YAHOO steigt und steigt und steigt
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Wertpapier: Altaba |
Zusammengefasst: Macht euren Job und schmeisst endlich Mayer raus.
http://www.bizjournals.com/sanjose/news/2015/11/...ceo.html?ana=yahoo
To the Board,
Since we published our note on the 3-year review of the CEO's tenure, we have received a growing list of inquiries from investors. The concerns from investors have centered around 3 main areas: the lack of progress in turning the core around; the potential risks of the Alibaba spin not being tax free; and the stability and direction of management. Investors are asking how engaged the board is and what it needs to see to enact change. We have faith in the board honoring its fiduciary responsibility, and would expect some publicly visible demonstration in strategy, asset rationalization, or management.
On Core Turnaround.
Investors remain concerned that after almost 3.5 years and ~$7 billion in spending (acquisitions and R&D), that the management has been unable to show meaningful progress in the core turnaround. In fact, since 2012 the reported revenues and EBITDA have declined 9% and 45% respectively. What is more, the trend appears to be worsening, with the recent quarter's reported revenues and EBITDA declining 8% and 20% year over year. Further, while investors are well aware that the turnaround would not be quick, the metrics and goals that the management team has laid out have also not shown material progress. Lack of tangible progress in: People, Product, Traffic and Revenue has been a cause for concern (we detail below). The same lack of tangible progress is evident in the company's MaVeNS (mobile, video, native and social) strategy. Lastly, it doesn't look likely that there is any near term reason for these metrics to inflect positive.
On Spin Taxes.
While investors applaud the company's efforts to unlock value by spinning off the Alibaba asset, we believe investors have become more concerned around the possible amount of taxes of the spin, should the IRS ultimately tax the spin (please see our detailed note here). When the company began the process of pursuing a spin, one of the key tenets of this strategy was receiving a tax-free ruling (PLR) from the IRS. This unfortunately did not occur and some investors would argue that a MAC (material adverse change) has occurred. While investors are optimistic that the spin should be tax free and hope to have an opinion letter from Skadden Arps shortly, there is still the risk that the IRS deems the transaction taxable, which could usurp the majority of the value of Yahoo's Alibaba (BABA, $79.85, Buy) shares. Lastly, the risk would ultimately be transferred to shareholders from the company, as any taxation would occur post the spin and paid by Aabaco. Pressing questions are centered around what the likelihood is of the transaction being taxed and if the company should take that risk or wait until there is more clarity.
On Management.
With concerns around the core's health and some risk in the Alibaba spin, investors have begun to revisit management and the strategy. First, the executive turnover has accelerated in 2015 with key executives like Jackie Reses, Kathy Savitt, and Scott Burke having left. This year alone, we count 13 key executives who have left, which disrupts continuity. Additionally concerning is that Jackie Reses was supposed to run the Aabaco spin process and investors are unclear on who is leading that now. Further, the CEO recently stated on the earnings call that "the design and changes in Yahoo!'s leadership team are the result of careful planning to achieve the necessary skills, passion, and the ability to execute growth in our business. Our leadership team today is unequivocally the strongest during my tenure." This seems confusing to investors, as the departed executives were hand-picked by the CEO originally. The company also mentioned on the earnings call that now may be "a unique opportunity to reset" and Recode reports that the company is hiring a consulting firm to plan yet another reorganization. Investors are asking that if this is true, is this a natural time to consider changes at the CEO level as well, given the issues discussed above. We believe the board must assess if the current management team has support of 4 factions: senior executives, employees, partners, and investors. If not, we think a seamless transition to new leadership could be in the best interest of the company and shareholders.
As we stated above, we are respectful of the board and think it will continue to honor its fiduciary responsibilities. We don't believe that the above concerns are unreasonable and would look for investors to get more clarity shortly. Below, we go through each one of these topics in more detail to clarify the rationale for some of these concerns.
We look forward to a dialogue between the board and investors, as each seeks to maximize the success and value of the Company.
Wenn ich Yahoo Finance anschau....mann...o...mann....funktioniert nicht so richtig...und hat sich seit 20 Jahren nix verändert.
Was macht die Yahoo Belegschaft denn die ganze Zeit? Däumchen drehen?
Wann kommt endlich die Sache mit dem Spin-Off? Mensch....wir haben jetzt Mitte November....das Jahr schon fast um....und immer noch nix Konkretes....Nix...aber auch gar nix...
abgeprallt oder nicht?
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| Boardmail an "Cluekid" |
Wertpapier: Altaba |
scheint das auf das neue Jahr verschoben zu sein...
Zumindest steht nun "Coming soon! Yahoo Small Business is becoming Aabaco Small Business"
auf https://smallbusiness.yahoo.com/
Das wandert zu Aabaco....würde zu Baba passen...Kürzel und Name "Aabaco = An Alibaba Company" passt ja auch...
Wer weiss, wer weiss....mit McKinsey fürchte ich könnte sich Mayer noch mehr Zeit kaufen...
Alles ist möglich...
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| Boardmail an "Cluekid" |
Wertpapier: Altaba |
Angehängte Grafik:
1baba.png (verkleinert auf 55%)
1baba.png (verkleinert auf 55%)
Demnach hält die EMA9 bei 75,21$. Man sieht, dass darunter nur mBB bei 73,78$ als Support hält...und dann nix mehr...Darunter freier Fall auf das untere BB bei 57...
Hoffen wir mal nicht...Noch ist es bullish...noch handelt es sich um eine Verschnaufspause...
Alles Entscheidende wird wohl nächste Woche passieren...man sieht, dass die 86-91 Zone von vielen EMAs dicht bevölkert ist und diese ein starkes Hindernis darstellen....Jetzt braucht es eines Aktienrückkaufs, um diese zu überwinden...
Also...Noch Alles intakt...mehr kann man da nicht sagen...der Gesamtmarkt ist auch diese Woche richtig abgeschmiert...
Angehängte Grafik:
babawochensicht.png (verkleinert auf 55%)
babawochensicht.png (verkleinert auf 55%)
Na..ja...gut....der Kurs hat noch die Kurve bekommen....mal sehen...es droht da eine Gefahr....aber möglich auch, dass nächste Woche erstmal eine Vollbremsung von dem Abfall stattfindet und wir dennoch über die 80 gehen.
Aber....bei mir schwindet so langsam der Optimismus.
Wer weiss...vielleicht spielt Ma auch sein Spielchen....hat bei 84+ bei guten Zahlen selber verkauft und Cash gesammelt für das nächste Aktienrückkaufprogramm ....und kauft dann unten wieder nach...und so fort...
