高盛上调阿里云估值至930亿美元，但估值水位低于亚马逊微软
来源：科创板日报
7月16日，高盛在最新评估中上调阿里云估值至930亿美元，较2个月前摩根大通给出的770亿美金估值上升超两成。分析认为，阿里云在规模和战略布局上有突出优势，市场正在调整其估值向亚马逊AWS靠拢。
今年5月，阿里巴巴集团发布2020财年业绩,阿里云年收入达400亿元，在2018财年、2019财年，阿里云的营收分别为为133.9亿元人民币、247亿元人民币。
阿里云2020年财年业绩不仅同比增长62%，营收数据6年增长31倍。
同时根据Gartner报告显示，2020年4月，阿里云是亚太地区最大的云计算厂商，市场份额从2018年的26%增长至28%，接近亚马逊AWS和微软Azure总和。在全球云计算IaaS市场，阿里云的份额从7.7%上涨至9.1%。在中国云计算市场，阿里云占有率达42%。
高盛预测，保守估计阿里云2022财年营收为834.07亿元人民币。由此，在对阿里云的估值中，选取834.07亿人民币作为营收数据，给予阿里云8.0倍市售率倍数，得出930亿美金的现行估值。并评价称未来其估值将从目前的8倍PS大幅向亚马逊AWS的14倍PS靠拢，带来估值大幅跃升。
除高盛外，KeyBanc也在最新报告中大幅上调阿里云估值。分析观点同样认为，疫情正在加速企业数字化进程，这将极大提高阿里云的发展潜力。同时，钉钉用户数已突破3亿，企业组织数突破1500万家，为全球150个国家和地区提供服务，未来将推动阿里云的估值进一步提升。
高盛对阿里云采用了“市售率”估值法（PS估值法），为一种常用于云计算的方法，目前，对亚马逊AWS、微软Azure、谷歌云等公司，均采用此种方法。
亚马逊、微软、阿里云、谷歌，分别是全球云计算市场前四名。
2020年7月，在高盛对阿里云估值的报告中，给予亚马逊的市售率为14倍。2019财年，微软营收为1258亿美元，未单独拆分云业务Azure营收进行披露。微软集团整体市售率约为8倍左右。德意志银行两位分析师的研究报告称，谷歌云价值2250亿美元，给出的谷歌云的前瞻市销率约为13.23倍。
对于几家全球领军的云计算厂商，分析机构普遍给予的市售率在8到14倍左右。高盛目前给予阿里云8倍的市售率，并不算“高”。
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