics, Verizon's wireless network remains the best in the U.S. in terms of network speed, network reliability, call performance and data performance. The company's upgraded XLTE network allowed it to build a significant lead in terms of speed. We expect the carrier's network advantage to allow it to defend its market share amid increasing price competition from smaller rivals.

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Weekly Media Notes: Sony And Viacom Ink A Deal For Web Based Television Service
  • by , 3 days ago
  • Last week saw a development in the television industry with Sony moving a step closer to Web-based TV. The company signed an agreement with media house Viacom (NASDAQ:VIA) to carry 22 channels. While the financial details of the deal were not disclosed, it is a step in the right direction for Viacom, as it would offer another pocket of revenues for the content it creates. On that note, we discuss below some key developments around this story.
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    Weekly Chinese Internet Notes: Baidu and Perfect World
  • by , 3 days ago
  • tags: BIDU PWRD MSFT
  • In this article we take a look at news items from this week that have implications for two Chineese internet based service providers under Trefis coverage. These companies are Baidu (NASDAQ: BIDU) and  Perfect World (NASDAQ: PWRD). Baidu: Poaching From Microsoft, Investing In Education Baidu appointed Zhang Yaqin president for new business, a capacity in which he reports directly to Baidu Chairman Robin Lee. Zhang was lured away from Microsoft (NASDAQ: MSFT). At Microsoft, Zhang was chairman of Beijing headquartered Microsoft Asia-Pacific Research and Development Group – a team of over 3000 engineers. This new talent acquisition is expected to bolster Baidu’s capabilities in technological innovation. It will thereby help Baidu in competing against its Chineese rivals Alibaba and Tencent. Zhang’s recruitment also needs to be seen in the light of the recent trend of this trio seeking to diversify away from their core areas to remain competitive. The core areas for Baidu, Alibaba and Tencent are internet search, online commerce and gaming/messaging respectively. Baidu currently trails Alibaba and Tencent in terms of estimated company value. On a list of the most valuable internet companies in the world, Baidu is in sixth place. Alibaba, on the other hand, is at third place, and Tencent at fourth. In an unrelated develpoment, Baidu continued its investments in the Chineese online education space. It invested $10.6 million in Beijing based online educational platform, which prepares students for the English language tests TOEFL and IELTS.  It had earlier invested in Chineese educational institution Universal Education Group, which helps students prepare for graduate program admission examinations. These complementary investments are expected to help Baidu diversify into the online educational space. See our complete analysis of Baidu here Perfect World : Giving A New Lease Of Life To Its Best-Selling Game Perfect World is all set to roll-out an  upgrade and expansion pack to its best-selling game Perfect World International/Perfect World 2. The updates are expected to prolong the life of the game and increase revenue generation from the game. This update will go live in China on September 21st. We had earlier reported on how the roll-out of new games and launch of expansion packs is impacting Perfect World’s financial performance. (See New Games Fuel Perfect World’s Growth in Q2 2014 and   Perfect World Posts Strong Growth ) See our complete analysis of Perfect World here See More at Trefis |  View Interactive Institutional Research (Powered by Trefis) |  Get Trefis Technology
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    Credit Card Company Weekly Notes – American Express, Visa And MasterCard
  • by , 3 days ago
  • tags: AXP MA V
  • The three major credit card companies – American Express (NYSE:AXP),  Visa (NYSE:V) and  MasterCard (NYSE:MA) - last week inked new partnerships that should aid in the expansion of their businesses and help create simplified solutions for their customers. On Tuesday September 9 2014, American Express, Visa and MasterCard announced a partnership with Apple (NYSE:AAPL) for the Apple Pay service. As part of the partnership, Apple Pay will support credit and debit cards on the payment networks of Visa, MasterCard and American Express, which represent nearly 83% of the total credit card purchase volume in the U.S. Below we take a brief look at how the previous week unfolded for the three companies: American Express We expect the Apple Pay partnership to benefit AmEx as the iPhone captures the high end market in the smartphones category, fitting well into AmEx’s target customer base of high income and high spending customers. AmEx also announced a partnership with Santander Mexico, which is a leading financial services company in Mexico. The partnership launched the Santander American Express credit card, which will be issued by Santander in Mexico. Santander will be responsible for marketing, billing, card authorization and customer relationships. The card, which will be linked to AmEx’s global merchant network, is being promoted for its strong reward points multiplier and redemption program. The new card focuses on rewarding customers for routine purchases and also carries add-on features like travel insurance and car rental insurance.  