Financials Cisco Systems, Inc.

Equities

CSCO

US17275R1023

Communications & Networking

Market Closed - Nasdaq Other stock markets 04:00:00 2024-06-07 pm EDT			5-day change	1st Jan Change
45.84 ^USD	-0.84%		-1.42%	-9.26%

Jun. 06	Transcript : Cisco Systems, Inc. Presents at BofA Securities 2024 Global Technology Conference, Jun-06-2024 10:40 AM
Jun. 05	Cisco, Splunk Launch 'Unified Observability Experience' for Joint Customers	MT

Valuation

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	243,702	197,223	232,076	187,876	212,270	184,681	-	-
Enterprise Value (EV) ¹	234,955	182,387	219,084	178,124	194,515	195,006	193,127	186,861
P/E ratio	21.8 x	17.7 x	22 x	16.1 x	17 x	18.1 x	19.1 x	16.6 x
Yield	2.39%	3.04%	2.65%	3.31%	2.96%	3.44%	3.52%	3.63%
Capitalization / Revenue	4.7 x	4 x	4.66 x	3.64 x	3.72 x	3.44 x	3.32 x	3.19 x
EV / Revenue	4.53 x	3.7 x	4.4 x	3.45 x	3.41 x	3.63 x	3.47 x	3.23 x
EV / EBITDA	12.6 x	9.88 x	11.8 x	9.23 x	9.35 x	9.65 x	9.53 x	8.81 x
EV / FCF	15.7 x	12.4 x	14.8 x	14 x	14.6 x	19.3 x	12.1 x	11.1 x
FCF Yield	6.35%	8.04%	6.74%	7.16%	6.84%	5.18%	8.27%	9.01%
Price to Book	7.49 x	5.24 x	5.63 x	4.76 x	-	4.04 x	3.88 x	3.64 x
Nbr of stocks (in thousands)	4,280,733	4,222,296	4,214,205	4,140,964	4,075,058	4,028,815	-	-
Reference price ²	56.93	46.71	55.07	45.37	52.09	45.84	45.84	45.84
Announcement Date	8/14/19	8/12/20	8/18/21	8/17/22	8/16/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,904	49,301	49,818	51,557	56,998	53,696	55,603	57,897
EBITDA ¹	18,613	18,458	18,564	19,302	20,797	20,211	20,274	21,206
EBIT ¹	16,716	16,650	16,702	17,345	19,071	18,311	18,249	19,348
Operating Margin	32.21%	33.77%	33.53%	33.64%	33.46%	34.1%	32.82%	33.42%
Earnings before Tax (EBT) ¹	14,571	13,970	13,262	14,477	15,318	12,427	11,916	13,787
Net income ¹	11,621	11,214	10,591	11,812	12,613	10,157	9,723	10,600
Net margin	22.39%	22.75%	21.26%	22.91%	22.13%	18.92%	17.49%	18.31%
EPS ²	2.610	2.640	2.500	2.820	3.070	2.529	2.397	2.762
Free Cash Flow ¹	14,922	14,656	14,762	12,749	13,304	10,107	15,969	16,828
FCF margin	28.75%	29.73%	29.63%	24.73%	23.34%	18.82%	28.72%	29.07%
FCF Conversion (EBITDA)	80.17%	79.4%	79.52%	66.05%	63.97%	50.01%	78.77%	79.35%
FCF Conversion (Net income)	128.41%	130.69%	139.38%	107.93%	105.48%	99.5%	164.24%	158.75%
Dividend per Share ²	1.360	1.420	1.460	1.500	1.540	1.575	1.612	1.664
Announcement Date	8/14/19	8/12/20	8/18/21	8/17/22	8/16/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: July	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	12,720	12,835	13,102	13,632	13,592	14,571	15,203	14,668	12,791	12,702	13,533	13,813	13,810	13,803	14,358
EBITDA ¹	4,880	4,930	4,669	4,753	4,852	5,392	5,800	5,774	4,637	5,210	4,967	4,852	4,979	5,090	5,460
EBIT ¹	4,364	4,452	4,239	4,338	4,414	4,941	5,378	5,373	4,215	4,349	4,376	4,481	4,531	4,528	4,813
Operating Margin	34.31%	34.69%	32.35%	31.82%	32.47%	33.91%	35.37%	36.63%	32.95%	34.24%	32.34%	32.44%	32.81%	32.81%	33.52%
Earnings before Tax (EBT) ¹	3,603	3,801	3,416	3,475	3,415	3,957	4,471	4,442	3,161	2,235	2,549	2,573	2,743	2,805	3,116
Net income ¹	2,973	3,044	2,815	2,670	2,773	3,212	3,958	3,638	2,634	1,886	1,961	2,184	2,255	2,332	2,581
Net margin	23.37%	23.72%	21.49%	19.59%	20.4%	22.04%	26.03%	24.8%	20.59%	14.85%	14.49%	15.81%	16.33%	16.89%	17.98%
EPS ²	0.7100	0.7300	0.6800	0.6500	0.6700	0.7800	0.9700	0.8900	0.6500	0.4600	0.5090	0.5344	0.5621	0.5738	0.6470
Dividend per Share ²	0.3800	0.3800	0.3800	0.3800	0.3800	-	0.3900	0.3900	0.3900	0.4000	0.4000	0.4000	0.4000	0.4100	0.4100
Announcement Date	2/16/22	5/18/22	8/17/22	11/16/22	2/15/23	5/17/23	8/16/23	11/15/23	2/14/24	5/15/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: July	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	10,325	8,446	2,180
Net Cash position ¹	8,747	14,836	12,992	9,752	17,755	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	0.5109 x	0.4166 x	0.1028 x
Free Cash Flow ¹	14,922	14,656	14,762	12,749	13,304	10,107	15,969	16,828
ROE (net income / shareholders' equity)	35.9%	38.2%	34.4%	34.8%	38%	33%	30.3%	31.2%
ROA (Net income/ Total Assets)	13.3%	14.2%	14.2%	14.7%	12.9%	10.5%	8.37%	9.52%
Assets ¹	87,062	79,087	74,700	80,246	97,927	96,998	116,216	111,393
Book Value Per Share ²	7.600	8.910	9.780	9.540	-	11.30	11.80	12.60
Cash Flow per Share ²	3.560	3.630	3.650	3.160	3.390	3.070	4.180	4.350
Capex ¹	909	770	692	477	849	682	726	753
Capex / Sales	1.75%	1.56%	1.39%	0.93%	1.49%	1.27%	1.31%	1.3%
Announcement Date	8/14/19	8/12/20	8/18/21	8/17/22	8/16/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cisco Systems, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

45.84 USD

Average target price

54.64 USD

Spread / Average Target

+19.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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