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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.38

-0.5%

Nov 18 3:59 PM EST

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To: Mike M who wrote (25476)	5/12/1999 5:14:00 AM
From: Arik T.G.	Read Replies (3) of 77400

Mike, Re: CSCO growth and valuation YOY quarterly revenues growth was 70-90% from '92 to Q2 of '97. Then a continuous decline in growth to 26.6% YOY in Q2 of '98. From then on there was a continuous improvement in YOY revenue growth, to 44.1% in the recent report. Gross margin was almost constant over the last 4 years at 65.5%, but operating margin was in continuous decline: 1995 35.57% 1996 34.57% 1997 33.16% 1998 31.89% 1999 29.44% (2Qs). CSCO is certainly a great company, and is IMO one of the least overvalued in its sector (internet). I believe it deserves a P/E of 35-40 on '99 earnings, and would be fairly priced at half the current level. ATG

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