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  ·2021-06-06
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  Zoom: Zooming In, Not Connecting<blockquote>缩放：放大，未连接</blockquote>
  Summary After a ridiculous 2020, Zoom previously guided for flattish sequential trends in 2021. The
  Zoom: Zooming In, Not Connecting<blockquote>缩放：放大，未连接</blockquote>
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As we have seen good news on that front of course recently, that is a bad outcome for Zoom (at least in the near term). While the company is off to a good start in 2021, the potential for sales declines on a year-over-year basis later this year makes me frightened at a huge 25 times sales multiple.</p><p><blockquote>此外，未来实现的收入在很大程度上取决于疫情的结果。当然，正如我们最近在这方面看到的好消息一样，这对 Zoom 来说是一个糟糕的结果（至少在短期内）。虽然该公司在 2021 年有了一个良好的开端，但今年晚些时候销售额同比下降的可能性让我对 25 倍的巨大销售额倍数感到害怕。</blockquote></p><p> <b>My April Take</b></p><p><blockquote><b>我的四月份</b></blockquote></p><p> Zoom is one of the undisputed beneficiaries of the Covid-19 pandemic, as the operating momentum was unheard of. That rapid growth is clearly reliant on the pandemic which creates a key risk as well, as in my opinion the outlook is largely binary, related to the potential reopening of the economies across the globe.</p><p><blockquote>Zoom 是 Covid-19 大流行无可争议的受益者之一，因为其运营势头前所未有。这种快速增长显然依赖于疫情，这也造成了一个关键风险，因为在我看来，前景在很大程度上是二元的，与全球经济的潜在重新开放有关。</blockquote></p><p> That is not entirely fair as well, as the binary outcome does not mean that we return to a pre-Covid-19 world either, because even if the pandemic comes to an end, demand will in all likelihood come in (far) above the run rate reported ahead of the pandemic.</p><p><blockquote>这也不完全公平，因为二元结果也不意味着我们回到新冠肺炎之前的世界，因为即使疫情结束，需求也很可能会（远远）高于疫情之前报告的运行率。</blockquote></p><p> The thesis started with 2019, a year in which the company grew sales by 88% to $623 million, and with shares trading at $60 ahead of the pandemic, valuations were elevated at around 20 times sales. Originally the company guided for 50% revenue growth in 2020, yet the pandemic changed everything. First quarter sales in 2020 jumped 169% as a result of the pandemic, triggering a doubling of the annual sales outlook.</p><p><blockquote>该论文始于 2019 年，这一年该公司销售额增长了 88%，达到 6.23 亿美元，在疫情爆发前，股价交易价格为 60 美元，估值约为销售额的 20 倍。最初，该公司的目标是 2020 年收入增长 50%，但疫情改变了一切。受疫情影响，2020 年第一季度销售额跃升 169%，引发年度销售前景翻了一番。</blockquote></p><p> Second quarter sales were up 355% in the second quarter, 367% in the third quarter and growth even topped 369% in the fourth quarter. Fourth quarter revenues of $882 million were essentially equal to the original outlook for all of 2020, showing the real extent of the momentum!</p><p><blockquote>第二季度销售额第二季度增长355%，第三季度增长367%，第四季度增幅甚至超过369%。第四季度8.82亿美元的收入与2020年全年的原始预期基本持平，显示了势头的真实程度!</blockquote></p><p> With sales running at a run rate of $3.5 billion, earnings were coming in around a billion a year as the great momentum triggered a huge run in the shares from $60 ahead of the pandemic, to a high of nearly $600 in October. Shares are now down to $330, as nearly half the gains have been given back. Working with a 300 million shares count at the time of the fourth quarter results, valued at $322 per share, the company was valued at $96 billion, for a $92 billion enterprise valuation.</p><p><blockquote>随着销售额以 35 亿美元的速度运行，每年收益约为 10 亿美元，因为巨大的势头引发了股价的大幅上涨，从大流行前的 60 美元飙升至 10 月份近 600 美元的高点。由于近一半的涨幅已被回吐，股价现已跌至 330 美元。在第四季度业绩公布时，该公司拥有 3 亿股股票，每股价值 322 美元，估值为 960 亿美元，企业估值为 920 亿美元。