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Cisco Systems creates Internet Protocol-based routers and switches that move data, voice, and video packets across networks.
Less than 6x FCF for the world's best Internet equipment firm? With a 1.7% divvy? Where do I sign up?
"[EV is] less than 6x FCF"Agreed. I thought this was cheap before the 10% haircut. However, for companies like CSCO, MSFT, ORCL, TEVA, etc. who have become "serial acquirers," when do you start subtracting acquisitions out of FCF? You know they're gonna buy a bunch of stuff every single year, no?
That's actually an excellent point. And the answer is: "As soon as I notice it." In small companies like EBIX, NUAN, NFLX, for example, I notice it right away and ding the FCF number for acquisition costs. With companies as big as CSCO, I tend to miss it. But the good news for CSCO is that with most years' acquisition costs being in the neighborhood of $300M or so, this is more of a rounding error than a serious problem.
Huawei’s sordid intellectual property past has caught up to them. After nearly a decade of IP property theft accusations from networking gear rivals, last week’s House Intelligence Committee’s report labeled Huawei a security threat and urged U.S. companies to steer clear of the Chinese telecom giant. Now a champion of Chinese patent reform, Huawei may not just be banished from U.S. soil, but forever victimized by its nation’s dirty IP reputation. http://bit.ly/TVdI6b
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