Cisco Systems, Inc. (CSCO) Message Board

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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 74.59

+0.3%

Jan 23 9:30 AM EST

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To: Stock Farmer who wrote (62486)	12/11/2002 4:07:56 PM
From: SouthFloridaGuy	Read Replies (1) of 77400

To me this valuation seems optimistic. 7 billion shares outstanding, wowsers! CSCO 2002 (base) 2003 2004 2005 2006 2007 2008 Revenues 18,915 20,807 22,887 25,176 27,693 30,463 33,509 Operating Margin 14.33% 15.00% 15.00% 16.00% 16.00% 16.50% 16.50% EBIT 2,710 3,121 3,433 4,028 4,431 5,026 5,529 EBIT(1-t) 1,762 2,029 2,231 2,618 2,880 3,548 4,074 CAPEX 2,641 2,747 3,159 3,632 4,177 4,804 5,524 Depreciation 1,957 2,035 2,341 2,692 3,095 3,560 4,094 Change in WC 26 312 343 403 443 503 553 Free Cash Flow to Firm 1,052 1,005 1,070 1,275 1,355 1,801 2,091 PV of Free Cash Flow 874 809 838 775 896 19,007 Revenue Growth 10.00% Terminal Growth Rate 4.00% Cost of Capital 15.00% Tax Rate 35% Cash 12,600.00 Cumulative FCF 35,798.62 Fair Value Share Price 4.95 Current Price 13.68 Shares 7,230

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