6 percent.
And EBITDA is an acronym that stands for Earnings Before Interest, Taxes, Depreciation, and Amortization, in case youre wondering.So heres the number one reason why Sandler has so much faith in Yahoo he thinks the shift of searchrelated costs to MSFT per the partnership terms should allow the YHOO search EBITDA margin to drift to 85 by 20112012.Anyway, Sandler gave Yahoos shares, which are currently trading at 14.78 each, a price target of 19.
