Hi everybody, I am trying to figure out the calculations of a company's intrinsic value. I took CSCO as an example here. Please correct me if I am wrong. Thank you very much. I calculate the AVERAGE ANNUAL OPERATING CASHFLOW GROWTH RATE over the last 5 years. 1) 2002: 6587 million 2) 2007: 10,104 million 3) Years: 5 4) Shares outstanding: 6,070 million ( 6.07 billion ) With the above information 1, 2, 3 & 4, I came up with Cashflow Growth Rate of 8.93% Question 1 - I would like to know if my calculations are correct that Cashflow Growth Rate is indeed 8.93%? Question 2 - After futher calculations, to keep question short & sharp, I came up with the company's intrinse value is estimated to be $13.36. Is CSCO intrinsic value about $13.36?