7/24/2019 Valuing Yahoo

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Intrinsic Value of Yahoo! US Operating Assets $4,382.56+ Yahoo US Cash $4,571.00- Yahoo US Debt $1,590.64+ 35% of Yahoo! Japan Equity $7,348.96+ 22.11% of Alibaba $32,174.65- Taxes on sales of holdings $5,017.31- Value of equity options in Yahoo! $297.74Intrinsic value of Yahoo Equity $41,571.48Number of shares outstanding 1009.89Value per share $41.16Price per share $33.76Percent under or over value -17.99%