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What’s Yahoo Worth? Half a Twitter

The way Yahoo tells it, spinning off its Alibaba stake into a separate company will give investors “valuation transparency” into its core business and its stake in Alibaba. But judging from Yahoo’s stock price in recent days, that clarity is still a ways off.

Last week’s confirmation of the widely expected spinoff removed one of the biggest question marks hanging over Yahoo. Yet there’s still a sizeable mismatch between Yahoo’s stock price and the total value of its different pieces, in large part because much is still uncertain about the fate of each piece. That may not change much until the spinoff is completed at the end of the year.

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The actual cost of swallowing Yahoo would be closer to $5 to $6 billion—a mere morsel for many big companies.