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I was looking at Zoom (ZM) ahead of earnings today and decided that it was worth taking a small position because the stock had just gotten too cheap. The quarter was better than expected and the stock is +6% in the after-hours – but I think it’s going higher still.

ZM closed Monday at $89.33. It has $18.68/share cash and short-term investments. That means you get the business for $70. They guided 2022 EPS to $3.70-$3.77. That’s a 19x multiple on current year earnings. If you think – like I do – that the future of work is more hybrid than before the pandemic, ZM still has a growth runway. At 19x earnings, it’s a buy.