Free cash flow in 2007 was 1337 mil USD, they are projecting now only 925 (mid 850-1000) for 2008, it is 31% drop! Now Yahoo is valued at 20.7 multiple to FCF in 2007. Going into recession ( I think as you remember that USA is in recession last three Qs) with this multiple and crashing FCF will make stock valuation even at 14.35USD as very rich.
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