ZOOM (-) : FQ1’27 preview: Zoom’s Anthropic special situation

Research evidence excerpt

ZOOM (-) : FQ1’27 preview: Zoom’s Anthropic special situation

EQUITIES

SOFTWARE

ZOOM UNDERPERFORMPRICE* USD102.4  TARGET PRICE USD66 (DOWNSIDE 36%)

FQ1’27 preview: Zoom’s Anthropic special situation

Zoom is expected to report FQ1’27 earnings on Thursday, May 21st, after market close14 MAY 2026

Securities Research Report

Production time: 12:13* (London time) Shares boosted YTD by Anthropic stake excitement, FY27 growth guide flattish vs last year

Research Analysts & Publishing Entities Zoom shares have done well YTD, with shares +23% YTD vs the IGV at -14%, and have more than

Stefan Slowinski recovered from the drop on Q4 results, when the company guided for slight FY27 rev growth

BNP Paribas London Branch deceleration. But Anthropic excitement continues to drive the shares (and high levels of investor

(+44) 203 430 8549 interest). Yesterday’s press reports (Link) suggesting Anthropic fundraising at a ~$900bn valuationstefan.slowinski@uk.bnpparibas.com

would imply Zoom’s ~0.4% stake could be worth ~$4bn against an EV of $23bn. Below, we look at

Keeler Patton Zoom’s valuation considering a range of potential Anthropic valuations. Zoom has added $5.6bn of

BNP Paribas Securities Corp1

mkt cap YTD, which could imply a ~$1.4 trillion total Anthropic valuation if we attribute all of the(+1) 646 342 6138

keeler.patton@us.bnpparibas.com increase to the stake, and assume minimal Anthropic valuation as a starting point. If we consider

Zoom’s relative outperformance vs. IGV YTD, representing ~$9.2bn of mkt cap, this could imply aDaniel Wang

BNP Paribas Securities Corp1 $2.2 trillion Anthropic valuation embedded within Zoom. But even at that level, the rest of Zoom is

+1 646 785 3326 not yet ‘free’ and would be trading on 7x FY’28 EV/FCF (or 13x when adjusting for stock comp).