Jordan McNamee's blog

China's internet

Jordan McNamee's picture

Over the last 10 years, there are few companies in the world that have been as successful as Alibaba. Now commanding about 80% share of the Chinese e-commerce market, trading at under 20 times 2017 free cash flow (FCF) and growing at over 30% a year, it’s hard not to want to own such a fantastic business for what seems to be a reasonable price. Naturally you would ask yourself why such a dominant company, growing at this rate, is so cheap.

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