Estimates of the value of Yahoo's cash and its holdings in Alibaba and Yahoo Japan are around $12B, so suggesting that the entire company should be worth $10B because of the PE is missing something.
In the 2006 10-K that you linked to, it shows 2004 revenue as $3.6B, 2005 as $5.3B, and 2006 as $6.4B. Finance.yahoo.com shows their 2007 revenue as $6.97B. Yahoo doesn't have the same growth as Google, but I think it can still be argued that they are growing.
PE isn't the be all end all of valuing companies. In Yahoo's case, it has particular problems because Yahoo has substantial unconsolidated holdings in other companies such as Yahoo Japan and Alibaba. The value of these companies shows up in the P part of the ratio, but the earnings aren't counted in the E part. The value of these holdings alone would put the value of the company close to the $10 billion number you propose.
If we believe Yahoo's forecasts, their stock price has a fair value closer to $40/share, but even coming up short of this doesn't make them very overpriced. They are in a rapidly growing industry and have had double digit revenue growth for many years, so I think they still qualify as a growth company.
That P/E is misleading since a large portion of their stock price is made up of the asset price of their minority held interests. Those earnings don't get counted for Yahoo, so it makes the PE artificially high. Yahoo's board would also argue that they have taken earnings hits recently as costs to restructure. Only a few months ago, Yahoo stock was worth more than $31, so its not inconceivable.
In addition to automatic account setup, this should mean that the new Notes feature built in to Leopard's Mail will sync so that you can read your notes online. It adds a lot of value to that feature, although it will be interesting to see whether you can set up Gmail to let you create a note.
It's almost as if people care more about expressing phonetical when writing more than GRAMATICAL(sic) accuracy and correct spelling.
There should also be a comma between "easy" and "part-time," and English and Thanksgiving should be capitalized. Usually no one would care, but if you're going to criticize others, you open yourself up to this.
Re:assembly language is for pansies
on
Hardcore Java
·
· Score: 1
Computers are finite state machines. Complex ones, but they still are.
Re:Patriot missile -- really a "failure"
on
Can Software Kill?
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· Score: 2, Informative
The problem was actually a programming problem. They used a floating point number for the time counter. Floating point gets less and less accurate as you get farther from 0. So after the missle had been on for a few days, the patriot missles time count would be off, since they were adding.1 ticks to a floating point number. It could have been avoided by using an integer to track the time. The workaround to this problem was to reboot the missle more often, but this wasn't found out until after the incident, when they figured out the problem. So a lesson to all programmers. Floating point is exponentially less accurate as you get farther from 0. At the very top, its only accurate to 1.
That's not true, so no worries. Microsoft does have a patch for NT4. Blaster doesn't hit NT4 machines though. Other worms using the hole do. This link has information about it.
Doesn't XP(and 2000) install by default with DCOM turned off? Nope. At least not any time I've installed it. Unless I'm turning it on without knowing it, but I doubt that. SP3 is just as vulnerable as with no service pack at all. And guess what, you want to know the machines that have been hit the least by the numerous worms so far? NT4. Yep, we've had lots of troubles with 2000 and XP but only a few of our NT4 machines(a large part of our install base) have been hit.
We block all outside traffic on bad ports here, but that doesn't help. Once the worm gets inside, firewalls don't do anything unless they are on the individual computer. And EVERY individual computer. All it takes is one weak link(outside the firewall, user opens an email, anything) and the firewall method is useless.
First worm? Nope. Second? Not even. I work at a university and we have been running around for a week now patching systems and fixing worms that started last week. They have hit NT 4 and 2000 machines. We found them by chance, but they are installing all sorts of things. Trojan.stealther is the one that hit hardest, on all unpatched 2000 machines. So this is not the first worm at all. They have been out in the wild for at least a week now, and we are now patching and fixing all the many hacked or vulnerable systems.
Now in order to figure out it weighed 3 pounds, you had to read the sentence that says it comes with a built in DVD/CD-RW, so I really don't understand your point. And how did this get modded up? That many people don't even read the posting?
