Cisco Secures Splunk - A Game Changer For Growth And Free Cash Flow, Says Analyst
Cisco Secures Splunk - A Game Changer For Growth And Free Cash Flow, Says Analyst
Piper Sandler analyst James Fish reiterated Cisco Systems Inc (NASDAQ:CSCO) with a Neutral and raised the price target from $47 to $51.
派珀·桑德勒分析師詹姆斯·菲什重申思科系統公司（納斯達克股票代碼：CSCO）持中立態度，並將目標股價從47美元上調至51美元。
On March 14, Cisco won the EU clearance for its pending Splunk deal, resulting in Cisco closing on Splunk on March 18, long ahead of the initial close date and giving Cisco approximately half a quarter of its contribution in the fiscal third quarter.
3月14日，思科獲得了歐盟對其待處理的Splunk交易的批准，導致思科於3月18日關閉Splunk，比最初的收盤日期提前了很長時間，思科在第三財季向思科提供了約四分之一的出資。
Cisco raised $13.5 billion of debt at a 5% average cost of debt at the end of February to finance the transaction.
思科在2月底以5％的平均債務成本籌集了135億美元的債務，爲該交易融資。
Fish's "Base" Case that is now included in his estimates given the deal closure results in Splunk achieving over $5 billion of revenue by fiscal 2026, Splunk (with synergies) having 38% operating margin in fiscal 2026. The analyst projects $0.02 EPS and $403 million free cash flow accretion for fiscal 2025 and $0.17 EPS and $1.2 billion free cash flow accretion for fiscal 2026.
鑑於交易的完成，Fish的 “基本” 案例現已包含在他的估計中，Splunk到2026財年實現了超過50億美元的收入，Splunk（具有協同效應）在2026財年的營業利潤率爲38％。該分析師預計，2025財年每股收益將增加0.02美元，自由現金流將增加4.03億美元，2026財年每股收益增加0.17美元，自由現金流增加12億美元。
Notably, his "Realistic Upside" case shows more stable growth at Splunk given where it is at on its transition and more material cost synergies that result in over 50% fiscal 2026 Splunk-only operating margin and $0.37 EPS and $1.8 billion free cash flow in fiscal 2026 accretion.
值得注意的是，他的 “現實上行空間” 案例表明，鑑於Splunk處於過渡階段，其增長更加穩定，而且更多的材料成本協同效應使2026財年僅Splunk的營業利潤率超過50％，每股收益0.37美元，2026財年自由現金流增長18億美元。
The analyst lauded Cisco's increasing visibility, Splunk's impact, Cat9K renewals, a refresh of old and end-of-life systems, consistent capital return program installed, estimate reset for core Cisco, potential for AI via SiliconOne or datacenter Ethernet systems, and valuation.
該分析師稱讚了思科不斷提高的知名度、Splunk的影響、Cat9K的續訂、舊系統和報廢系統的更新、穩定的資本回報計劃的實施、核心思科的估算重置、通過SiliconOne或數據中心以太網系統實現人工智能的潛力以及估值。
However, Fish also red-flagged Cisco's exposure to networking's down-cycle outside of AI, too little relative exposure to the Cloud vertical and high-end data center switches, management's downward revision of forward numbers over the last four quarters, and Organic Security and Collaboration are struggling.
但是，Fish還暗示了思科面臨人工智能之外的網絡下行週期的風險，對雲端垂直和高端數據中心交換機的相對敞口太少，管理層在過去四個季度中向下修正了遠期數字，有機安全與協作陷入困境。
Fish projects third-quarter revenue and EPS of $12.7 billion and $0.86.
Fish預計第三季度收入和每股收益爲127億美元和0.86美元。
Cisco stock lost close to 4% last year. Investors can gain exposure to the stock via First Trust NASDAQ Cybersecurity ETF (NASDAQ:CIBR) and First Trust DJ Internet Index Fund (NYSE:FDN).
思科股價去年下跌了近4％。投資者可以通過第一信託納斯達克網絡安全ETF（納斯達克股票代碼：CIBR）和第一信託DJ互聯網指數基金（紐約證券交易所代碼：FDN）獲得股票敞口。
Also Read: Cisco's Long-Term Prospects Shine with AI and Security, Analysts Stay Optimistic Despite Challenges
另請閱讀：思科的長期前景因人工智能和安全而大放異彩，儘管面臨挑戰，分析師仍保持樂觀
Price Action: CSCO shares traded higher by 0.03% at $49.15 on the last check Wednesday.
價格走勢：週三最後一次支票中，CSCO股價上漲0.03％，至49.15美元。
Photo via Shutterstock
照片來自 Shutterstock
譯文內容由第三人軟體翻譯。