As it faces a takeover by Microsoft, Yahoo is still fighting to win the hearts and minds of investors - or at least to justify a higher offer price from Microsoft.

Yahoo made public today a presentation given to its board in December, before Microsoft announced its offer.

Yahoo says it expects operating cash flow to nearly double to $3.7 billion over the next three years. The company is forecasting that it can get $1.9 billion in added revenue from display and video advertising. And it expects $1.4 billion in added search revenue.

"Yahoo is positioned for accelerated financial growth - we have a powerful consumer brand, a huge global audience, and a highly profitable operating model," said Jerry Yang, Yahoo's co-founder and C.E.O.

Shares of Yahoo are up nearly 5 percent in morning trading.

Henry Blodget on Silicon Alley Insider is skeptical that Yahoo can achieve that kind of revenue growth in search, given that Google continues to grab more market share. The rest of the assumptions, he says, are reasonable, but says, "We think the operating plan is closer to a ‘best case' scenario than a ‘most likely' scenario."

Still, he adds: "The plan should give Yahoo leverage to extract at least a couple more dollars per share out of Microsoft."

Clayton Moran, an analyst at Stanford Group Co. in Boca Raton, Florida, agrees.  He told Bloomberg News: "This is one more push by them to get a higher bid. This is reflective of Yahoo's alternatives dwindling.''