The deal will open access for AmEx to nearly 11 million of Santander’s customers in the country. AmEx’s stock traded slightly lower this week, and the current market price of around $88 is at more than 10% discount to our price estimate of $104 . The company earned $33 billion in revenues in 2013, and in the first half of 2014 revenues have been above $17.5 billion. We forecast the company to end the year with over $35 billion in revenues. See our complete analysis of AmEx’s stock here Visa Last week, Visa introduced a token service to allow for secure payments through Apple Pay, whereby tokens are used to replace the 16 digit credit card number for a more secure transaction. We have a price estimate of $217 for Visa’s stock, which is almost in line with the current market price. Our valuation for Visa implies a market cap of $166 billion. See our full analysis of Visa here MasterCard MasterCard Digital Enablement Service (MDES), a digital service introduced last year to facilitate banks to allow connected devices to conduct transactions, will be integrated with Apple Pay as part of the Apple Pay partnership. In pursuit of increasing mobile payments, MasterCard also announced that contactless payment acceptance would become standard in Europe by 2020 for merchants accepting MasterCard and Maestro brands of cards. MasterCards’ stock was again flat last week, closing at around $76, which is at a discount of over 10% to our estimate of $85 for the company’s stock. We value the company at over $95 billion. We estimate an EPS of $3 for the current year, which is in line with the consensus EPS for the company. See our full analysis of MasterCard here
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    Target To Go Aggressive On Its “Known For” Categories
  • by , 3 days ago
  • tags: TGT WMT AMZN
  • Just a month into his job,  Target ‘s (NYSE:TGT) new CEO, Brian Cornell, announced that he is planning to aggressively expand certain categories that once provided Target an edge over other retailers. He said that the company will almost double the size of signature categories such as baby products, fashion, furniture etc., to rejuvenate its iconic “cheap chic” brand image. For this purpose, the retailer might also look to revamp its marketing strategies, which were mainly focused on groceries for the past few years. Mr. Cornell believes that these strategies will help the company regain its lost brand value, positioning it better to drive store traffic and compete with online retailers. Under its previous CEO, Target had gradually shifted its focus from its “known for” affordable fashion products to groceries and general merchandise, in the wake of growing economic uncertainty. Although the company was trying to elevate its focus on groceries to protect future growth, its brand image became diluted. In response, the retailer has needed a strong plan of action, given that it has been struggling in the U.S. for a while.   And last year’s data breach has only made things worse. Brian Cornell’s plan to shuffle the company’s product portfolio is an important step on its front. Our price estimate for Target stands at $67.53, implying a premium of less than 10% to the market price.
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    Why Wells Fargo Will Soon Have The Largest Deposit Base Among U.S. Banks
  • by , 3 days ago
  • tags: BAC C JPM WFC
  • The total deposits held by all commercial banks in the country has doubled over the last decade – jumping from $5 trillion in late 2004 to cross the $10-trillion figure for the first time this March. ( ( Assets and Liabilities of Commercial Banks in the United States (Weekly) – H.8, Federal Reserve Website)) While a steady growth in deposits is expected over time, the growth rate over this period has been notably high – something that can be largely attributed to the low interest rate environment that has persisted since the economic downturn of 2008. With not too many lucrative investment options around, individual and institutional investors have shifted a bulk of their assets into deposits over recent years. This, in turn, has resulted in shrinking net interest margins for the banks as their interest expenses have grown in proportion with the deposits, even as their interest income remains under pressure. This article details the changes in deposits at the country’s four largest banks -  JPMorgan Chase (NYSE:JPM),  Bank of America (NYSE:BAC),  Citigroup (NYSE:C) and  Wells Fargo (NYSE:WFC) - over the last three years. Notably, JPMorgan overthrew Bank of America to become the bank with most deposits in late 2011. But given the rapid growth in deposits for Wells Fargo over the same period as well as its international expansion plan, JPMorgan may lose its position at the top in the near future.
