e aggiungo articolo del 2000 su Forbes
https://www.forbes.com/2000/01/20/feat.html
Clearly Cisco is coming off a good year. In its fiscal first-quarter earnings, reported in early November, the San Jose, Calif.-based company reported revenue growth of 48%, its best performance in seven quarters. Cisco became the third-largest company by market capitalization in 1999, with its stock now worth more than $368 billion.
Although Cisco's shares rose 125% last year, that gain was down slightly from 1998 and among the lowest one-year returns on Cisco stock since the company went public in March 1990. Cisco's stock gains last year paled next to those of newly public networking companies such as Redback Networks , Juniper Networks and Sycamore Networks , which many investors are counting on to become the next Cisco.
"Cisco's high multiple means any kind of misstep will be magnified and the stock will get killed."
Meanwhile, because of Cisco's size, many investors, especially fund managers, are evaluating its stock based on its relationship to Lucent and Nortel.
Among
the biggest worries for Cisco in 2000 is the company's relatively high price-to-earnings ratio (P/E), says Scott Vergin, a portfolio manager at the Lutheran Brotherhood, which owns 2.25 million Cisco shares.
Wall Street analysts expect
Cisco to earn 99 cents per share for the fiscal year ending July 2000. At $108 per share, the company has a P/E of 109. Lucent, whose profit warning pushed its stock down more than 25% to about $56 per share, has a P/E ratio of 37. Nortel, whose shares quadrupled last year, is trading at 75 times expected earnings.