Marissa Mayer has been criticized for spending $3 billion to realized continuous acquisitions. Those acquisitions did not improve much its business. FBR Capital lately analyzed that the current value of those acquisitions are under it paid for the acquisitions.

The real value of four acquisitions made under Mayer’s leadership are far below their acquired payments. Yahoo spent $1.1 billion to acquire Tumblr in 2013, while FRB Capital estimated it values at $770 million now. While the values for Brighthroll, Flurry and Polyvore have been shrunk a lot.

This is good news in comparison with other 40 acquisitions in the past three years. FBR Capital estimated that those 40 acquisitions are worthless now.

FBR Capital analyzed that if Yahoo splits off those four acquisitions and sell out, the income might help to meet the shareholders’ demand.

William Bird analyzed the Yahoo Display on Monday, if Yahoo separately sells out those its business sections, they will be worthed at over $3.2 billion. Yahoo Display includes Yahoo News, Yahoo Finance, Yahoo Sports and other startup acquisitions it made in the past three years.

Bird felt that the four acquisitions could be valued at $1.4 billion among $3.2 billion. The operation and financial standing of Tumblr is not as good as its rivals, but its users keep growing. The revenue of Brighthroll is over $100 million now, while Yahoo spent $640 million to acquire it then. Flurry and Polyvore both develop well in their fields.

Bird said Tumblr might worth more in the view of correct buyers. It could provide first class product innovation.

He felt that it could attract more bidders if Yahoo sells out those business separately. Only a few companies could afford several billion to acquire the whole Yahoo outright.