| Intrinsic Valuation of: CSCO | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 2 | Market Cap | $274B | |||||
| 2021 | - | - (-) | P/E Ratio | 28 | Total Asset | $124B | |||||
| 2022 | $15B | - (-) | Net Income | $10B | Total Debt | $20B | |||||
| 2023 | $13B | -13.6% (-16.5%) | EBITDA | $16B | Total Liab | $79B | |||||
| 2024 | $19B | 49.3% (35.1%) | Opr Margin | 0.24 | Debt/Equity | 0.43 | |||||
| 2025 | $10B | -46.4% (-43.2%) | PreTax Margin | 22.24 | BV/Share | -6 | |||||
| 5Y Average FCF | $14B | -3.6% (-8.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | $11B | MBG Intrinsic Value | $22 | ||||||||
| 2027 | $11B | ||||||||||
| 2028 | $11B | ||||||||||
| 2029 | $12B | ||||||||||
| 2030 | $12B | ||||||||||
| 2031 | $13B | ||||||||||
| Terminal Value | $269B | Net Worth/Share | $11 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $229B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $8B | $55 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $20B | WACC | 7.3% | 48 | 52 | 56 | 62 | 68 | |||
| Equity Value | $217B | 7.4% | 48 | 51 | 55 | 61 | 68 | ||||
| Shares Outstanding | 3,960,000,000 | 7.4% | 47 | 51 | 55 | 60 | 67 | ||||
| 7.9% | 43 | 46 | 50 | 54 | 59 | ||||||
| DCF Intrinsic Value | $55 | 8.4% | 40 | 42 | 45 | 48 | 52 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||