Even if Microsoft or Amazon multiples are out of reach, if it's perceived as a shiny "cloud" company then it might get something like the average of a popular ETF or index which rides the "cloud" bandwagon, currently e.g. 3.5 on sales. With sales of 77 G$ in 2019, and 25 % lost to the spinoff, new IBM would get to 200 G$ of valuation, twice what it was before the announcement. (Are investors this gullible? Maybe.) https://www.bloomberg.com/opinion/articles/2020-10-08/bm-spi...