</blockquote></p><p> This came down to 26 times annualized sales and 100 times earnings. While &gt;300% growth rates look compelling, comparables from now on will get difficult, but moreover is the uncertainty on the outcome of the pandemic, and thus the demand for Zoom's products, as well as potential about becoming a commodity like product and competition from Teams, among others.</p><p><blockquote>这相当于年销售额的26倍和收益的100倍。虽然 300% 以上的增长率看起来很有吸引力，但从现在开始，可比性将变得困难，但此外，疫情结果的不确定性，以及对 Zoom 产品的需求，以及成为产品等商品的潜力和来自团队的竞争等。</blockquote></p><p> With the company guiding for first quarter 2021 sales of $900-$905 million and full year sales of $3.77 billion for 2021, it was evident to me that sequential growth would be coming to a standstill as this did not rhyme with a 25 times sales multiple in my book. This was the key reason why I have not initiated a position yet despite the near 50% pullback seen in the share price.</p><p><blockquote>该公司预计 2021 年第一季度销售额为 9 亿至 9.05 亿美元，2021 年全年销售额为 37.7 亿美元，对我来说很明显，连续增长将陷入停滞，因为这与我书中 25 倍的销售倍数不符。这是尽管股价回调近 50%，但我尚未建仓的关键原因。</blockquote></p><p> <b>Solid Start To 2021</b></p><p><blockquote><b>2021 年开局稳健</b></blockquote></p><p> Zoom&nbsp;started&nbsp;the year on a solid note with first quarter sales up 191% to $956 million. The percentage growth rates come down quite a bit already after the first quarter of last year already included a huge bump in sales, and with shares running at a $3.8 billion run rate, it is evident that the best of the growth is a thing of the past already. The company continues to be very profitable with after-tax earnings of $227 million resulting in nearly 25% after-tax profit margins, yet earnings only trend around $3 per share here.</p><p><blockquote>Zoom 今年年初表现强劲，第一季度销售额增长 191%，达到 9.56 亿美元。在去年第一季度销售额大幅增长之后，百分比增长率已经大幅下降，而且股价以 38 亿美元的运行速度运行，很明显，最好的增长已经成为过去。该公司继续盈利，税后利润为 2.27 亿美元，税后利润率接近 25%，但每股收益仅在 3 美元左右。</blockquote></p><p></p><p> A share count of 305 million shares now trade at $330 which implies an equity valuation just above the $100 billion mark, for an enterprise value of around $96 billion. Based on the current run rate of $3.8 billion in sales, the company trades at 25 times sales. On the back of the solid first quarter results, the company hiked the midpoint of the full year sales guidance to $3.98 billion, essentially a $210 million increase in the sales guidance. This suggests somewhat stronger momentum in the remainder of the year, despite the promising trends related to the pandemic. Even after the hike, shares still trade at 24 times sales.</p><p><blockquote>3.05 亿股股票目前交易价格为 330 美元，这意味着股权估值略高于 1000 亿美元大关，企业价值约为 960 亿美元。根据目前38亿美元的销售额，该公司的市盈率是销售额的25倍。在稳健的第一季度业绩的支持下，该公司将全年销售指引的中点上调至39.8亿美元，实质上销售指引增加了2.1亿美元。尽管与疫情相关的趋势令人鼓舞，但这表明今年剩余时间的势头有所增强。即使在加息之后，股价仍然以销售额的 24 倍进行交易。</blockquote></p><p> While the hike in the guidance for the entire year is comfortable, it still suggests that sequential revenue and earnings numbers are likely seen flattish from here onward, as I fear that in case of a big re-opening we might even see temporary negative growth numbers on a year-over-year basis. Those prospects frighten me with a current 24 times sales multiple attached to the business, and even as the business is very profitable, I am very scared on these prospects, meaning that I continue to stand on the sideline.</p><p><blockquote>虽然全年指引的上调令人欣慰，但它仍然表明，从现在开始，连续的收入和盈利数据可能会持平，因为我担心，如果大规模重新开放，我们甚至可能会看到暂时的同比负增长数据。这些前景让我害怕，因为该业务目前的销售倍数是24倍，尽管该业务非常有利可图，但我对这些前景感到非常害怕，这意味着我继续袖手旁观。