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Key Info

Cisco Systems Inc Web - www.cisco.com

Tel - 1-408-526-4000

Next Reporting Date - 15.05.2019

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Cisco Systems

Technology Hardware & Equip

UNITED STA


DCF Model Assumptions

Risk Free Rate

2.00%

Country Equity Risk Premium

6.00%

Cost of Debt

6.25%

Cost of Debt

6.25%

Long Term Growth

2.00%

Beta Assumption

1.16

Current Market Cap mln$

247,966.22

Net Debt mln$

-14,753.00

WACC Estimate

9.13%

Ordinary Current Price $

56.33

DCF Model

DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
Revenue49161.0049247.0048005.0049330.0048844.1748811.3548778.5448746.8548714.4948682.2448650.0248617.8148585.6348553.4748521.33
EBITDA Costs35949.0034437.0033746.0034829.0034651.1134619.1634587.2134556.3734524.8634493.4934462.1534430.8334399.5434368.2834337.05
EBITDA13212.0014810.0014259.0014501.0014193.0714192.1914191.3214190.4814189.6214188.7514187.8714186.9814186.0914185.1914184.28
EBITDA Margin26.8730.0729.7029.4029.0629.0829.0929.1129.1329.1529.1629.1829.2029.2229.23
Operating Costs38391.0036587.0036032.0037021.0036922.0736891.3636860.6636831.0236800.7436770.5836740.4436710.3336680.2536650.1936620.15
Operating Profit10770.0012660.0011973.0012309.0011922.1011919.9911917.8711915.8311913.7511911.6611909.5711907.4811905.3811903.2811901.18
Operating Margin21.9125.7124.9424.9524.4124.4224.4324.4424.4624.4724.4824.4924.5024.5224.53
Pretax Costs37960.0036327.0035718.0036291.0036501.9136476.0836450.2536425.3036399.8336374.4536349.0836323.7436298.4136273.1036247.81
PTP11201.0012920.0012287.0013039.0012342.2612335.2712328.2912321.5512314.6612307.7912300.9312294.0712287.2212280.3712273.52
Pretax Margin22.7826.2425.6026.4325.2725.2725.2725.2825.2825.2825.2825.2925.2925.2925.30
Net Income Costs38627.3138921.0037684.1538804.5338427.8738398.7038369.5438341.3838312.6238283.9738255.3438226.7438198.1538169.5938141.04
Net Income10533.6910326.0010320.8510525.4710416.3010412.6510409.0010405.4710401.8610398.2710394.6710391.0810387.4810383.8810380.29
Net Margin21.4320.9721.5021.3421.3321.3321.3421.3521.3521.3621.3721.3721.3821.3921.39
Revenue Less Capex50388.0050393.0048969.0050164.0049881.8649847.2249812.6049779.1649745.0149710.9849676.9849643.0049609.0449575.1049541.19
Capex-1227.00-1146.00-964.00-834.00-1037.69-1035.87-1034.06-1032.31-1030.52-1028.74-1026.96-1025.18-1023.41-1021.63-1019.86
Capex to Revenues-2.50-2.33-2.01-1.69-2.12-2.12-2.12-2.12-2.12-2.11-2.11-2.11-2.11-2.10-2.10
Revenue less FCF37836.0036823.0035093.0036498.0036428.5636380.5636332.5636286.2236238.8936191.7836144.7436097.7736050.8536003.9935957.19
FCF11325.0012424.0012912.0012832.0012415.6112430.7912445.9712460.6312475.6012490.4612505.2712520.0512534.7812549.4812564.14
FCF to Revenue23.0425.2326.9026.0125.4225.4725.5225.5625.6125.6625.7025.7525.8025.8525.89

UNITED STATES Comparables

tickercompanycountryMarket Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
AAPL USApple IncUNITED STATES 967952.6817.9815.9111.2310.663.801.5029.269.7655.62-4.35
CSCO USCisco Systems IncUNITED STATES 247966.2218.3316.6512.5712.004.792.4235.886.9234.7529.14
HPQ USHP IncUNITED STATES 30056.649.098.706.666.570.513.248.08--363.96-13.94
APH USAmphenol CorpUNITED STATES 29984.2525.8623.5016.1615.113.630.8924.417.0227.8018.83
GLW USCorning IncUNITED STATES 26351.9416.5714.948.758.242.162.3730.302.1413.6910.60
MSI USMotorola Solutions IncUNITED STATES 23931.3619.0017.2312.6711.853.051.5928.21--115.4222.64
PANW USPalo Alto Networks IncUNITED STATES 23144.8344.7837.9929.4623.818.070.0025.8921.3142.3032.39
HRS USHarris CorpUNITED STATES 19434.0620.5918.1614.9813.572.901.6422.865.1630.983.35
NTAP USNetApp IncUNITED STATES 18155.1216.1514.689.839.292.932.1725.9515.8264.813.64
WDC USWestern Digital CorpUNITED STATES 15400.569.9710.425.415.720.923.7824.401.4314.8122.77
STX USSeagate Technology PLCUNITED STATES 12864.9510.039.817.707.581.255.4720.047.0873.8722.35
TRMB USTrimble IncUNITED STATES 10169.4619.5317.6116.2114.713.02-21.933.4217.948.45
JNPR USJuniper Networks IncUNITED STATES 9803.0216.1714.099.078.342.192.6820.702.0212.341.23
FFIV USF5 Networks IncUNITED STATES 9698.6515.3614.839.389.034.380.0038.905.4439.09-4.64
XRX USXerox CorpUNITED STATES 7308.648.347.836.946.780.793.1418.241.5618.5920.02
ARW USArrow Electronics IncUNITED STATES 7135.149.188.727.166.950.240.004.741.2314.4728.27
FLIR USFLIR Systems IncUNITED STATES 7055.9622.1619.8415.5314.163.661.3125.193.31--4.11
FLEX USFlex LtdUNITED STATES 5620.889.498.624.854.590.210.005.491.8019.4652.05
AVT USAvnet IncUNITED STATES 5037.5610.9110.177.787.570.261.714.181.1310.3825.73
EMC USEMC CorpUNITED STATES ------#????!--#N/A N/A
SNDK USSanDisk CorpUNITED STATES ------#????!--#N/A N/A

