Intrinsic Valuation of CSCO
	CSCO Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$14,762,000,000	0.72%		EPS (FY)	2.50		Market Cap	186B
	2020		$14,656,000,000	-1.78%		P/E Ratio	15.89		Total Asset	93B
	2019		$14,922,000,000	16.29%		Net Income	11B		Total Debt	13B
	2018		$12,832,000,000	-0.62%		EBITDA	16B		Total Liab	56B
	2017		$12,912,000,000	3.93%		Opr Margin	0.2755		Debt/Equity	0.26
	2016		$12,424,000,000			PreTax Margin	0.2868		BV/Share	9.79
	5Y Average FCF		$14,016,800,000	3.71%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	6.73%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$15,309,267,484			MBG Intrinsic Value			$52.53
	2023		$15,876,823,663
	2024		$16,465,420,692
	2025		$17,075,838,614
	2026		$17,708,886,388
	2027		$18,365,402,965
	Terminal Value		$445,161,056,078			Net Worth/Share			$8.66
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$362,393,062,715				Growth Rate
	(+) Cash & Cash Equivalents	$24,532,000,000			88.64	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$12,694,000,000		WACC	6.63%	76.8	83.0	90.7	100.6	113.6
	Equity Value	$374,231,062,715			6.68%	76.0	82.1	89.7	99.3	111.9
	Shares Outstanding	4222000000			6.73%	75.3	81.3	88.6	97.9	110.2
					7.23%	68.8	73.5	79.3	86.5	95.5
	DCF Intrinsic Value	$88.64			7.73%	63.3	67.2	71.8	77.5	84.4
© Swarnadeep Seth (2022)