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    Storage Company Weekly Notes: New Product Launches by WDC, SNDK, STX
  • by , 3 days ago
  • Storage companies including Western Digital and SanDisk launched upgrades of existing product lines of high-capacity storage products this week, with  Western Digital introducing a monstrous 10 terabyte (1 terabyte = 1,000 gigabytes) helium drive on September 9 to take on its rival Seagate, which introduced an 8 terabyte hard drive at the end of August. On the other end of the storage spectrum, SanDisk launched a 512 GB SD card on September 11, targeting videographers. The newly introduced hard drives and SD card highlights an effort by storage companies to expand capacities from existing levels. Here’s a quick roundup on the developments in the storage industry. Western Digital Western Digital’s (NASDAQ:WDC) subsidiary HGST launched the Ultrastar He10 helium-filled hard drive with a 10TB capacity on September 9. The drive was an upgrade on He6, the 6TB helium drive that it launched in November last year (see: Western Digital’s Helium-Filled Drive: An Alternative To SSD? ). These drives hermetically seal helium gas inside the drive, which results in low internal friction and low heating. With low turbulence, the drives can provide high input-output per second (IOPS) without losing efficiency, which is generally caused due to overheating. Trefis has a $100 price estimate for Western Digital’s stock, implying a market cap of $23.5 billion. This is roughly in line with the market price between seen over the week. We estimate the company’s 2014 revenues to be around $15.7 billion and earnings per share of $7.98 in FY 2015, compared to a consensus of $8.31 according to Reuters. See our full analysis for Western Digital Seagate Seagate Technology (NASDAQ:STX) introduced high capacity 8TB hard drives at the end of August, which were at that time the world’s highest capacity drives. These drives weren’t made available for individual users, and were instead designed for enterprise usage in data centers. Western Digital introduced 10TB helium-filled hard drives this week to overshadow Seagate’s offerings. Trefis has a $52 price estimate for Seagate’s stock, translating into a $17.1 billion market cap. This is about 15% below the market price between $60-$61 seen over the week. We estimate the company’s 2014 revenues to be around $14.5 billion and earnings per share of $5.57 in FY 2015, compared to a consensus of $5.36 according to Reuters. See Our Full Analysis For Seagate Technology SanDisk SanDisk Corporation (NASDAQ:SNDK) introduced the world’s highest-capacity SD card with a capacity of 512 gigabytes. This was more than a thousand-fold increase in capacity for a memory card since the company launched a 512 MB SD card in 2003. The targeted customers for the Extreme PRO card are users that need large file handling capabilities,for instance, videographers who shoot ultra-HD (high resolution) videos or conduct high-speed photography. The card is priced at $800, while lower capacity versions – 256GB and 128GB – are available for $360 and $190, respectively. Trefis has a revised $98 price estimate for SanDisk’s shares, translating into a $22.1 billion market cap. This is roughly in line with the market price between $98-$100 seen over the week. We estimate the company’s 2014 revenues to be $6.9 billion and earnings per share of $5.78, compared to a consensus of $5.86 according to Reuters. See our full analysis for SanDisk See More at Trefis |  View Interactive Institutional Research (Powered by Trefis) |  Get Trefis Technology
    GOOG Logo
    Week In Review: Google, Yahoo, AOL, Yelp, Facebook
  • by , 3 days ago
  • Internet stocks started this week off on a strong note. However, the broader market indices gave up gains mid-week on account of profit booking and macroeconomic factors. Internet stocks followed suit, and the NASDAQ Internet (INDEXNASDAQ:QNET) index fell by 100 basis points. Companies in the online ad industry continued to expand their businesses either through acquisitions or by expanding their range of services. In this report, we discuss some of the key events from the past week for Google (NASDAQ:GOOG),  Yahoo (NASDAQ:YHOO),  Yelp (NASDAQ:YELP), America Online (NASDAQ:AOL) and Facebook (NASDAQ:FB). Google Google (NASDAQ:GOOG) continued to expand its services through acquisitions. The latest company to enter its Google X research division’s stable is Lift Labs. Lift labs designs spoons for people with diseases such as Parkinson’s, that are equipped with sensors that detect tremors and cancel them out by as much as 70%. The deal was announced on Google+, but the terms of the deal were not disclosed.  