Now that Yahoo has completed the sale of its core Internet business to Verizon, it will officially change the name of the remaining company to Altaba on Friday.

And Altaba is worth far more—indeed, at least 10 times more—than the $4.5 billion Verizon (vz, -0.11%) paid for Yahoo itself: The current stock market value of Yahoo (yhoo, -0.34%) (soon to become Altaba) is about $50 billion.

But some investors who have looked under the hood of the new company think it deserves to be worth a lot more. Altaba is effectively a holding company comprised of Yahoo Japan shares and Alibaba stock, the value of which rose 228% during the tenure of departing CEO Marissa Mayer.

Indeed, at face value, Yahoo’s 15% stake in the Chinese e-commerce giant is worth $53 billion alone, based on Wednesday’s closing price for Alibaba (baba, -1.33%) shares. Add to that the current stock market value of its Yahoo Japan shares, and Altaba’s underlying assets are worth a combined $62 billion.

Yet investors continue to value Yahoo’s holdings in the two companies at much less than what they would be worth trading on the open market.

To measure just how big the discount is, Fortune subtracted the value of Yahoo’s cash and fixed-income holdings post-