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(BusinessWeek)  — It has been barely a year since General Motors emerged from bankruptcy, and already the carmaker may be worth more than crosstown rival and current industry darling Ford Motor (F). True, GM has just one quarter of profit behind it. And its shares don’t trade as it prepares an initial public offering to wean itself off government assistance. Yet based on one analyst’s figures, GM may be worth $47 billion, more than Ford’s stock market valuation of $36 billion.

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