The Reason I am Bullish on AMZN
Just want to add to this $Amazon.com(AMZN)$ math:
E-Commerce: ARR is currently $547B.
It's likely worth anywhere between 1 -1.8x sales which puts the e-comm valuation ~$800B.
Digital Ads: FY26 revs is heading towards $80B+ with operating margins likely at +50% which puts operating income +$40B.
I think a conservative multiple on this is in the 20x EBIT range which values the ads business ~$800B as well.
That's a total of $1.6T in e-comm and ads.
Overall valuation is $2.8T which means ~$1.2T is available for:
-> AWS: Likely worth +$3T by 2030
-> Amazon Leo
-> Zoox
-> One Medical
-> Prime Video
-> Equity stakes
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