Analysts say Yahoo's core business should be valued at around four to six times 2017 Ebitda -- more like a print media asset. It is difficult to say where that business trades now because so much rests on Alibaba's IPO. Estimates of Alibaba's value range from $100 billion to $190 billion. To complicate calculations, Yahoo must sell 40% of its stake at the IPO, with the rest to be sold at its discretion, theoretically for more if Alibaba's stock rises.
分析师们说,雅虎的核心业务价值约为2017年息税折旧摊销前收益的四到六倍――更类似于平面媒体的估值。很难判断这块业务目前的价值,因为很大程度上将取决于阿里巴巴的IPO。阿里巴巴的估值在1,000亿美元至1,900亿美元。令计算更复杂的是,雅虎必须在IPO之时出售其所持股份的40%,其余部分由雅虎自己决定是否出售,理论上如果阿里巴巴股价上涨,则能以更高价格卖出。
In one scenario, UBS estimates Alibaba will list at a $100 billion valuation, which will then climb to $160 billion.
其中一种设想的情况是,瑞银(UBS)估计阿里巴巴将以1,000亿美元的估值上市,随后将攀升至1,600亿美元。
Using this assumption, if Yahoo sold the remaining 60% of its stake at that price, its total after-tax proceeds could be $20.3 billion, or about $20 a share. Yahoo's 35% stake in Yahoo Japan adds roughly another $7 a share after tax.
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