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Zoom: Zooming In, Not Connecting<blockquote>缩放：放大，未连接</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nZoom: Zooming In, Not Connecting<blockquote>缩放：放大，未连接</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-06 08:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>After a ridiculous 2020, Zoom previously guided for flattish sequential trends in 2021.</li>  <li>The first quarter has actually been surprisingly strong as the company hiked the full-year guidance as well.</li>  <li>Despite this positive news flow, I am very worried about potential lack of year-over-year growth later this year at a 25 times sales multiple.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1007baa781199b5fa7dfab51294d0e11\" tg-width=\"1536\" tg-height=\"1024\"><span>Photo by Sundry Photography/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>在经历了荒谬的 2020 年之后，Zoom 此前预测 2021 年的连续趋势持平。</li><li>第一季度实际上出奇地强劲，因为该公司也上调了全年指引。</li><li>尽管有这些积极的消息，但我非常担心今年晚些时候销售倍数为 25 倍的情况下可能不会出现同比增长。</li></ul><p class=\"t-img-caption\"><span>摄影：Sundry Photography/iStock Editories，来自 Getty Images</span></p></blockquote></p><p> <b>Zoom Video Communications (ZM)</b>&nbsp;started 2021 on a very strong note but its shares have seen continued pressure during the tech sell-off in recent months.</p><p><blockquote><b>Zoom Video通信 (ZM)</b>2021 年伊始，其股价表现非常强劲，但在近几个月的科技抛售期间，其股价持续面临压力。</blockquote></p><p> In April of this year, I&nbsp;concluded&nbsp;that Zoom ended 2020 on a solid note, yet I was still not connecting to the shares as the 2021 guidance was largely in line with the fourth quarter run rate, leaving little to no sequential growth.</p><p><blockquote>今年 4 月，我得出的结论是，Zoom 在 2020 年结束时表现稳健，但我仍然没有将其与该股联系起来，因为 2021 年的指引与第四季度的运行率基本一致，几乎没有环比增长。</blockquote></p><p> Furthermore, the revenues to be realized in the future depend heavily on the outcome of the pandemic. As we have seen good news on that front of course recently, that is a bad outcome for Zoom (at least in the near term). While the company is off to a good start in 2021, the potential for sales declines on a year-over-year basis later this year makes me frightened at a huge 25 times sales multiple.</p><p><blockquote>此外，未来实现的收入在很大程度上取决于疫情的结果。当然，正如我们最近在这方面看到的好消息一样，这对 Zoom 来说是一个糟糕的结果（至少在短期内）。虽然该公司在 2021 年有了一个良好的开端，但今年晚些时候销售额同比下降的可能性让我对 25 倍的巨大销售额倍数感到害怕。</blockquote></p><p> <b>My April Take</b></p><p><blockquote><b>我的四月份</b></blockquote></p><p> Zoom is one of the undisputed beneficiaries of the Covid-19 pandemic, as the operating momentum was unheard of. That rapid growth is clearly reliant on the pandemic which creates a key risk as well, as in my opinion the outlook is largely binary, related to the potential reopening of the economies across the globe.</p><p><blockquote>Zoom 是 Covid-19 大流行无可争议的受益者之一，因为其运营势头前所未有。这种快速增长显然依赖于疫情，这也造成了一个关键风险，因为在我看来，前景在很大程度上是二元的，与全球经济的潜在重新开放有关。</blockquote></p><p> That is not entirely fair as well, as the binary outcome does not mean that we return to a pre-Covid-19 world either, because even if the pandemic comes to an end, demand will in all likelihood come in (far) above the run rate reported ahead of the pandemic.</p><p><blockquote>这也不完全公平，因为二元结果也不意味着我们回到新冠肺炎之前的世界，因为即使疫情结束，需求也很可能会（远远）高于疫情之前报告的运行率。</blockquote></p><p> The thesis started with 2019, a year in which the company grew sales by 88% to $623 million, and with shares trading at $60 ahead of the pandemic, valuations were elevated at around 20 times sales. Originally the company guided for 50% revenue growth in 2020, yet the pandemic changed everything. First quarter sales in 2020 jumped 169% as a result of the pandemic, triggering a doubling of the annual sales outlook.