Intrinsic value of Arista Networks - ANET

Previous Close

$171.06

  Intrinsic Value

$397.05

stock screener

  Rating & Target

str. buy

+132%

  Value-price divergence*

0%

Previous close

$171.06

 
Intrinsic value

$397.05

 
Up/down potential

+132%

 
Rating

str. buy

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ANET stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  34.73
  38.40
  35.06
  32.05
  29.35
  26.91
  24.72
  22.75
  20.98
  19.38
  17.94
  16.65
  15.48
  14.43
  13.49
  12.64
  11.88
  11.19
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
Revenue, $m
  1,129
  1,563
  2,110
  2,787
  3,605
  4,575
  5,706
  7,004
  8,473
  10,115
  11,930
  13,915
  16,070
  18,389
  20,870
  23,508
  26,300
  29,242
  32,333
  35,571
  38,954
  42,484
  46,161
  49,987
  53,966
  58,102
  62,400
  66,867
  71,509
  76,334
  81,352
Variable operating expenses, $m
 
  1,063
  1,435
  1,895
  2,451
  3,111
  3,880
  4,763
  5,762
  6,878
  8,112
  9,462
  10,927
  12,504
  14,191
  15,985
  17,884
  19,885
  21,987
  24,188
  26,489
  28,889
  31,389
  33,991
  36,697
  39,509
  42,432
  45,470
  48,626
  51,907
  55,319
Fixed operating expenses, $m
 
  124
  127
  130
  134
  137
  140
  144
  147
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  193
  198
  203
  208
  214
  219
  224
  230
  236
  242
  248
  254
Total operating expenses, $m
  886
  1,187
  1,562
  2,025
  2,585
  3,248
  4,020
  4,907
  5,909
  7,029
  8,267
  9,621
  11,090
  12,671
  14,362
  16,160
  18,064
  20,069
  22,176
  24,381
  26,687
  29,092
  31,597
  34,205
  36,916
  39,733
  42,662
  45,706
  48,868
  52,155
  55,573
Operating income, $m
  243
  376
  548
  761
  1,020
  1,327
  1,686
  2,097
  2,564
  3,086
  3,663
  4,294
  4,980
  5,718
  6,507
  7,347
  8,236
  9,173
  10,158
  11,189
  12,267
  13,392
  14,563
  15,782
  17,050
  18,368
  19,738
  21,162
  22,641
  24,179
  25,779
EBITDA, $m
  263
  387
  563
  781
  1,045
  1,359
  1,726
  2,146
  2,623
  3,156
  3,746
  4,392
  5,092
  5,846
  6,653
  7,512
  8,420
  9,378
  10,384
  11,438
  12,540
  13,689
  14,886
  16,132
  17,428
  18,775
  20,175
  21,630
  23,142
  24,714
  26,348
Interest expense (income), $m
  3
  3
  20
  42
  69
  101
  139
  184
  236
  294
  359
  431
  509
  594
  686
  785
  889
  1,000
  1,116
  1,238
  1,367
  1,501
  1,640
  1,786
  1,938
  2,095
  2,259
  2,429
  2,606
  2,790
  2,981
Earnings before tax, $m
  242
  373
  528
  720
  951
  1,226
  1,546
  1,913
  2,328
  2,792
  3,304
  3,864
  4,470
  5,123
  5,821
  6,563
  7,347
  8,174
  9,042
  9,951
  10,900
  11,891
  12,923
  13,996
  15,113
  16,273
  17,479
  18,733
  20,035
  21,390
  22,798
Tax expense, $m
  58
  101
  143
  194
  257
  331
  417
  517
  629
  754
  892
  1,043
  1,207
  1,383
  1,572
  1,772
  1,984
  2,207
  2,441
  2,687
  2,943
  3,211
  3,489
  3,779
  4,080
  4,394
  4,719
  5,058
  5,410
  5,775
  6,155
Net income, $m
  184
  272
  386
  525
  695
  895
  1,129
  1,397
  1,700
  2,038
  2,412
  2,820
  3,263
  3,740
  4,249
  4,791
  5,363
  5,967
  6,601
  7,264
  7,957
  8,680
  9,434
  10,217
  11,032
  11,879
  12,760
  13,675
  14,626
  15,614
  16,643

