hat Is The Fair Value Of Yahoo!S Core (US) Business At The End Of June 2013? Please Perform A Baseline Discounted Free Cash Flow Valuation Of Yahoo!S Core Business. In Doing So, Please Assume The Following To Be True: New Management Brings Sales Back To Growth In The Second Half Of 2013, With A 0.5% Growth Rate Over The Second Half Of 2012. The Growth

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Question: What Is The Fair Value Of Yahoo!'S Core (US) Business At The End Of June 2013? Please Perform A Baseline Discounted Free Cash... What is the fair value of Yahoo!'s core (US) business at the end of June 2013? Please perform a baseline discounted free cash flow valuation of Yahoo!'s core business. In doing so, please assume the following to be true: 1. New management brings sales back to growth in the second half of 2013, with a 0.5% growth rate over the second half of 2012. The growth rate of sales sees a 5% decline in revenue between 2014 and 2017. 2. The reduction in TAC (traffic acquisition cost) reached through the deal with Microsoft is permanent and, as a result, COGS going forward remains at its 2012 level as a percent of sales. 3. SG&A, R&D Expense, and Amortization of Goodwill and Intangibles all stay at their average historical level as a percent of sales. 4. All cash and short-term investments in Yahoo!'s balance sheets are excess cash. In addition to cash, NWC excludes Other Current Assets, Other Current Liabilities, and Short-Term Borrowings, and stays at -4.5% of sales in line with the most recent data). 5. Depreciation and CapEx are roughly equal, offsetting each other. 6. Yahoo! Is subject to a 35% corporate income tax rate. Question: What Is The Fair Value Of Yahoo!'S Core (US) Business At The End Of June 2013? Please Perform A Baseline Discounted Free Cash... What is the fair value of Yahoo!'s core (US) business at the end of June 2013? Please perform a baseline discounted free cash flow valuation of Yahoo!'s core business. In doing so, please assume the following to be true: 1. New management brings sales back to growth in the second half of 2013, with a 0.5% growth rate over the second half of 2012. The growth rate of sales sees a 5% decline in revenue between 2014 and 2017. 2. The reduction in TAC (traffic acquisition cost) reached through the deal with Microsoft is permanent and, as a result, COGS going forward remains at its 2012 level as a percent of sales. 3. SG&A, R&D Expense, and Amortization of Goodwill and Intangibles all stay at their average historical level as a percent of sales. 4. All cash and short-term investments in Yahoo!'s balance sheets are excess cash. In addition to cash, NWC excludes Other Current Assets, Other Current Liabilities, and Short-Term Borrowings, and stays at -4.5% of sales in line with the most recent data). 5. Depreciation and CapEx are roughly equal, offsetting each other. 6. Yahoo! Is subject to a 35% corporate income tax rate