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Initial estimates abound, but the current consensus is for a valuation somewhere in the region of $115-245 billion, which is quite the spread all things considered. Tech companies trading on high earnings multiples have been hit hard lately, but those for Alibaba look more reasonable, especially when potential growth rates in China are taken into account.
The table below indicates the multiples at which Alibaba would trade at both ends of the spectrum, based on the most recent full-year revenue and earnings figures of $5.6 billion and $1.4 billion respectively: