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Technology Stocks : Altaba Inc. (formerly Yahoo)

AABA 19.63

0.0%

Nov 6 4:00 PM EST

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To: LOGAN12 who wrote (21269)	4/8/1999 9:18:00 PM
From: Glenn D. Rudolph	Read Replies (1) of 27307

Price: $208 7/16 Estimates (Dec) 1998A 1999E 2000E EPS: $0.23 $0.39 $0.54 P/E: NM NM NM EPS Change (YoY): 60.9% 29.7% Consensus EPS: $0.38 $0.49 (First Call: 01-Apr-1999) Q1 EPS (Mar): $0.02 $0.11 Cash Flow/Share: NA NA NA Price/Cash Flow: NM NM NM Dividend Rate: Nil Nil Nil Dividend Yield: Nil Nil Nil Opinion & Financial Data Investment Opinion: D-2-1-9 Mkt. Value / Shares Outstanding (mn): $55,127 / 264.4 Book Value/Share (Dec-1998): $2.29 Price/Book Ratio: 91.0x ROE 1999E Average: 19.0% LT Liability % of Capital: 0.0% Est. 5 Year EPS Growth: 75.0% Stock Data 52-Week Range: $222 1/2-$22 15/16 Symbol / Exchange: YHOO / OTC Options: AMEX Institutional Ownership-Spectrum: 16.9% Brokers Covering (First Call): 25 ML Industry Weightings & Ratings** Strategy; Weighting Rel. to Mkt.: Income: Underweight (07-Mar-1995) Growth: Overweight (07-Mar-1995) Income & Growth: Overweight (07-Mar-1995) Capital Appreciation: In Line (28-Jan-1999) Market Analysis; Technical Rating: Below Average (28-Dec-1998) Intermediate term opinion last changed on 09-Mar-1999. The views expressed are those of the macro department and do not necessarily coincide with those of the Fundamental analyst. For full investment opinion definitions, see footnotes. Investment Highlights: Yahoo! reported another great quarter, beating expectations for revenue, operating margin, EPS and pageviews. * We are raising our revenue and EPS estimates and maintaining our rating. We give the quarter an “A.” * Operating EPS of $0.11 (vs. $0.02) exceeded consensus of $0.08 and the whisper of $0.10. * Revenue was strong in a seasonally weak quarter--up 13% sequentially to $86 million. * Pageviews increased an amazing 41% sequentially to 235 million. * The operating margin increased to a stunning 38%—up from 9% a year ago. * Registered users increased to 47 million and total monthly users to more than 60 million. * Our only major concern was slow revenue and pageview growth at the soon-to-be-acquired Geocities (after talking with management, we are reasonably comfortable with this). * Yahoo!'s stock usually trades off after the company reports results (this effect may be offset by weakness in the rest of the tech sector, however). It remains a core holding in our Internet portfolio. Comment United States Internet \ Electronic Commerce 8 April 1999 Henry Blodget First Vice President Yahoo! Another Great Quarter ACCUMULATE* Long Term BUY Reason for Report: Q1 Results Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department RC#20109823 Stock Performance 0 20 40 60 80 100 120 140 160 180 200 220 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 1996 1997 1998 1999 Yahoo! Rel to S&P Composite Index (500) (Right Scale)

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