Cisco Q2 2009 (by Jan 2009)

--sales 9.1, decreasing 7.5% YoY --NI 1.5 , 0.26 ps --enought liqudity and lower leverage --assume 5% LT growth and beta 1 --DCF earning 0.26*4*1.05 /(9.5% - 4.5%) = 24 dollar vs current price 15.84 --market Overweight