Cisco Stock Still Looks Undervalued Despite Recent Pullback

Cisco Systems' stock has more than doubled over the past three years, yet current valuation checks still lean towards the shares pricing in less than their estimated worth.

The intrinsic value estimate using a Discounted Cash Flow (DCF) framework and the market multiples both point to Cisco trading at a discount while the price has already had a strong run.

Cisco Systems delivered a 114.7% return over the past three years, which puts recent weakness into context and raises the question of how much upside may be left.