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Yahoo! - Company Profile - Little to Show for the New Strategy Product Image

Yahoo! - Company Profile - Little to Show for the New Strategy

  • Published: February 2013
  • 42 Pages
  • Indigo Equity Research

Investment thesis - Another new CEO; but same old Yahoo.

Yahoo! is a first generation internet company that underperformed as it failed to evolve sufficiently. Underlying this is a strategic dilemma if Yahoo! is foremost a media or technology company. As consumers shift to mobile devices Yahoo looses ways to adequately monetize its assets. Yahoo! hasn't been cutting edge for awhile and this is unlikely to change; once internet companies internet stumble they rarely recover. Yahoo!'s key assets are it stakes in Yahoo! Japan, Alibaba and cash;

Mixed 2012 Q4 results - Improving revenues but still a turnaround case.
Revenue growth continues to improve QoQ, albeit at low levels, driven by Search.

Independent, buy-side, fundamental, financial analysis.

Investment Thesis & SWOT Analysis
News Flow - Significant Recent Events

Company Analysis
Overview of the Internet Advertising Industry
Business Model
Competitors, Search Agreement
Management , Executive Compensation & Board
Turnaround Strategy 2012 - Summary
Historical Perspective
Business Model - Snapshot of the last 12 Months
Yahoo! Japan & Alibaba
SWOT Analysis

Analysis of Financial Results - Quarterly Since 2002
Profit & Loss Summary
Revenue Analysis
Revenue by Region
Operational Data
Contribution (Gross Profits) & EBITDA by Region
income from Affiliates (Alibaba & Yahoo! Japan)
Cost Analysis
Cash Flow Analysis
Balance Sheet Analysis
Return Analysis
Unusual Items

Valuation
Share Price Performance & Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Yahoo!
DCF Valuation & Sensitivity Analysis

Industry Analysis
Display Advertising
Mobile Advertising is taking-off
Mobile Advertising
Mobile Search
Privacy Issues

Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Revenue by Region
Operational Data
Contribution (Gross Profit) Data

Explanations and Definitions
Legal and Important Information

List of Tables
Financial Tables
Quarterly Financial Accounts
Annual Financial Accounts
Revenue Data
Revenue by Region
Operational Data
Contribution (Gross Profit) Data

List of Figures
Analysis of Financial Results - Quarterly Since 2002
Profit & Loss Summary
Revenue Analysis
Revenue by Region
Operational Data
Contribution (Gross Profits) & EBITDA by Region
income fromm Affiliates (Alibaba & Jahoo! Japan)
Cost Analysis
Cash Flow Analysis
Balance Sheet Analysis
Return Analysis
Unusual Items

Valuation
Share Price Performance & Valuation Multiples
Historical Valuation Multiples
Fundamental Valuation of Yahoo!
DCF Valuation & Sensitivity Analysis

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