First of all where did you get $161 Billion? Sure it is not $161.546 Billion? My bet remains $240 Billion with after tax to YHOO around $47 Billion plus 20 core plus 7 Japan plus 3 cash is $75ish. Other bets are $130 to $300. Next year earnings around $6 Billion times 40 multiple = $240. Why not?
$47B??? Highly unlikely...say it IPO's at $160B which means their 10% is 16B. Then it goes to $240B as you say that leaves 13% at 31.2B. Together that is $48.2B times 40% tax(they paid 39% on the 1st tranche) so $28.92B. Say $10 for core and cash and $7 for YJ=$45.92. They figure away to significantly not pay the tax man and it'll be the equivalent of more than a decade of the core's operating income.
30 to 45 billion dollars and not taking all the money on one shot. When is the last time you saw any company receive so many billions of dollars on one shot. Earnings doesn't mean much here. Its all about BABA and the billions