Google has been steadily building up its healthcare portfolio. In January, it unveiled its smart contact lenses, which aid diabetic patients in measuring their glucose levels in tears. And in July it announced an ambitious science project – Basline Study – to collect anonymous genetic and molecular information. Furthermore, the company has also acquired social polling startup Polar. AOL America Online (NASDAQ:AOL) has been focusing on its ad business in order to reduce its dependence on the internet subscription and content business. To further this effort, AOL launched its Devil Ad Suite of premium formats, the Road Devil Interstitial for Mobile (TM).  While we are in the process of evaluating this offering, we believe that TM will help the company capture a chunk of the $20 billion mobile display ad market, particularly over its third party network. Currently, we estimate that display ads on third party sites add the most value to AOL’s stock price. This division can fuel further growth through the TM offering. Yelp Yelp’s stock received a shot in the arm as courts ruled in its favor over online ratings. The appeals court said that the online review site is entitled to charge for its ads and is within its rights “to post and arrange actual user reviews on its website as it sees fit.” Currently, we have a price estimate of $60 for Yelp, which is 27% below its current market price of $82. Facebook Facebook (NASDAQ:FB) has announced that more people continue to upload videos to its website.  In a quest to improve the user experience, the company has made several improvements to make it easier for people to discover and share videos on Facebook. Facebook currently delivers 1 billion video views per day. It can significantly scale up video views by encouraging more users to upload their videos. Since the company is aggressively pursuing the online video ad industry, this will certainly stir up interest among Facebook advertisers, who can leverage user generated content to showcase their ads. We estimate revenues of around $12.5 billion for Facebook in 2014, and non-GAAP diluted EPS of $1.73. We maintain a $66 price estimate for Facebook’s shares, which is around 15% below the market price. See More at Trefis | View Interactive Institutional Research (Powered by Trefis)  
    CTRP Logo
    Weekly Internet Notes: CTCT, CTRP, SFLY, VRSN
  • by , 3 days ago
  • Key Takeaway: Internet stocks started the week on a strong note but declined faster than broader indices on Tuesday and remained depressed throughout the remainder of the week. Macroeconomic factors such as the Iraq crisis, along with unimpressive news from McDonalds and Home Depot weighed on U.S. market indices. The technology sector was primarily dragged down by Apple, whose latest product launches did not resonate with investors. High beta Internet stocks felt a larger downward pull during the week. In this report, we present some of the key events from the past week for four Internet companies,  Constant Contact (NASDAQ:CTCT), Ctrip International (NASDAQ:CTRP),  Shutterfly Inc. (NASDAQ:SFLY) and  VeriSign Inc. (NASDAQ:VRSN). Constant Contact Shares of Constant Contact edged down a bit through the week and are off 10% from their recent high. Still, the stock is nearly 40% over its prior year level. Given its strong earnings growth, its forward P/E is a bit above market at 22x, with a PEG (i.e., P/E to Growth Rate ratio) of 1.25x.  In short, the company’s strong fundamentals support its growth valuation. We have a price estimate of $30 for Constant Contact, marginally ahead of its current market price of $29. Our full FY14 revenue estimate stands at approximately $333 million, compared to a consensus estimate of $331 million. We expect non-GAAP earnings per share of $1.08 this fiscal year, compared to consensus estimates of $1.03. Ctrip International Shares of the Chinese Online Travel Agency contracted this week, shedding more than 5% of their value. Most of these losses through the week were in response to broader indices. On a company-specific level, Ctrip is rumored to have parted ways with the second biggest OTA in the Chinese market, Qunar, and removed its hotel listings on the platform. Both Ctrip and Qunar, a subsidiary of Chinese tech giant Baidu, have been reported to be in talks for a potential merger earlier this year. Although this new development between Ctrip and Qunar has not been officially confirmed, this seems to have transpired from some friction between the two management teams. “As described by Ctrip, Qunar is now giving priority placement to its own listings and is no longer acting as a neutral listings platform.”We believe the revenue hit from removing listings on the Qunar platform to be marginal and do not expect a significant impact on Ctrip’s stock. We have a price estimate of $55 for Ctrip International, about 16% lower than its current market price of $65. Our full FY14 revenue estimate stands at approximately $1,269 million, compared to a consensus estimate of $1,184 million. We expect GAAP earnings per share of $1.29 this fiscal year, compared to consensus estimates of $0.67. Shutterfly Inc. Similar to the NASDAQ Internet Index (INDEXNASDAQ:QNET), shares of Shutterfly started the week on a strong note but have seen an erosion in value. Shares for the online photo-retailer are down 2.6% this week. The company launched a new iPad application for its tinyprints brand. Additionally, Reuters reported that Bain Capital and Silver Lake Partners are among the buyout firms looking to acquire the online photoretailer. An update on Shutterfly’s buyout talks is expected by September end. (Read more on these developments  here ) We have a price estimate of $49 for Shutterfly, in-line with its current market price. We have a full FY14 revenue estimate of approximately $909 million compared to a consensus estimate of $918 million. Our GAAP earnings per share forecast for FY14 stands at -$0.01, in-line with consensus estimates. VeriSign Inc. VeriSign shares showed a similar trend, slipping on Tuesday and staying subdued, although no material event has impacted the company’s fundamentals. VeriSign’s shares have declined 1.2% this week, comparatively lower than the other Internet stocks listed above. Year-to-date, VeriSign’s shares are down nearly 4.5% compared to a 10.5% gain on the NASDAQ Composite. Investor concerns over growth remain an issue for the stock. We have a price estimate of $55 for VeriSign, marginally lower than its current market price of $57. We have a full FY14 revenue estimate of approximately $1.01 billion, matching consensus estimates. Our GAAP earnings per share forecast for FY14 stands at $2.46, lower than the consensus estimate of approximately $2.72. See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology
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    Airlines Week In Review: American, United, Southwest & JetBlue
  • by , 3 days ago
  • tags: AMR
  • In the past week, American (NASDAQ:AAL), United (NYSE:UAL), Southwest (NYSE:LUV) and JetBlue (NASDAQ:JBLU) released their passenger traffic reports for the month of August. While network carriers – American and United – reported relatively flat passenger traffic in August on a year-over-year basis, low-cost carriers – Southwest and JetBlue – reported significant growth in their passenger traffic. Southwest’s passenger traffic rose by nearly 5% annually and JetBlue’s passenger traffic rose by nearly 7% annually, in August. This confirms that low-cost carriers are continuing to attract more passengers with their lower fares and are likely eating into the market shares of network carriers. Having said this, network carriers have also grown their passenger traffic in the year-to-date period benefiting from the overall solid growth in demand for air travel. All in all, based on passenger traffic reports for the months of July and August, major U.S. airlines including American, United, Delta, Southwest, JetBlue and Alaska look set to post healthy growth in the September quarter. American Airlines Group Separately, Wednesday, September 10, American became the first mainline airline to obtain Federal Aviation Administration (FAA) approval for using electronic attendant manuals on-board. These e-manuals accessed through 5.3 inch Samsung tablets have replaced 5-pound paper manuals used until now by American’s flight attendants. The carrier use to spend approximately $300,000 annually on printing and shipping updates for flight attendant’s paper manuals. But now with these new e-manuals, the carrier will save this money, as flight attendants will be able to update their manuals electronically in minutes. In addition, American estimates that the switch from 5-pound paper manuals to light-weight tablets will save roughly $650,000 annually in fuel costs as a result of weight savings. Prior to this upgrade, American was also the first carrier to provide its pilots with iPads in place of 35-pound pilot flight kits. This upgrade has saved roughly $1.2 million in fuel costs annually for American. - We currently have a stock price estimate of $39.25 for American, around 3% ahead of its current market price. - American’s stock price has risen by over 6% over the past week. - We currently estimate American to post revenue of $43.2 billion in 2014, compared with its consensus revenue of $43 billion. See our complete analysis of American Airlines Group here Southwest Airlines Earlier in the week, Monday, September 8, Southwest unveiled its new look, launching a new logo, new aircraft livery and a fresh airport experience. The new logo of the carrier has retained its iconic heart shape, but now sports three stripes in colors: orange, red and blue. The carrier has also come up with a new aircraft paint job, retaining the striped tail on its aircraft but adding the name ‘Southwest’ on the sides of its aircraft fuselage and displaying the new logo on the aircraft belly. This is the first paint job that Southwest has implemented on its aircraft since 2001, and we figure this