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TMCNet:  Research and Markets: Cisco - Running out of Steam: 2013

[February 22, 2013]

Research and Markets: Cisco - Running out of Steam: 2013

DUBLIN --(Business Wire)--

Research and Markets (http://www.researchandmarkets.com/research/3rndw8/cisco_running) has announced the addition of the "Cisco - Running out of Steam" report to their offering.

Cisco (News - Alert) - Company Profile - Running out of steam

A fundamental problem is slowing organic revenue growth due to weak networking. Since 2011, Cisco has turned itself around; re-organised, cut costs & raised productivity. EPS, revenues & margins have benefitted from acquisitions and diversifying into services, software and other products (eg. video, collaboration, ) and lower tax rates. These drivers have some momentum left, but are running out of steam. Cisco's ultra low tax rates look unsustainable and EBIT margins are at the top end of their historical range. Valuation multiples have rebounded from historical lows and now have little upside left. In summary, we have modest expectations for Cisco due to a lack of enough catalysts.


Mixed 2013 Q2 results

- Slowing organic growth and margins fell slightly.

- Revenue growth continues to slow across most divisions.

- Cisco is hostage to the macro environment which remains weak. But guidance was cautiously optimistic.

- We estimate organic revenue growth at c. 3%, excluding acquisitions (eg. NDS (News - Alert)).

Key Topics Covered:

Investment Thesis & SWOT Analysis

News Flow - Significant Recent Events

Industry & Company Analysis

Overview of the Networking Industry

Company Overview

Management, Executive Compensation & Board

Strategy, Acquisitions & History

Key Divisions

Other Products

Snapshot - Last 12 Months

SWOT Analysis

Financial Results Analysis

Profit & Loss Summary

Revenue Analysis by Division

Revenue & Gross Profit by Product

Revenue & Gross Profit by Region

Expenses Analysis

Free Cash Flow Analysis

Balance Sheet Analysis

Return Analysis

Unusual Items

Valuation

Valuation Multiples

Historical Valuation Multiples

Fundamental Valuation of Cisco Systems (News - Alert)

DCF Valuation & Sensitivity Analysis

Additional Industry Analysis

IT & Networking Industry Key Trends

IT & Networking Industry Key Trends (details)

Financial Tables

Quarterly Financial Accounts

Annual Financial Accounts

Revenue & Product Order Data

Revenue & Gross Profit by Region

Revenue & Gross Profit by Product

Explanations and Definitions

Legal and Important Information

List of Tables

List of Figures

For more information visit http://www.researchandmarkets.com/research/3rndw8/cisco_running


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