Have you used the 12" PowerBook? It gets painful enough that I can't use it on my lap if I am wearing even thin pants. I've used PC laptops and have never been bugged by the amount of heat they put off. And the PowerBook just feels sluggish compared to a windows laptop. Because really, who in the hell cares about an RC5 crypto benchmark? It takes forever for Safari to boot up. And a lot of time I will be typing and the cursor will stop and then take a few seconds and then decide to catch up. So I say DON'T forget water cooling, as I think that the water is a better way to get rid of the heat than my legs.
Where I work we have one Ghost image that we use for all the new computers we are rolling out(4 different configurations at the moment.) They all run Windows 2000.
We have installed all the basic applications to them in advance. Then, we run Sysprep, a Microsoft utility that allows you to go through all the computer specfic setup sections on each computer. We have an automatic answer section that answers all the ones that are standard so we can enter a computer name after rebooting and it will boot up perfectly with all the settings intact and no collisions on the network.
Its really nice, and with sysprep, you can even set it to completely redetect all hardware. True, it won't work if you are going from IDE to SCSI or something of that sort, but we don't. The images work across many different computers and work beautifully. Microsoft allows you to have specific directories where you place the driver install files so that when you boot up the new PC, it automatically installs any drivers that it doesn't have. All we do is Ghost the machine, and we're down to personalization. Not installing patches and generic software apps. If you're using Windows 2k, I reccomend you try it.
Did you just call South Korea a rogue nation? Wow. I'm impressed with how easily you said all that and how it got modded up. We didn't like some of what was coming out of South Korea so we just blocked the whole damned place because that seemed responsible. To justify our censoring, we will now throw out slanderous statements about the entire country. And that got modded up? Thats pathetic. And just for clarity, South Korea is not a rogue nation by any definition of the term. Pay attention to the world around you. That would be like if I blocked all comments from your country, just because you just said something dumb as all hell. But I'm not like that, as that wouldn't be fair to the other people from your country who aren't like you.
You put a lot of work into that. But alas, Yahoo isn't using IIS so its all a moot point. The idea is that the combination of IE and IIS will cause this. Netcraft shows that Yahoo is running FreeBSD, and thus NOT IIS.
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Estimates of the value of Yahoo's cash and its holdings in Alibaba and Yahoo Japan are around $12B, so suggesting that the entire company should be worth $10B because of the PE is missing something.
In the 2006 10-K that you linked to, it shows 2004 revenue as $3.6B, 2005 as $5.3B, and 2006 as $6.4B. Finance.yahoo.com shows their 2007 revenue as $6.97B. Yahoo doesn't have the same growth as Google, but I think it can still be argued that they are growing.
PE isn't the be all end all of valuing companies. In Yahoo's case, it has particular problems because Yahoo has substantial unconsolidated holdings in other companies such as Yahoo Japan and Alibaba. The value of these companies shows up in the P part of the ratio, but the earnings aren't counted in the E part. The value of these holdings alone would put the value of the company close to the $10 billion number you propose.
If we believe Yahoo's forecasts, their stock price has a fair value closer to $40/share, but even coming up short of this doesn't make them very overpriced. They are in a rapidly growing industry and have had double digit revenue growth for many years, so I think they still qualify as a growth company.
That P/E is misleading since a large portion of their stock price is made up of the asset price of their minority held interests. Those earnings don't get counted for Yahoo, so it makes the PE artificially high. Yahoo's board would also argue that they have taken earnings hits recently as costs to restructure. Only a few months ago, Yahoo stock was worth more than $31, so its not inconceivable.
In addition to automatic account setup, this should mean that the new Notes feature built in to Leopard's Mail will sync so that you can read your notes online. It adds a lot of value to that feature, although it will be interesting to see whether you can set up Gmail to let you create a note.
Computers are finite state machines. Complex ones, but they still are.
