Alibaba's mobile, logistics, cloud, and digital media efforts offer long-term cash flow potential.
The big news coming out of the first day of Alibaba's 2017 investor event is revenue guidance calling for 45%-49% growth, well ahead of consensus and our estimates of 36%. This implies CNY 230 billion-236 billion for fiscal 2018 and suggests accelerating organic revenue year over year versus last year's 44%-45% growth after adjusting for Youku and Lazada. This leads us to two questions: (1) Are these numbers achievable? and (2) What does it tell us about the company's economic moat?On the first...
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