Kaum geht der Kurs etwas nach oben, werden die Shortys wieder auf den Sell Button. Ich hoffe, auch dieses Mal stimmt es :"Wer zuletzt lacht, ...."
Aber es gibt die ersten Vergleiche mit Amazon ...
April 27, 2015, 11:28 A.M. ET
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Alibaba Better Than Amazon, Says Stifel, After Factoring for AWS
By Tiernan Ray
The Street continues to evaluate the disclosure last Thursday afternoon by Amazon.com (AMZN) of the financials for its Amazon Web Services, which surprised the Street by turning out to be profitable.
Stifel Nicolauss Scott Devitt this morning opines its a chance to compare Amazon, whose shares he rates Hold, to Alibaba Group Holding (BABA), whose shares he rates a Buy, arguing its the better e-commerce investment.
Argues Devitt, Alibaba is growing faster than Amazons traditional retail e-commerce operations yet the shares have a lower multiple:
Following the break out of the AWS business Amazon shares are increasingly being valued on a sum-of-the-parts basis, which is contributing to a positive re-rating of the shares, writes Devitt.
Applying a 5.5x multiple on 2016E AWS revenue, in-line with a basket of cloud and SAAS competitors, results in a $52B valuation for the business. This implies a $153B valuation for the Amazon eCommerce business or just under a 1.0x multiple of 2016E GMV, over twice the multiple of Alibaba, which is growing GMV at over 2x that rate of Amazon. This begs the question of whether the spread is justified. We expect the gap to close over time. The manner in which the gap narrows is up for debate.
Amazon shares today are down 75 cents at $444.35, while Alibaba is up 80 cents, or 0.9%, at 85.37.
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