</p><p><blockquote>该论文始于 2019 年，这一年该公司销售额增长了 88%，达到 6.23 亿美元，在疫情爆发前，股价交易价格为 60 美元，估值约为销售额的 20 倍。最初，该公司的目标是 2020 年收入增长 50%，但疫情改变了一切。受疫情影响，2020 年第一季度销售额跃升 169%，引发年度销售前景翻了一番。</blockquote></p><p> Second quarter sales were up 355% in the second quarter, 367% in the third quarter and growth even topped 369% in the fourth quarter. Fourth quarter revenues of $882 million were essentially equal to the original outlook for all of 2020, showing the real extent of the momentum!</p><p><blockquote>第二季度销售额第二季度增长355%，第三季度增长367%，第四季度增幅甚至超过369%。第四季度8.82亿美元的收入与2020年全年的原始预期基本持平，显示了势头的真实程度!</blockquote></p><p> With sales running at a run rate of $3.5 billion, earnings were coming in around a billion a year as the great momentum triggered a huge run in the shares from $60 ahead of the pandemic, to a high of nearly $600 in October. Shares are now down to $330, as nearly half the gains have been given back. Working with a 300 million shares count at the time of the fourth quarter results, valued at $322 per share, the company was valued at $96 billion, for a $92 billion enterprise valuation.</p><p><blockquote>随着销售额以 35 亿美元的速度运行，每年收益约为 10 亿美元，因为巨大的势头引发了股价的大幅上涨，从大流行前的 60 美元飙升至 10 月份近 600 美元的高点。由于近一半的涨幅已被回吐，股价现已跌至 330 美元。在第四季度业绩公布时，该公司拥有 3 亿股股票，每股价值 322 美元，估值为 960 亿美元，企业估值为 920 亿美元。</blockquote></p><p> This came down to 26 times annualized sales and 100 times earnings. While &gt;300% growth rates look compelling, comparables from now on will get difficult, but moreover is the uncertainty on the outcome of the pandemic, and thus the demand for Zoom's products, as well as potential about becoming a commodity like product and competition from Teams, among others.</p><p><blockquote>这相当于年销售额的26倍和收益的100倍。虽然 300% 以上的增长率看起来很有吸引力，但从现在开始，可比性将变得困难，但此外，疫情结果的不确定性，以及对 Zoom 产品的需求，以及成为产品等商品的潜力和来自团队的竞争等。</blockquote></p><p> With the company guiding for first quarter 2021 sales of $900-$905 million and full year sales of $3.77 billion for 2021, it was evident to me that sequential growth would be coming to a standstill as this did not rhyme with a 25 times sales multiple in my book. This was the key reason why I have not initiated a position yet despite the near 50% pullback seen in the share price.</p><p><blockquote>该公司预计 2021 年第一季度销售额为 9 亿至 9.05 亿美元，2021 年全年销售额为 37.7 亿美元，对我来说很明显，连续增长将陷入停滞，因为这与我书中 25 倍的销售倍数不符。这是尽管股价回调近 50%，但我尚未建仓的关键原因。</blockquote></p><p> <b>Solid Start To 2021</b></p><p><blockquote><b>2021 年开局稳健</b></blockquote></p><p> Zoom&nbsp;started&nbsp;the year on a solid note with first quarter sales up 191% to $956 million. The percentage growth rates come down quite a bit already after the first quarter of last year already included a huge bump in sales, and with shares running at a $3.8 billion run rate, it is evident that the best of the growth is a thing of the past already. The company continues to be very profitable with after-tax earnings of $227 million resulting in nearly 25% after-tax profit margins, yet earnings only trend around $3 per share here.</p><p><blockquote>Zoom 今年年初表现强劲，第一季度销售额增长 191%，达到 9.56 亿美元。在去年第一季度销售额大幅增长之后，百分比增长率已经大幅下降，而且股价以 38 亿美元的运行速度运行，很明显，最好的增长已经成为过去。该公司继续盈利，税后利润为 2.27 亿美元，税后利润率接近 25%，但每股收益仅在 3 美元左右。</blockquote></p><p></p><p> A share count of 305 million shares now trade at $330 which implies an equity valuation just above the $100 billion mark, for an enterprise value of around $96 billion. Based on the current run rate of $3.8 billion in sales, the company trades at 25 times sales. On the back of the solid first quarter results, the company hiked the midpoint of the full year sales guidance to $3.98 billion, essentially a $210 million increase in the sales guidance. This suggests somewhat stronger momentum in the remainder of the year, despite the promising trends related to the pandemic. Even after the hike, shares still trade at 24 times sales.