若离开阿里巴巴 雅虎价值几何
<p><span word="Yahoo">Yahoo</span> <span word="is">is</span> <span word="dressed">dressed</span> <span word="like">like</span> <span word="a">a</span> <span word="high">high</span>-<span word="growth">growth</span> <span word="company">company</span>. <span word="But">But</span> <span word="it">it</span> <span word="may">may</span> <span word="soon">soon</span> <span word="have">have</span> <span word="to">to</span> <span word="revert">revert</span> <span word="to">to</span> <span word="humbler">humbler</span> <span word="garb">garb</span>.</p><p>雅虎(<span word="Yahoo">Yahoo</span>)打扮得像一家高增长公司。但它可能很快就得现出原形。</p><p><span word="Much">Much</span> <span word="of">of</span> <span word="the">the</span> <span word="Internet">Internet</span> <span word="company">company</span>'<span word="s">s</span> <span word="value">value</span> <span word="rests">rests</span> <span word="on">on</span> <span word="its">its</span> 24% <span word="stake">stake</span> <span word="in">in</span> <span word="Alibaba">Alibaba</span>. <span word="Investors">Investors</span> <span word="seeking">seeking</span> <span word="exposure">exposure</span> <span word="to">to</span> <span word="the">the</span> <span word="unlisted">unlisted</span> <span word="Chinese">Chinese</span> <span word="e">e</span>-<span word="commerce">commerce</span> <span word="juggernaut">juggernaut</span> <span word="have">have</span> <span word="flocked">flocked</span> <span word="to">to</span> <span word="Yahoo">Yahoo</span>'<span word="s">s</span> <span word="shares">shares</span>. <span word="These">These</span> <span word="now">now</span> <span word="sport">sport</span> <span word="a">a</span> <span word="tech">tech</span>-<span word="like">like</span> <span word="multiple">multiple</span> <span word="of">of</span> 25.5 <span word="times">times</span> 2017 <span word="earnings">earnings</span> <span word="before">before</span> <span word="interest">interest</span>, <span word="taxes">taxes</span>, <span word="depreciation">depreciation</span> <span word="and">and</span> <span word="amortization">amortization</span>, <span word="about">about</span> <span word="double">double</span> <span word="that">that</span> <span word="of">of</span> <span word="Google">Google</span>.</p><p>这家互联网公司的价值有很大一部分在于其所持24%的阿里巴巴股份。想要投资于这家未上市中国电子商务巨头的投资者纷纷买进雅虎投票。依据雅虎2017年预期息税折旧摊销前收益计算的市盈率目前为25.5倍，与科技公司估值相当，差不多是谷歌(<span word="Google">Google</span>)的两倍。</p><p><span word="But">But</span> <span word="when">when</span> <span word="Alibaba">Alibaba</span> <span word="completes">completes</span> <span word="its">its</span> <span word="initial">initial</span> <span word="public">public</span> <span word="offering">offering</span>, <span word="expected">expected</span> <span word="next">next</span> <span word="year">year</span>, <span word="investors">investors</span> <span word="must">must</span> <span word="ask">ask</span> <span word="whether">whether</span> <span word="Yahoo">Yahoo</span> <span word="still">still</span> <span word="is">is</span> <span word="worth">worth</span> <span word="owning">owning</span> <span word="without">without</span> <span word="its">its</span> <span word="glitzy">glitzy</span> <span word="wardrobe">wardrobe</span>.</p><p>但阿里巴巴预计明年将完成首次公开募股(<span word="IPO">IPO</span>)，届时投资者肯定会问，在雅虎失去了阿里巴巴股份这一眩目的行头之后，它是否仍然值得拥有。</p>
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