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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: Sarmad Y. Hermiz who wrote (21718)	5/13/1999 9:20:00 AM
From: Glenn D. Rudolph	Respond to of 27307

Price: $155 11/16 Estimates (Dec) 1998A 1999E 2000E EPS: $0.13 $0.39 $0.54 P/E: 1197.6x 399.2x 288.3x EPS Change (YoY): 200.0% 38.5% Consensus EPS: $0.38 $0.56 (First Call: 30-Apr-1999) Q2 EPS (Jun): $0.01 $0.08 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): $41,568.6 / 267 Book Value/Share (Mar-1999): $2.59 Price/Book Ratio: 60.1x ROE 1999E Average: 11.0% LT Liability % of Capital: 0.0% Est. 5 Year EPS Growth: 75.0% Stock Data 52-Week Range: $244-$24 13/16 Symbol / Exchange: YHOO / OTC Options: AMEX Institutional Ownership-Spectrum: 16.6% Brokers Covering (First Call): 19 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: Average (27-Apr-1999) 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: Along with the other Internet stocks, Yahoo! has pulled back significantly over the last month. We believe the company's business remains strong, and we believe the stock should be a core holding in an Internet portfolio. We would use the recent weakness to add to positions. * We recently spoke with Yahoo! management about 1) the progress of the GCTY and BCST acquisitions, 2) reports of pricing pressure in the industry, 3) Q2 advertising trends, 4) the potential impact of AT&T's recent deal-spree, 5) the progress of auctions, and 6) the challenge of maintaining laser-beam competitive focus in the face of extraordinary success. Please see inside for details. * The best time to buy YHOO is usually mid-way through the quarter (e.g., now)—a month or so after the excitement of the prior quarterly conference call has faded and before the excitement surrounding the next one begins. In typical fashion, YHOO has traded off significantly since reporting its results a month ago. Bulletin United States Internet \ Electronic Commerce 11 May 1999 Henry Blodget First Vice President Yahoo! Mid-Quarter Update; Buying Opportunity ACCUMULATE* Long Term BUY Reason for Report: Conversation with Management Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department RC#10113115 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 1996 1997 1998 1999 Yahoo! Rel to S&P Composite Index (500) (Right Scale)