It depends on how would you split the corporate debt between the two entities. If you load up enough debt on AWS, and have Retail debt free and with cash - it i

It depends on how would you split the corporate debt between the two entities. If you load up enough debt on AWS, and have Retail debt free and with cash - it is possible to have both shares valued at the same price Remember that Market cap = Enterprise value - Net debt. We can argue that enterprise value of business is different, but by changing net debt figure of each company we can make market cap of both firms equal