</p><p><blockquote>3.05 亿股股票目前交易价格为 330 美元，这意味着股权估值略高于 1000 亿美元大关，企业价值约为 960 亿美元。根据目前38亿美元的销售额，该公司的市盈率是销售额的25倍。在稳健的第一季度业绩的支持下，该公司将全年销售指引的中点上调至39.8亿美元，实质上销售指引增加了2.1亿美元。尽管与疫情相关的趋势令人鼓舞，但这表明今年剩余时间的势头有所增强。即使在加息之后，股价仍然以销售额的 24 倍进行交易。</blockquote></p><p> While the hike in the guidance for the entire year is comfortable, it still suggests that sequential revenue and earnings numbers are likely seen flattish from here onward, as I fear that in case of a big re-opening we might even see temporary negative growth numbers on a year-over-year basis. Those prospects frighten me with a current 24 times sales multiple attached to the business, and even as the business is very profitable, I am very scared on these prospects, meaning that I continue to stand on the sideline.</p><p><blockquote>虽然全年指引的上调令人欣慰，但它仍然表明，从现在开始，连续的收入和盈利数据可能会持平，因为我担心，如果大规模重新开放，我们甚至可能会看到暂时的同比负增长数据。这些前景让我害怕，因为该业务目前的销售倍数是24倍，尽管该业务非常有利可图，但我对这些前景感到非常害怕，这意味着我继续袖手旁观。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4433258-zoom-zooming-in-not-connecting\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ZM":"Zoom"},"source_url":"https://seekingalpha.com/article/4433258-zoom-zooming-in-not-connecting","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125022737","content_text":"Summary\n\nAfter a ridiculous 2020, Zoom previously guided for flattish sequential trends in 2021.\nThe first quarter has actually been surprisingly strong as the company hiked the full-year guidance as well.\nDespite this positive news flow, I am very worried about potential lack of year-over-year growth later this year at a 25 times sales multiple.\n\nPhoto by Sundry Photography/iStock Editorial via Getty Images\nZoom Video Communications (ZM) started 2021 on a very strong note but its shares have seen continued pressure during the tech sell-off in recent months.\nIn April of this year, I concluded that Zoom ended 2020 on a solid note, yet I was still not connecting to the shares as the 2021 guidance was largely in line with the fourth quarter run rate, leaving little to no sequential growth.\nFurthermore, the revenues to be realized in the future depend heavily on the outcome of the pandemic. As we have seen good news on that front of course recently, that is a bad outcome for Zoom (at least in the near term). While the company is off to a good start in 2021, the potential for sales declines on a year-over-year basis later this year makes me frightened at a huge 25 times sales multiple.\nMy April Take\nZoom is one of the undisputed beneficiaries of the Covid-19 pandemic, as the operating momentum was unheard of. That rapid growth is clearly reliant on the pandemic which creates a key risk as well, as in my opinion the outlook is largely binary, related to the potential reopening of the economies across the globe.\nThat is not entirely fair as well, as the binary outcome does not mean that we return to a pre-Covid-19 world either, because even if the pandemic comes to an end, demand will in all likelihood come in (far) above the run rate reported ahead of the pandemic.\nThe thesis started with 2019, a year in which the company grew sales by 88% to $623 million, and with shares trading at $60 ahead of the pandemic, valuations were elevated at around 20 times sales. Originally the company guided for 50% revenue growth in 2020, yet the pandemic changed everything. First quarter sales in 2020 jumped 169% as a result of the pandemic, triggering a doubling of the annual sales outlook.