Cisco morgen wird es spannend!
Quartal 4 Quartal 3 Quartal 2 Quartal 1
nach US-GAAP
in Mio. USD
GuV
Umsatzerlöse 4.822 4.816 4.448
Bruttoergebnis v. Umsatz 3.068 2.970 2.692
Verwaltungsaufwand 163 146 150
Vertrieb-/Marketingkosten 1.057 1.064 1.086
Kosten für Forschung und Entwicklung 807 822 875
Betriebsergebnis 874 753 345
Finanzergebnis 150 179 -688
Jahresüberschuss nach Steuern 729 660 -268
Kapitalflussrechnung
Cash Flow aus laufender Geschäftstätigkeit 1.587 2.007 1.384
Cash Flow aus Investitionstätigkeit -132 -1.113 -1.591
Cash Flow aus Finanzierungstätigkeit -299 -44 -179
Wertpapierdaten (in USD)
Gewinn pro Aktie (Basis) 0,10 0,09 -0,04
Gewinn pro Aktie (verwässert) 0,10 0,09 -0,04
Cash Flow pro Aktie 0,21 0,27 0,19
durchschnittlich gewichtete Aktienanzahl (Basis) 7.306.000.000 7.311.000.000 7.307.000.000
durchschnittlich gewichtete Aktienanzahl (verwässert) 7.454.000.000 7.496.000.000 7.307.000.00
San Jose (vwd) - Die Cisco Systems Inc, San Jose, wird nach Ansicht von Analysten ihre Umsatzprognose für das vierte Quartal erfüllen können. Die Einnahmen dürften auf Vorquartalsniveau liegen oder leicht höher ausfallen glauben Beobachter. Das Unternehmen, das seine Zahlen am Dienstag veröffentlichen will, hat für die letzten drei Monate des Geschäftsjahres 2001/02 (27. Juli) einen Umsatz von 4,884 Mrd USD und ein Ergebnis je Aktie von 0,11 USD in Aussicht gestellt. Vor allem in den USA dürfte das Geschäft mit großen Unternehmen gut verlaufen sein, meinen Beobachter, während es in Europa in allen Bereichen schwach gewesen sein dürfte Für das laufende Quartal werde Cisco am Dienstag wahrscheinlich stetige oder leicht höhere Umsätze prognostizieren, hieß es von Seiten der Analysten weiter. Außer den Zahlen interessieren sich die Beobachter derzeit vor allem für das Schicksal des Cisco-CFO Larry Carter. Jüngst wurden Spekulationen laut, dass er das Unternehmen in den kommenden Wochen verlassen könnte vwd/DJ/5.8.2002/mi/jhe/bb
mfg
Walter99
Die Analysten von Merrill Lynch halten für Cisco an ihrer Empfehlung "Strong Buy" fest. Cisco dürfte ihren 50-Prozent-Marktanteil bei der CMTS-Technologie behalten. Dieser könne auch noch gesteigert werden, wenn kleinere Wettbewerber wegfielen. Für 2002 erwartet Merrill Lynch einen Gewinn je Aktie von 0,36 USD, für 2003 von 0,53 USD vwd/5.8.2002/rz/ros
05.08.2002 - 20:37 Uhr
mfg
Walter99
Sunday August 4, 2:53 pm Eastern Time
Reuters Market News
Tech Firms Swimming in Cash
By Duncan Martell
SAN FRANCISCO (Reuters) - The technology industry may be slogging through its worst
slump ever but many of the biggest names aren't hurting for cash.
In fact, they're swimming in the stuff.
So the question facing companies and investors is what to do with all that money. The options, experts say, are actually rather
limited -- buy another company, buy back shares, boost research and development spending or increase dividends. But the
good thing in the interim is that all that cash is helping to keep their battered shares from falling even more, and could be enticing
to investors.
Take Microsoft Corp. (NasdaqNM:MSFT - News), for example. The
No. 1 software company is a cash-generating machine, with $38.7 billion
in cash and short-term investments, more than Ford, ChevronTexaco and
Wal-Mart combined.
Shareholders may soon start asking for some of it back. After all, spending
on information technology has been lackluster, the stock market has
sagged, and some of the biggest names in technology, such as Intel Corp.,
are seeing their markets mature.
"We're past the point where we have the unlimited faith of investors," says
Henry Asher, president of New York-based money management firm
Northstar Group, which owns Cisco, Intel, Microsoft, Oracle and other
tech stocks.
In addition to Microsoft, Cisco Systems Inc. (NasdaqNM:CSCO - News), the biggest computer networking gear maker,
boasts $21 billion in cash and investments, Intel (NasdaqNM:INTC - News) has $8.96 billion and database powerhouse
Oracle Corp. (NasdaqNM:ORCL - News) has $5.84 billion.
"Particularly Intel, Microsoft and perhaps Oracle will be at the head of the list to increase payouts to shareholders," Asher says.
Even though their stocks are down and earnings have been under pressure, the biggest tech firms are no slouches when it
comes to generating cash from their core businesses, ranking with huge oil companies, pharmaceutical and consumer goods
firms.
A PERENNIAL QUESTION
Sure, a company can also boost research and development budgets. But it is possible to spend too much.
Already, Microsoft has earmarked $5.3 billion for research and development in its fiscal year ended June 2003 -- 17 percent
of its projected revenue of $32 billion. But it could easily fund that through the billion dollars a month its Windows and Office
software pull in.
"I can't imagine that if you disgorged all the cash they had, that they couldn't protect the Windows franchise entirely and,
probably, with the cash that rolls in, grow the company nicely," Asher says.
Technology companies could start paying dividends -- Microsoft never has -- or they could boost those dividend payouts.