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  868
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,729
  1,192
  1,610
  2,126
  2,750
  3,490
  4,352
  5,342
  6,463
  7,715
  9,100
  10,614
  12,258
  14,027
  15,919
  17,931
  20,061
  22,305
  24,663
  27,133
  29,713
  32,406
  35,210
  38,129
  41,164
  44,319
  47,598
  51,005
  54,545
  58,226
  62,053
Adjusted assets (=assets-cash), $m
  861
  1,192
  1,610
  2,126
  2,750
  3,490
  4,352
  5,342
  6,463
  7,715
  9,100
  10,614
  12,258
  14,027
  15,919
  17,931
  20,061
  22,305
  24,663
  27,133
  29,713
  32,406
  35,210
  38,129
  41,164
  44,319
  47,598
  51,005
  54,545
  58,226
  62,053
Revenue / Adjusted assets
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
  1.311
Average production assets, $m
  79
  109
  148
  195
  252
  320
  399
  490
  593
  708
  835
  974
  1,125
  1,287
  1,461
  1,646
  1,841
  2,047
  2,263
  2,490
  2,727
  2,974
  3,231
  3,499
  3,778
  4,067
  4,368
  4,681
  5,006
  5,343
  5,695
Working capital, $m
  1,066
  273
  369
  488
  631
  801
  999
  1,226
  1,483
  1,770
  2,088
  2,435
  2,812
  3,218
  3,652
  4,114
  4,602
  5,117
  5,658
  6,225
  6,817
  7,435
  8,078
  8,748
  9,444
  10,168
  10,920
  11,702
  12,514
  13,359
  14,237
Total debt, $m
  40
  278
  580
  952
  1,401
  1,935
  2,557
  3,271
  4,079
  4,982
  5,980
  7,072
  8,257
  9,532
  10,896
  12,347
  13,883
  15,501
  17,201
  18,982
  20,842
  22,784
  24,806
  26,910
  29,098
  31,373
  33,737
  36,193
  38,746
  41,400
  44,160
Total liabilities, $m
  621
  859
  1,161
  1,533
  1,982
  2,516
  3,138
  3,852
  4,660
  5,563
  6,561
  7,653
  8,838
  10,113
  11,477
  12,928
  14,464
  16,082
  17,782
  19,563
  21,423
  23,365
  25,387
  27,491
  29,679
  31,954
  34,318
  36,774
  39,327
  41,981
  44,741
Total equity, $m
  1,108
  333
  449
  593
  767
  974
  1,214
  1,491
  1,803
  2,153
  2,539
  2,961
  3,420
  3,913
  4,441
  5,003
  5,597
  6,223
  6,881
  7,570
  8,290
  9,041
  9,824
  10,638
  11,485
  12,365
  13,280
  14,230
  15,218
  16,245
  17,313
Total liabilities and equity, $m
  1,729
  1,192
  1,610
  2,126
  2,749
  3,490
  4,352
  5,343
  6,463
  7,716
  9,100
  10,614
  12,258
  14,026
  15,918
  17,931
  20,061
  22,305
  24,663
  27,133
  29,713
  32,406
  35,211
  38,129
  41,164
  44,319
  47,598
  51,004
  54,545
  58,226
  62,054
Debt-to-equity ratio
  0.036
  0.840
  1.290
  1.600
  1.830
  1.990
  2.110
  2.190
  2.260
  2.310
  2.360
  2.390
  2.410
  2.440
  2.450
  2.470
  2.480
  2.490
  2.500
  2.510
  2.510
  2.520
  2.530
  2.530
  2.530
  2.540
  2.540
  2.540
  2.550
  2.550
  2.550
Adjusted equity ratio
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279
  0.279