\nSecond quarter sales were up 355% in the second quarter, 367% in the third quarter and growth even topped 369% in the fourth quarter. Fourth quarter revenues of $882 million were essentially equal to the original outlook for all of 2020, showing the real extent of the momentum!\nWith sales running at a run rate of $3.5 billion, earnings were coming in around a billion a year as the great momentum triggered a huge run in the shares from $60 ahead of the pandemic, to a high of nearly $600 in October. Shares are now down to $330, as nearly half the gains have been given back. Working with a 300 million shares count at the time of the fourth quarter results, valued at $322 per share, the company was valued at $96 billion, for a $92 billion enterprise valuation.\nThis came down to 26 times annualized sales and 100 times earnings. While >300% growth rates look compelling, comparables from now on will get difficult, but moreover is the uncertainty on the outcome of the pandemic, and thus the demand for Zoom's products, as well as potential about becoming a commodity like product and competition from Teams, among others.\nWith the company guiding for first quarter 2021 sales of $900-$905 million and full year sales of $3.77 billion for 2021, it was evident to me that sequential growth would be coming to a standstill as this did not rhyme with a 25 times sales multiple in my book. This was the key reason why I have not initiated a position yet despite the near 50% pullback seen in the share price.\nSolid Start To 2021\nZoom started the year on a solid note with first quarter sales up 191% to $956 million. The percentage growth rates come down quite a bit already after the first quarter of last year already included a huge bump in sales, and with shares running at a $3.8 billion run rate, it is evident that the best of the growth is a thing of the past already. The company continues to be very profitable with after-tax earnings of $227 million resulting in nearly 25% after-tax profit margins, yet earnings only trend around $3 per share here.\nA share count of 305 million shares now trade at $330 which implies an equity valuation just above the $100 billion mark, for an enterprise value of around $96 billion. Based on the current run rate of $3.8 billion in sales, the company trades at 25 times sales. On the back of the solid first quarter results, the company hiked the midpoint of the full year sales guidance to $3.98 billion, essentially a $210 million increase in the sales guidance. This suggests somewhat stronger momentum in the remainder of the year, despite the promising trends related to the pandemic. Even after the hike, shares still trade at 24 times sales.\nWhile the hike in the guidance for the entire year is comfortable, it still suggests that sequential revenue and earnings numbers are likely seen flattish from here onward, as I fear that in case of a big re-opening we might even see temporary negative growth numbers on a year-over-year basis. Those prospects frighten me with a current 24 times sales multiple attached to the business, and even as the business is very profitable, I am very scared on these prospects, meaning that I continue to stand on the sideline.","news_type":1,"symbols_score_info":{"ZM":0.9}},"isVote":1,"tweetType":1,"viewCount":545,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":false}