Alibaba Group Holding:Likely benefiting from improved disclosure
类型:公司研究 机构:野村国际(香港)有限公司 研究员:野村国际(香港)研究所 日期:2016-05-09
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Valuation Methodology
We adopt a SOTP valuation method for Alibaba Group. We value its mainbusiness at $217bn, or $84.60 per share, based on DCF valuation. We valuethe optionality in Ant Financial at $17bn, or $6.7bn per share. Our SOTPbasedTP of $91 implies 26x FY17F P/E.
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