International Comparables

tickercompanycountry Market Cap
2019
PE RATIO
2019
PE RATIO
2020
EV/EBITDA
2019
EV/EBITDA
2020
P/S
2019
DIVIDEND YIELD
2019
EBITDA Margin
2019
P/B
2019
ROE
2019
6 month return
2019
SMSN LISamsung Electronics Co LtdSOUTH KOREA 231030.5812.329.563.252.791.203.3026.091.189.628.04
005930 KSSamsung Electronics Co LtdSOUTH KOREA 230585.8312.299.543.242.791.203.3126.091.189.628.53
HHPD LIHon Hai Precision Industry Co LtdTAIWAN 39786.78------#????!--18.27
2317 TTHon Hai Precision Industry Co LtdTAIWAN 39179.4810.6710.046.576.320.234.003.680.979.3614.92
7751 JPCanon IncJAPAN 36841.5915.1514.608.248.151.075.2213.861.167.50-0.87
6981 JPMurata Manufacturing Co LtdJAPAN 36017.6417.0415.24-8.312.265.08---15.93
ERICB SSTelefonaktiebolaget LM EricssonSWEDEN 33292.8825.2419.5910.208.221.451.3512.613.4212.8617.00
TEL USTE Connectivity LtdSWITZERLAND 32216.3317.1015.6511.8111.032.351.8722.013.1517.5329.02
6501 JPHitachi LtdJAPAN 31888.8414.948.455.104.050.402.739.351.066.8115.04
005935 KSSamsung Electronics Co LtdSOUTH KOREA 25831.48-8.12---4.14#????!0.9611.917.36
SMSD LISamsung Electronics Co LtdSOUTH KOREA 25542.40------#????!--6.60
6971 JPKyocera CorpJAPAN 24278.6222.8118.12-9.291.402.159.771.044.4927.39
4901 JPFUJIFILM Holdings CorpJAPAN 23856.0316.4513.398.567.521.091.5513.210.976.098.13
3008 TTLargan Precision Co LtdTAIWAN 20363.0421.7017.6214.0011.4510.931.6467.604.9424.7546.55
HEXAB SSHexagon ABSWEDEN 20044.0821.8520.0314.9613.904.411.3232.663.0914.7617.27
763 HKZTE CorpCHINA 19959.2722.2116.3317.0713.591.381.048.862.6014.19119.66
006400 KSSamsung SDI Co LtdSOUTH KOREA 13561.6220.4214.0610.788.711.450.4515.151.256.34-2.53
2308 TTDelta Electronics IncTAIWAN 13519.2520.0617.4812.3710.871.643.2412.622.9914.8832.77
6645 JPOmron CorpJAPAN 11383.8119.8623.778.9211.381.551.6212.462.1110.7641.32
992 HKLenovo Group LtdCHINA 11226.6317.9714.386.936.140.222.893.652.7015.2550.49
6701 JPNEC CorpJAPAN 8722.8124.2014.179.116.610.271.075.411.134.6218.23
7752 JPRicoh Co LtdJAPAN 7480.4314.3811.579.038.200.411.878.830.866.06-5.24
2382 TTQuanta Computer IncTAIWAN 7369.2814.6512.7111.149.680.226.202.341.6311.2124.46
009150 KSSamsung Electro-Mechanics Co LtdSOUTH KOREA 6883.0311.589.344.934.320.911.0221.211.5213.84-5.18
2474 TTCatcher Technology Co LtdTAIWAN 6277.7210.199.263.773.202.214.6937.881.2111.25-14.69
034220 KSLG Display Co LtdSOUTH KOREA 6070.68-31.413.462.650.282.4716.100.50-1.6819.17
2357 TTAsustek Computer IncTAIWAN 5668.2813.8812.268.267.440.546.324.361.037.853.26
2395 TTAdvantech Co LtdTAIWAN 5625.7124.0421.1717.6015.713.212.9117.335.5123.6421.11
6841 JPYokogawa Electric CorpJAPAN 5568.5222.6620.2510.389.401.501.4313.382.139.786.25
4902 JPKonica Minolta IncJAPAN 5007.3213.3213.535.775.890.522.6911.590.997.610.00