Intel, for instance, pays a quarterly dividend of 2 cents a share, equal to a dividend yield of 0.43 percent.
"I think it's entirely conceivable that some time in the next few years more and more stockholders are going to be saying, 'Let's
get some dividends,"' says Jay Ritter, Cordell professor of finance at the University of Florida in Gainesville.
"You've got this massive cash hoard and you're no longer a growth company, let's see an effort to pay out some of that cash to
investors through dividends," says Ritter.
Also, smaller companies with an unusually large sums of cash could prove a tempting takeover target, experts say.
GIVE BACK THAT GO-GO 1990s CASH
Another way to return some of that cash to shareholders is through share repurchase programs. When companies buy back
shares, per-share profits are boosted because earnings are spread across fewer shares outstanding. Those buybacks have been
a mainstay of equity markets since the early 1990s.
Already, tech behemoths such as Cisco, Intel and Microsoft spend tens of billions of dollars each year combined to buy back
shares to offset the dilutive effect of stock options.
Indeed, some say investor pressure will start to mount on firms that banked billions in the go-go 1990s and which now see
formerly rapid growth in their principal markets slowing.
Yet companies, particularly technology companies, have maintained it's wise, even in the best of times, to sit on cash, and even
more so when demand falls off a cliff.
Ask John Chambers, chief executive of Cisco, which has no debt, what he's going to do with that $21 billion, and he'll
invariably respond, "Cash is king."
Some investors agree.
"Cash is really a great strength because of the volatility of technology and the rapid change in the industry," says John Rutledge,
portfolio manager at the Evergeen Technology Fund. He notes he's comfortable with Cisco's, Intel's and Microsoft's propensity
to sit on the cash on their balance sheets.
"Having all that cash is probably one of the least of their worries right now," Rutledge says, adding that in some cases, loads of
cash is enough to warrant buying shares. "There are going to be some buys here."
GO SHOPPING!
But if not more R&D spending, boosted stock buyback programs or plumped-up dividends, what else is a company to do? Go
shopping, of course. Scoop up distressed competitors on the cheap and gain market share or move into new markets.
Yet that approach has problems, too, experts say.
"Sure, having cash earning 2 percent is not really enhancing shareholder value," says Ritter. "But investors also fear that if a
company has got the money they might go out and waste it, and indeed that's what has happened sometimes."
Ritter points to Ford Motor Co.'s purchase of venerable British car maker Jaguar more than 10 years ago. "Ford went out and
overpaid for Jaguar and the return to date on that investment has been pretty unattractive," he says.
Whatever the method, what to do with this embarrassment of riches proves to be a sticky question. "It's a real quandary where
to put this money," Rutledge says.
Rather than potentially ill-advised or overpriced acquisitions, larger buybacks or wanton spending on R&D, it seems the time
may be coming closer -- in the next few years -- for large tech companies to start jacking up their dividends.
"There's no doubt in my mind that if any of these companies announced they were going to start paying substantial cash
dividends, that the stock market would greet the news very positively," Ritter says.
Considering that the U.S. stock market is mired in the worst bear market since the early 1970s, technology firms might be
well-served to heed that advice sooner rather than later.
12 Cent Gewinn bei 4,8 - 4,9 Mrd. Dollar Umsatz sind der Maßstab für Dienstag!
Persönlich glaube ich aber, daß Chambers sich mit dem Ausblick wie gewohnt sehr zurückhalten wird.
Deshalb wird CSCO keine Wende an den Tech- Märkten einläuten.
Mit einem KgV von 48 sind sie auch jetzt noch sehr teuer!
Analysten stufen mehrheitlich CSCO auf HALTEN mit KZ 10-12 Dollar.
Die Firma ist für mich steif und kein Wachstumswert mehr.
Würde mich also somit nicht auf CSCO als Zugpferd einer Erholung festlegen wollen.
PS: Die Zukunft bei den Netzwerkern, welche noch wachsen "könnten" gehört nach meiner Meinung ADAPTEC - Wkn.871221 !!!
Obwohl diese Aktie auch sehr gelitten hat, dürfte sie, falls es irgendwann wieder bergauf geht, mehr Chancen als CSCO&Co haben.
Der Chart spricht zwar nicht unbedingt dafür, aber, warten wir mal ab.
Bin nicht in Adaptec investiert, noch nicht!
Optionen
And due to a change in the brokerage firm's overall rating system, Lehman Brothers also downgraded the stock.
Oder hast du gerade deine CSCO position, welche du mit 50 USD gekauft hast, voller frust rausgeschmissen?
Ich vestehe es ja, wenn jemand seine meinung hier loswerden will, aber einfach zu sagen kursziel 10 usd dann 5 u. weiter auf 3 USD, hat nichts mit wissen, sondern mit "schwachsinn" zu tun!!!
PS. Sollte CSCO "dreck" am stecken haben, wären deine kursziele möglich, aber so wie die dinge zur zeit liegen, völliger schwachsinn!!
mfg
ath
aber nur kurzfristig, vielleicht bin ich morgen wieder raus!
Natürlich kann man spekulieren, dass Cisco wieder auf 15 Euro bzw.
auf 21 Dollar steigen wird.
nein! ich bin nämlich vorsichtiger geworden, da das
Geschäftsentwicklung von Cisco dramatisch verschlechtert hat.
Wenn ich mal Marktk. ansehe 80Mrd.$ (CSCO) da kann ich nur lachen,
die sind noch sehr überwertet! deshalb wird der Kurs
in Zukunpft weiter fallen!
und ich meine Kursziele unter 5 Euro sind denkbar!
Gruss