Marking Yahoo!'s Alibaba and Yahoo Japan equity investments on a mark-to-market value basis, and also factoring in Yahoo!'s current cash and marketable securities position, in addition to its liabilities, we get to a remaining (or "core") enterprise value of $1.9 billion. This means that Yahoo!'s core offerings (Display, Search and Other) are valued at approximately 1.2x LTM EBITDA and 1.1x 2013E EBITDA on a pre-tax basis. Some folks look at Yahoo! on an after-tax basis, assuming a zero cost basis in its Alibaba and Yahoo Japan stakes, taxing the sale of these entities at 37% (roughly the tax rate on recent Alibaba sale gains). This analysis yields Yahoo!'s "core" business trading at 4.2x and 3.9x LTM and 2013E EBITDA, respectively … Still at a discount to comps. For simplicity's standpoint, let's look on a pre-tax basis as (1) we don't know when these assets will get monetized, which could be in a few years meaning the market values of these investments could be substantially larger than currently as they are both growing at a rapid pace; and (2) when comparing price to book value, both are on a pre-tax basis. If we assume some sort of multiple expansion to reach the realm of AOL's EBITDA valuation (4-5x EBITDA), then Yahoo! looks more like a $25/share stock.