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TMCNet:  Cisco - Running out of Steam: 2013

[February 22, 2013]

Cisco - Running out of Steam: 2013

Feb 22, 2013 (M2 PRESSWIRE via COMTEX) -- Research and Markets (http://www.researchandmarkets.com/research/fv8k9g/cisco_running) has announced the addition of the "Cisco - Running out of Steam" report to their offering.


Cisco - 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).

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 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/fv8k9g/cisco_running CONTACT: Research and Markets, Laura Wood, Senior Manager.

press@researchandmarkets.com Fax from USA: 646-607-1907 Fax from rest of the world: +353-1-481-1716 Sector: Telecoms (http://www.researchandmarkets.com/categories.asp cat_id=89&campaign_id=fv8k9g) ((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.

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