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Wed, Jul. 23, 9:40 PM
- After talking with an unnamed "large Yahoo shareholder that is preparing a presentation" featuring a similar thesis, fund manager Eric Jackson thinks there's a good chance Alibaba (Pending:BABA) or SoftBank (OTCPK:SFTBF) will acquire Yahoo (YHOO +3.3%).
- His reasoning: Whereas the value of Yahoo's stakes in Alibaba and Yahoo Japan (OTCPK:YAHOF) are currently discounted for future tax payments, the pre-tax valuations are what matter to Alibaba and SoftBank. The former would be buying back a 22.5% pre-IPO stake in itself, and the latter would be adding to its respective 34.3% and 43% stakes in Alibaba and YJ.
- Jackson estimates Yahoo's assets are worth $56/share to either acquirer - he values the post-IPO Alibaba stake at $33, the YJ stake at $9, and Yahoo's core business at $5, and adds $9 for cash (inc. IPO share sales).
- He speculates Alibaba (were it the buyer) could trade the YJ stake to SoftBank for part of its Alibaba stake (adding to the scope of its buyback), and notes new SoftBank Internet/media chief Nikesh Arora reportedly wanted to buy Yahoo while at Google.
- One caveat: Acquiring Yahoo would give SoftBank a 56.8% stake in Alibaba before factoring IPO dilution. The Chinese government likely wouldn't be pleased with that. Jackson suggests SoftBank could trade part of its Alibaba stake post-acquisition for "something of similar value," but doesn't say what.
- Previous: Alibaba reportedly planning September IPO
Tue, Jul. 15, 4:33 PM
- Yahoo (NASDAQ:YHOO) has further amended its IPO share sale agreement with Alibaba (Pending:BABA): The company is now only required to sell 140M Alibaba shares at IPO time, down from a prior 208M.
- Yahoo also promises to return "at least half of the after-tax [Alibaba] IPO proceeds to shareholders." That could translate into several billion worth of buybacks and/or a big special dividend.
- The company guides in its Q2 earnings slides (.pdf) for Q3 revenue (ex-TAC) of $1.02B-$1.06B, below a $1.1B consensus. Adjusted EBITDA is expected to fall to $220M-$260M from $331M a year earlier, and op. income is expected to total $70M-$110M.
- Alibaba had Q1 revenue of $1.97B (+42% Y/Y), gross profit of $1.4B (+37%), and net income of $906M (+36%). The company already provided many Q1 details in a June F-1 filing. Yahoo Japan (OTCMKTS:YAHOF) had Q1 revenue of $1.06B (-6%), and net income of $311M (-10%).
- $719M was spent on buybacks in Q2, up from $450M in Q1.
- YHOO +1% AH. Q1 results, PR.
Mon, May. 19, 11:59 AM
- Yahoo Japan (YAHOF) has abandoned its plan to acquire Japanese mobile/broadband services firm eAccess from SoftBank (SFTBF) for $3.2B (previous). Instead, the company will launch a low-cost mobile broadband service using eAccess' network.
- The eAccess deal was part of an effort by SoftBank, which owns 42.6% of Yahoo Japan, to restructure its assets and raise funds for M&A (including a possible Sprint/T-Mobile merger). But the company is already raising ¥300B in debt, and stands to reap a post-IPO windfall from its 34.4% stake in Alibaba.
- Yahoo (YHOO +0.6%) owns 35% of Yahoo Japan, whose shares fell 2.8% in Tokyo overnight. At current levels, Yahoo's stake is worth $8.1B. Yahoo Japan's sales fell 14% Y/Y in Q4 to $1.03B, and its net income 11% to $304M.
Thu, Mar. 27, 5:05 AM
- Yahoo Japan (YAHOF) has agreed to acquire mobile and broadband provider eAccess from SoftBank (SFTBF) for ¥324B yen ($3.17B) in a deal that will expand the Internet portal's services for tablets and smartphones.
- SoftBank, which owns 42.5% in Yahoo Japan, will book a special gain of ¥55.7B for the fiscal year ending March 2015. Yahoo (YHOO) owns 35% in its Japanese namesake. (PR)
Apr. 24, 2012, 4:18 AM
Jan. 25, 2012, 11:58 AMYahoo Japan (YAHOF.PK) says it's in talks with Yahoo (YHOO) on how the latter can sell its 35% stake in the Japanese firm without paying lots of tax. Yahoo has been looking to sell the stake for about a year due to pressure from regulators. Yahoo Japan's FQ3 profit was +2.7% to ¥25.3B ($325.7M) and revenue +2% to ¥76.5B. | Comment!
Dec. 2, 2010, 9:02 AM
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