new look is well timed as the carrier is nearly through with integrating AirTran. Additionally, Southwest recently started international flights, taking over AirTran’s operations, and will be free from flight restrictions at Dallas Love Field Airport next month. These milestones also make this a good time to launch a new look. - We currently have a stock price estimate of $29.35 for Southwest, around 10% below its current market price. - Southwest’s stock price has risen by about 5% over the past week. - We currently estimate Southwest to post earnings of $1.72 per share in 2014, compared with its consensus earnings of $1.79 per share. See our complete analysis of Southwest Airlines here See More at Trefis |  View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology
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    Alibaba's IPO Price Likely to Boost Yahoo's Stock Price Estimate
  • by , 3 days ago
  • tags: YHOO AOL GOOG
  • Yahoo! ’s (NASDAQ:YHOO) core business has failed to gain traction despite numerous website and product refreshes. However, the stock has performed exceedingly well over the past month as its price has soared from $35 to over $40. The primary reason for this trend has been Yahoo’s 22.5% investment in Chinese online retailing giant Alibaba. In an update to its F1 filling, Alibaba has stated that it plans to raise close to $24.2 billion through sale of 320.1 million American depository shares in its IPO at an anticipated price between $60 to $66. This would translate into a valuation of $147.54 billion for Alibaba based on 2.34 billion ordinary shares outstanding immediately prior to the offering and at the mid point of the price offering i.e. $63. Yahoo will sell 121.73 million shares at Alibaba’s market debut and provide underwriters an option to purchase an additional 18.26 million shares. In this article, we will discuss the impact Alibaba’s valuation on Yahoo’s stock price. Click here to see our complete analysis of Yahoo! Alibaba – A Retailing Behemoth Alibaba Group Holding Ltd is China’s biggest online retail company. It generated nearly $8.46 billion in revenues and $4.01 billion in net income during the fiscal 2014 (ended in March). Alibaba’s net income at $3.77 billion, is more than the combined earnings posted during the same period by eBay and Amazon last year. The company operates seven verticals that cater to different segments of e-commerce. It operates three digital marketplaces, Taobao Marketplace, China’s largest online shopping destination; Tmall, China’s largest third-party platform for brands and retailers; and Juhuasuan, China’s most popular group buying marketplace. These three marketplaces, which comprise its China retail marketplaces, generated a combined grand merchandise value (GMV) of $296 billion from 279 million active buyers in the 12 months ended June 30. In addition to these three China retail marketplaces, it also operates, China’s largest global wholesale marketplace;, China wholesale marketplace; and AliExpress, a global consumer marketplace, as well as a cloud computing service. IPO’s Impact On Yahoo’s Valuation Based on the details disclosed in the F-1 filing, the market capitalization of Alibaba would be $147.54 billion at the mid point of the band offering (i.e $60-$66 per share). At this valuation, the pre-tax value of Yahoo’s 22.5% stake in the company work out to around $32.98 billion. Yahoo’s amended share repurchase agreement with Alibaba reduced the maximum number of shares that the company is required to sell in a qualified IPO to 140 million shares. This translates into $8.82 billion valuation for this stake of Yahoo. While Yahoo plans to distribute 50% of the after tax proceed to shareholders, it will continue to hold on to over 400 million shares, a 16.3% stake that could be worth more than the current value of $24.16 billion at the mid point of price range. According to our calculations, if Alibaba’s stock were to be sold at the mid point of  the price range then Yahoo’s cash position will improve by $2.86 billion (on the assumption that the company will pay 35% tax on $8.82 billion and distribute 50% of the proceeds to share holders as one-time dividend). Additionally, the valuation of remaining stake of Yahoo would be $24.16 billion. Based on this calculation, Yahoo’s stake in Alibaba now stands at $32.98 billion compared to our conservative estimate of $22.8 billion earlier. However, this valuation is prospective based on the initial F-1/A fillings, and  the overall valuation of Yahoo is subject to the demand for Alibaba’s stock. Where it will trade once the shares are on the market is to be seen.  Therefore, we will adjust the model once we value Alibaba post its IPO. See More at Trefis |  View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology  
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    3. 16%
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