The value of Amazon Web Services has been pegged at a whopping $160 billion, according to analysts from Germany’s Deutsche Bank. On Tuesday, the bank’s Karl Keirstead issued a note saying that AWS’ cloud revenues would hit $16 billion by 2017. Therefore, the company’s valuation as a standalone business would reach $160 billion based on a 10x multiple.

That figure puts AWS’ worth at roughly the same as IBM, which is currently valued at $160 billion. Larry Ellison’s Oracle is worth slightly more, at $170 billion. Salesforce.com, Inc. meanwhile, has a $50 billion market cap.

Deutsche Bank’s valuation is streets ahead of the last Wall Street guestimate of AWS’s worth. Earlier this year – before AWS reported earnings for the first time – the Robert W. Baird financial firm pegged its value at a ‘mere’ $40 to $50 billion, while Amazon.com Inc.’s CEO Jeff Bezos himself said AWS was a “$5 billion business”.

Business Insider reports that Deutsche Bank reached its figure by comparing AWS to its peers in the enterprise cloud space. It said Google, Salesforce and Workday had median 2016 revenue multiples of 9x.

Deutsche Bank’s Keirstead concluded that AWS is around six times larger than Microsoft’s Azure cloud business, adding that it’s “arguably the greatest disruptive force in the entire enterprise technology market today.”

The analyst further commended AWS chief Andy Jassy, noting he that although he’s kept a relatively low profile, he’s probably “the world’s most under-appreciated technology company head.”

AWS posted $2.1 billion revenues in its latest quarter, amounting to 78 percent year over year growth.