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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 75.22

-0.1%

3:48 PM EST

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To: Stock Farmer who wrote (58500)	3/13/2002 5:11:26 PM
From: RetiredNow	Read Replies (2) of 77400

Hi John, lol. That's not an accurate essence you have there. What I've done is take a rolling average, which actually came closer to 19%, not 40%. The 40% figure was just the most recent quarter's figure. I'm still in the process of doing a FCF based on Brealy & Myers, so I'll want to report on that once I finish it up. But either way, I still believe that you are also calculating the FCF incorrectly. You are subtracting things twice from earnings and then subtracting one time events assuming that those one time events will continue every year into the future. Then in addition, you are excluding tax benefits, all the while accounting for the dilution that resulted from the event that generated those tax benefits. So you too are trying to mold facts to fit your perception, rather than taking a hard look at the science of the figures. As to speculation and conjecture, I've attempted to cut down on that by going right back to the definitive source for this type of calculation, which everyone in the finance world knows if Brealy and Myers. I'll have more for you later.

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