text: what is yahoo!'s stake in y! japan worth? i think they own 37% of y! japan - what is that worth as a percent of y!'s us / nasdaq traded market cap?  and when looking at their p/e shouldn't you back out a position like that from the equation? from mary meeker's april 19, 2006 report....  "...the $6.52 per share value stake in yahoo! japan (which we calculate to be worth $10b - 34% ownership of a $35b market cap as of 4/18/06, adjusted by a 15% discount to take into account the relative illiquidity of the asset."  there is a slight mismatch in the timing, but if you take $6.52 / $32.19 (yhoo closing price on 5/4), then we can conlude that 20% of yahoo's value is derived from their share of yahoo! japan.