California Attorney General Rob Bonta last week accused Amazon of violating antitrust law. Whether California prevails or not, investors have already granted Amazon a market valuation fit for a monopoly. TheRealLSL
, that division would have an enterprise value of $370 billion, leaving the retail business at close to $1 trillion.Such a valuation is more than double Amazon’s retail sales last year. But there’s another way of thinking about it. Rivals Walmart and Target both trade at under 0.9 times revenue. Start with that as a reasonable multiple for Amazon once it reaches maturity, and it’s as if investors are saying that the company can generate upwards of $1.1 trillion in sales.
Amazon’s revenue is nowhere near there yet. The premium valuation, though, is an implicit reflection of the company’s potential market power. That’s not much use for Amazon’s political detractors as they try to hang lawsuits on what the company does now rather than what it might do later. But in the longer run, either California has it exactly backwards, or Amazon’s shareholders do.California filed a lawsuit against Amazon.com on Sept.
“Merchants must agree not to offer lower prices elsewhere — including competing sites like Walmart, Target, eBay, and, in some cases, even on their own websites,” Bonta said in a statement. Amazon argued that the state had it “exactly backwards” in an emailed statement. It added that “the relief the AG seeks would force Amazon to feature higher prices to customers, oddly going against core objectives of antitrust law.”Editing by John Foley and Sharon Lam
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