Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. The company also offers switching portfolio encompasses campus switching as well as data center switching; enterprise routing portfolio interconnects public and private wireline and mobile networks, delivering highly secure, and reliable connectivity to campus, data center and branch networks; and wireless products include indoor and outdoor wireless coverage designed for seamless roaming use of voice, video, and data applications. In addition, it provides security, which comprising network security, identity and access management, secure access service edge, and threat intelligence, detection, and response offerings; collaboration products, such as Webex Suite, collaboration devices, contact center, and communication platform as a service; end-to-end collaboration solutions that can be delivered from the cloud, on-premise or within hybrid cloud environments allowing customers to transition their collaboration solutions from on-premise to the cloud; and observability offers network assurance, monitoring and analytics and observability suite. Further, the company offers a range of service and support options for its customers, including technical support and advanced services and advisory services. It serves businesses of various sizes, public institutions, governments, and service providers. The company sells its products and services directly, as well as through systems integrators, service providers, other resellers, and distributors. Cisco Systems, Inc. has strategic alliances with other companies. Cisco Systems, Inc. was incorporated in 1984 and is headquartered in San Jose, California.

BUILD UP FREE CASH	2023-07-29 (A)	2024-07-27 (A)	2025-07-26 (A)	2026-07-31 (E)	2027-07-31 (E)	2028-07-31 (E)	2029-07-31 (E)	2030-07-31 (E)
Revenue	56,998	53,803	56,654	60,730	63,857.6	67,090.8	67,090.8	67,090.8
Revenue % Chg.	10.6%	-5.6%	5.3%
EBIT	15,588	13,074	12,516	20,891.7	22,280.3	23,560.8	23,560.8	23,560.8
EBIT Margin	27.3%	24.3%	22.1%
Tax Rate	17.7%	15.6%	8.3%
NOPAT	12,835.3	11,028.6	11,478.6	16,922.3	18,083.5	19,079.6	19,079.6	19,079.6
NOPAT Margin	22.5%	20.5%	20.3%	27.9%	28.3%	28.4%	28.4%	28.4%
D&A	1,631	2,208	2,862	2,501.9	2,412	2,224.6	2,224.6	2,224.6
D&A / Revenue	2.9%	4.1%	5.1%
Capex	-849	-670	-905	-1,110.4	-1,089.7	-1,168.3	-1,168.3	-1,168.3
Capex / Revenue	-1.5%	-1.2%	-1.6%
Chg. NWC	5,042	-4,298	-1,292	-288.1	-302.9	-318.2	-318.2	-318.2
Chg. NWC / Revenue	8.8%	-8%	-2.3%
Unlevered FCF (UFCF)	18,659.3	8,268.6	12,143.6	18,025.7	19,103	19,817.6	19,817.6	19,817.6
UFCF % Chg.	67.8%	-55.7%	46.9%	48.4%	6%	3.7%	—	—
PV of UFCF	—	—	—	16,637.6	16,274.2	15,582.9	14,382.9	13,275.3
Sum of PV of UFCF	—	—	—	16,637.6	32,911.8	48,494.6	62,877.5	76,152.9

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.4%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	29,643
Market Cap	307,395.2
Total Capital	337,038.2
Debt Weighting	8.8%
Equity Weighting	91.2%
WACC	8.3%

Exit Multiple EV/FCF
Terminal Value	321,296.2
PV of Terminal Value	198,654.5
Cumulative PV of UFCF	76,152.9
Net Debt	13,901
Equity Value	260,906.4
Shares Outstanding	3,951.1
Implied Share Price	66
Current Share Price	77.8
Implied Upside / (Downside)	-15.1%