The problem was actually a programming problem. They used a floating point number for the time counter. Floating point gets less and less accurate as you get farther from 0. So after the missle had been on for a few days, the patriot missles time count would be off, since they were adding .1 ticks to a floating point number. It could have been avoided by using an integer to track the time. The workaround to this problem was to reboot the missle more often, but this wasn't found out until after the incident, when they figured out the problem. So a lesson to all programmers. Floating point is exponentially less accurate as you get farther from 0. At the very top, its only accurate to 1.
That's not true, so no worries. Microsoft does have a patch for NT4. Blaster doesn't hit NT4 machines though. Other worms using the hole do. This link has information about it.
Doesn't XP(and 2000) install by default with DCOM turned off? Nope. At least not any time I've installed it. Unless I'm turning it on without knowing it, but I doubt that. SP3 is just as vulnerable as with no service pack at all. And guess what, you want to know the machines that have been hit the least by the numerous worms so far? NT4. Yep, we've had lots of troubles with 2000 and XP but only a few of our NT4 machines(a large part of our install base) have been hit.
We block all outside traffic on bad ports here, but that doesn't help. Once the worm gets inside, firewalls don't do anything unless they are on the individual computer. And EVERY individual computer. All it takes is one weak link(outside the firewall, user opens an email, anything) and the firewall method is useless.
First worm? Nope. Second? Not even. I work at a university and we have been running around for a week now patching systems and fixing worms that started last week. They have hit NT 4 and 2000 machines. We found them by chance, but they are installing all sorts of things. Trojan.stealther is the one that hit hardest, on all unpatched 2000 machines. So this is not the first worm at all. They have been out in the wild for at least a week now, and we are now patching and fixing all the many hacked or vulnerable systems.
Now in order to figure out it weighed 3 pounds, you had to read the sentence that says it comes with a built in DVD/CD-RW, so I really don't understand your point. And how did this get modded up? That many people don't even read the posting?
Have you used the 12" PowerBook? It gets painful enough that I can't use it on my lap if I am wearing even thin pants. I've used PC laptops and have never been bugged by the amount of heat they put off. And the PowerBook just feels sluggish compared to a windows laptop. Because really, who in the hell cares about an RC5 crypto benchmark? It takes forever for Safari to boot up. And a lot of time I will be typing and the cursor will stop and then take a few seconds and then decide to catch up. So I say DON'T forget water cooling, as I think that the water is a better way to get rid of the heat than my legs.
Wait. Are we sure that that's ironic? Let me consult that article. We might have to consult that article. :-)
Where I work we have one Ghost image that we use for all the new computers we are rolling out(4 different configurations at the moment.) They all run Windows 2000.
We have installed all the basic applications to them in advance. Then, we run Sysprep, a Microsoft utility that allows you to go through all the computer specfic setup sections on each computer. We have an automatic answer section that answers all the ones that are standard so we can enter a computer name after rebooting and it will boot up perfectly with all the settings intact and no collisions on the network.
Its really nice, and with sysprep, you can even set it to completely redetect all hardware. True, it won't work if you are going from IDE to SCSI or something of that sort, but we don't. The images work across many different computers and work beautifully. Microsoft allows you to have specific directories where you place the driver install files so that when you boot up the new PC, it automatically installs any drivers that it doesn't have. All we do is Ghost the machine, and we're down to personalization. Not installing patches and generic software apps. If you're using Windows 2k, I reccomend you try it.
Did you just call South Korea a rogue nation? Wow. I'm impressed with how easily you said all that and how it got modded up. We didn't like some of what was coming out of South Korea so we just blocked the whole damned place because that seemed responsible. To justify our censoring, we will now throw out slanderous statements about the entire country. And that got modded up? Thats pathetic. And just for clarity, South Korea is not a rogue nation by any definition of the term. Pay attention to the world around you. That would be like if I blocked all comments from your country, just because you just said something dumb as all hell. But I'm not like that, as that wouldn't be fair to the other people from your country who aren't like you.
You put a lot of work into that. But alas, Yahoo isn't using IIS so its all a moot point. The idea is that the combination of IE and IIS will cause this. Netcraft shows that Yahoo is running FreeBSD, and thus NOT IIS.
Go to http://www.postnet.com for the local paper's take on it.