I estimate that General Electric Company (NYSE: GE)'s Commercial Finance segment is worth between $33.3 billion and $49.8 billion -- 23.4% below last July at the low end -- when compared to $43.5 billion and $64.1 billion.

GE's Commercial Finance offers loans, leases, and other financial services to manufacturers, distributors, and end-users for a variety of equipment and major capital assets. These assets include industrial-related facilities and equipment; commercial and residential real estate; vehicles; corporate aircraft; and equipment used in the construction, manufacturing, telecommunications, and health care industries.

GE Commercial Finance had a strong 2007. Its revenues and net earnings increased 11% and 14%, respectively, compared with 2006. Revenues in 2007 and 2006 included $2.4 billion and $0.1 billion from acquisitions, respectively, and in 2007 were reduced by $2.7 billion as a result of dispositions. Revenues in 2007 also increased $3.7 billion as a result of organic revenue growth ($2.7 billion) and the weaker U.S. dollar ($1.0 billion).

The increase in net earnings resulted from core growth ($0.5 billion), acquisitions ($0.2 billion), the weaker U.S. dollar ($0.1 billion), and investment income ($0.1 billion), partially offset by dispositions ($0.1 billion) and lower securitization income ($0.1 billion).

GE Commercial Finance's estimated net income was $4.98 billion in 2007. Here are the range of valuations based on the Price/Earnings ratios of the following peer companies (these companies are different than the ones I used last July because two of them -- CIT Group (NYSE: CIT) and Citigroup (NYSE: C) -- both had very bad results for 2007):

• The Goldman Sachs Group (NYSE: GS) P/E: 6.7. $33.4 billion
• JPMorgan Chase & Co. (NYSE: JPM) P/E: 10. $49.8 billion