VMEO - Vimeo Out IAC/InterActiveCorp In; The Future Of IAC/InterActiveCorp's Holdings

• The combined intrinsic value of IAC’s businesses & holdings conservatively represents a 25% increase to its current stock price.
• We have a price target of $469 per share with a market cap of $41.8B, based on the current valuations of IAC’s peers.
• We believe the “mechanical” strip-down value of Vimeo’s spin-off far exceeds what Vimeo was actually worth to IAC’s market cap.
• Existing shareholders of IAC should consider selling their shares of Vimeo in order to add to their IAC position.

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