Technology
ZM delivered a "clean sweep" Q3 that should silence the sceptics. This was not just a beat-and-raise quarter; it was a validation of the company’s structural pivot from a meeting app to an AI-first work platform. With revenue and EPS ahead of forecasts, a raise in FY26 guide and a fresh $1bn buyback authorisation, management is demonstrating immense confidence in the company's capital allocation and operational execution. The real story for investors, however, is the tangible monetisation of AI: usage is up 4x Y/Y and paid AI features are now anchoring 9 out of 10 large CX deals. With the core business stabilising and the AI/CX growth engines firing on all cylinders, ZM offers a rare combination of deep value (trading at ~3.2x EV/Sales vs. peers at 3.7x) and highly profitable growth.
Edition: 225
- 28 November, 2025
Tracking the mutual funds tax selling
Quantitative Partners with Phil Erlanger Research
Geoff Garbacz thinks this might be the most important data point to follow to determine if we continue to see a stock market rally. Stocks vulnerable to tax selling include Boeing, Intel, Rio Tinto, Stellantis and UPS. Click here to watch the video which also includes the key levels to monitor on the S&P 500.
Edition: 193
- 23 August, 2024
Technology
Stay short - while the Street recognises that ZM’s Online segment has likely peaked, it is still too bullish about growth prospects for the Enterprise segment - OWS argues that competition from Microsoft Teams and Google Meet is likely to impede ZM from attaining its mid-20s targeted revenue growth rate. Operating margin may also be lower than bulls anticipate due to mix shift to lower margin Zoom Phones and the need to up spending in R&D / S&M. The magnitude of the company’s SBC expense is starkly exposed by the fact that it has spent ~$1bn YTD on stock buybacks while lowering the share count by a paltry 1% Y/Y. TP $55.
Edition: 150
- 09 December, 2022
Corporate Access: 24 events hosted so far in 2022...
Peter Daniel hosts Zoom based calls with interesting industry (public & private companies) thought leaders for institutional equity investors. Highlights from this year include Tamara Lundgren (CEO, Schnitzer Steel); Lee Cooperman (Omega Family Office); Bill Rooney (VP- Strategic Development, Kuehne & Nagel); Ward Nye (CEO, Martin Marietta Materials); Scott Hamilton (President, Leeham Company); and Ken Langone (Co-Founder, Home Depot). Further details and a full list of all the events that Peter has hosted this year can be found here.
Edition: 148
- 11 November, 2022
Corporate Access: Hosting calls with industry thought-leaders
Peter Daniel hosts Zoom based calls with interesting industry (public & private companies) thought leaders for institutional equity investors. Here are some recent events. Stay tuned for future meetings...
Steve Saxon - Partner, McKinsey & Co., lives in Shanghai - Update on China Covid lockdown implications and supply chain issues.
Ward Nye - CEO - Martin Marietta Materials - Company update.
Dave Jackson - CEO - Knight-Swift Transportation - Company update.
Ryan Green - CEO - Gridwise - A mobile app that gig economy drivers use to track important job-related operating metrics.
Curtis Garrett - Former Chief Strategy Officer - Reconex - Update on the LTL Industry.
Bob Martin - CEO - Thor Industries - Company update and RVing industry review.
Spencer Patton - CEO - Route Consultant - Update on FDX ISP operators.
Edition: 141
- 05 August, 2022
Technology Trends: Change, disruption and opportunity in 2022
1) The acceleration from legacy security solutions to the newer generation of solutions - SASE / shake-up of enterprise networking and network security (Zscaler, Cloudflare, Palo Alto Networks).
2) Leverage of AI in cloud-based communications and collaboration (CCaaS) to the advantage of vendors who are separating themselves from commodity services and pricing (Five9, NICE). Changing competitive landscape as Zoom, Microsoft, and others collide in the large and growing UCaaS market.
3) Further strength in BI / Analytics / Observability to the benefit of vendors with the strongest cloud-based solutions (Datadog, Dynatrace), but more mixed results from vendors transitioning to SaaS (Teradata, Elastic).
Edition: 128
- 04 February, 2022
The origins of Covid-19: A video call with Viral author Matt Ridley
Three Chinese laboratories in Wuhan have been experimenting with coronaviruses since a 2012 lethal outbreak in Yunnan. Animal origin can be ruled out because none from the "wet market" blocks away from the China CDC lab have ever tested positive, yet the first human cases clustered there. The Wuhan Institute of Virology has a published record of experimenting with modifications to the furin cleft, which determines the virus's ability to infect human cells, being conducted under low levels of bio-security. Click here
Edition: 125
- 10 December, 2021
Technology
RNG has one of the best product portfolios in the UCaaS market as well as relationships with legacy vendors and service providers which will drive growth. Termination of the Zoom/Five9 merger will benefit RNG in the enterprise segment of the market. Expect the company to continue to beat estimates when it reports in November. TP $300 (~25% upside)
Edition: 121
- 15 October, 2021