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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Stock Farmer who wrote (57787)	2/21/2002 11:38:20 AM
From: RetiredNow	Read Replies (2) \| Respond to of 77400

Remember that my adj cash flows number exclude investment actions. So in the last five years the company lost a lot in the stock market and made several crappy multibillion dollar acquisitions, which burned through some of their retained earnings. But at the end of the day, we care about cash contribution from operations and it's additive affects to equity. As of this last quarter shareholder's equity stood at $28 billion. As of the end of FY1995, shareholder's equity stood at $1.6 billion. So yes, some money was squandered along the way and some of this increase came from equity financing ($5 billion from what you say), but the bottom line is that this company is a powerful cash generating franchise, even when we exclude the contributions from stock options and investments. As to why your numbers come out different than mine, when we have the same inputs, I'm not sure what you are doing different. In year 2030, I end up with total shares o/s of 16.958 billion (3% growth per year from here). Anyway, again it's boiling down to assumptions. I believe you are including things that shouldn't be included and you believe the same of me.