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  184
  272
  386
  525
  695
  895
  1,129
  1,397
  1,700
  2,038
  2,412
  2,820
  3,263
  3,740
  4,249
  4,791
  5,363
  5,967
  6,601
  7,264
  7,957
  8,680
  9,434
  10,217
  11,032
  11,879
  12,760
  13,675
  14,626
  15,614
  16,643
Depreciation, amort., depletion, $m
  20
  11
  15
  20
  25
  32
  40
  49
  59
  71
  84
  97
  112
  129
  146
  165
  184
  205
  226
  249
  273
  297
  323
  350
  378
  407
  437
  468
  501
  534
  569
Funds from operations, $m
  63
  283
  400
  545
  720
  927
  1,169
  1,446
  1,759
  2,109
  2,495
  2,918
  3,376
  3,869
  4,395
  4,955
  5,548
  6,172
  6,827
  7,513
  8,230
  8,978
  9,757
  10,567
  11,410
  12,286
  13,197
  14,143
  15,126
  16,149
  17,212
Change in working capital, $m
  -68
  76
  96
  118
  143
  170
  198
  227
  257
  287
  318
  348
  377
  406
  434
  462
  489
  515
  541
  567
  592
  618
  643
  670
  696
  724
  752
  782
  812
  844
  878
Cash from operations, $m
  131
  207
  304
  427
  577
  757
  971
  1,219
  1,502
  1,822
  2,178
  2,570
  2,999
  3,463
  3,961
  4,494
  5,059
  5,657
  6,286
  6,946
  7,638
  8,360
  9,113
  9,898
  10,714
  11,562
  12,445
  13,361
  14,314
  15,304
  16,334
Maintenance CAPEX, $m
  0
  -8
  -11
  -15
  -20
  -25
  -32
  -40
  -49
  -59
  -71
  -84
  -97
  -112
  -129
  -146
  -165
  -184
  -205
  -226
  -249
  -273
  -297
  -323
  -350
  -378
  -407
  -437
  -468
  -501
  -534
New CAPEX, $m
  -21
  -31
  -38
  -47
  -57
  -68
  -79
  -91
  -103
  -115
  -127
  -139
  -151
  -162
  -174
  -185
  -195
  -206
  -216
  -227
  -237
  -247
  -257
  -268
  -279
  -290
  -301
  -313
  -325
  -338
  -351
Cash from investing activities, $m
  -326
  -39
  -49
  -62
  -77
  -93
  -111
  -131
  -152
  -174
  -198
  -223
  -248
  -274
  -303
  -331
  -360
  -390
  -421
  -453
  -486
  -520
  -554
  -591
  -629
  -668
  -708
  -750
  -793
  -839
  -885
Free cash flow, $m
  -195
  169
  255
  364
  500
  664
  860
  1,088
  1,350
  1,647
  1,980
  2,348
  2,751
  3,188
  3,659
  4,163
  4,699
  5,267
  5,865
  6,494
  7,152
  7,840
  8,558
  9,307
  10,085
  10,895
  11,737
  12,612
  13,521
  14,466
  15,448
Issuance/(repayment) of debt, $m
  -1
  238
  301
  372
  450
  534
  622
  714
  808
  903
  998
  1,092
  1,185
  1,276
  1,364
  1,451
  1,535
  1,618
  1,700
  1,781
  1,861
  1,941
  2,022
  2,104
  2,188
  2,275
  2,364
  2,456
  2,553
  2,654
  2,759
Issuance/(repurchase) of shares, $m
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  76
  238
  301
  372
  450
  534
  622
  714
  808
  903
  998
  1,092
  1,185
  1,276
  1,364
  1,451
  1,535
  1,618
  1,700
  1,781
  1,861
  1,941
  2,022
  2,104
  2,188
  2,275
  2,364
  2,456
  2,553
  2,654
  2,759
Total cash flow (excl. dividends), $m
  -119
  407
  556
  736
  950
  1,198
  1,482
  1,802
  2,158
  2,550
  2,978
  3,440
  3,935
  4,463
  5,023
  5,614
  6,234
  6,885
  7,565
  8,274
  9,013
  9,781
  10,581
  11,411
  12,274
  13,170
  14,101
  15,068
  16,074
  17,120
  18,208
Retained Cash Flow (-), $m
  -320
  -93
  -117
  -144
  -174
  -206
  -241
  -276
  -313
  -349
  -386
  -423
  -458
  -494
  -528
  -561
  -594
  -626
  -658
  -689
  -720
  -751
  -782
  -814
  -847
  -880
  -915
  -951
  -988
  -1,027
  -1,068
Prev. year cash balance distribution, $m
 
  868
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,183
  440
  592
  776
  991
  1,241
  1,525
  1,845
  2,201
  2,592
  3,017
  3,477
  3,970
  4,495
  5,052
  5,640
  6,259
  6,907
  7,585
  8,293
  9,030
  9,798
  10,597
  11,427
  12,290
  13,186
  14,118
  15,086
  16,093
  17,140
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,134
  403
  516
  639
  768
  901
  1,031
  1,153
  1,264
  1,359
  1,433
  1,484
  1,509
  1,509
  1,483
  1,433
  1,362
  1,272
  1,168
  1,054
  934
  813
  695
  582
  478
  385
  303
  233
  176
  129
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Arista Networks, Inc. supplies cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company’s cloud networking solutions consist of its Extensible Operating System and a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products. It also provides post contract customer support services, such as technical support, hardware repair and parts replacement beyond standard warranty, bug fix, patch, and upgrade services. The company serves a range of industries comprising Internet companies, service providers, financial services organizations, government agencies, media and entertainment companies, and others. It markets and sells its products through distributors, value-added resellers, system integrators, and original equipment manufacturer partners, as well as through its direct sales force. The company was formerly known as Arastra, Inc. and changed its name to Arista Networks, Inc. in October 2008. Arista Networks, Inc. was founded in 2004 and is headquartered in Santa Clara, California.

FINANCIAL RATIOS  of  Arista Networks (ANET)

Valuation Ratios
P/E Ratio 65.8
Price to Sales 10.7
Price to Book 10.9
Price to Tangible Book
Price to Cash Flow 92.5
Price to Free Cash Flow 110.1
Growth Rates
Sales Growth Rate 34.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 3.6%
Total Debt to Equity 3.6%
Interest Coverage 82
Management Effectiveness
Return On Assets 12.9%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 18.6%
Ret/ On T. Cap. - 3 Yr. Avg. 18.9%
Return On Equity 19.4%
Return On Equity - 3 Yr. Avg. 21.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 64%
Gross Margin - 3 Yr. Avg. 65.4%
EBITDA Margin 23.5%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 21.5%
Oper. Margin - 3 Yr. Avg. 20.3%
Pre-Tax Margin 21.4%
Pre-Tax Margin - 3 Yr. Avg. 19.9%
Net Profit Margin 16.3%
Net Profit Margin - 3 Yr. Avg. 15.2%
Effective Tax Rate 24%
Eff/ Tax Rate - 3 Yr. Avg. 23.3%
Payout Ratio 0%

ANET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANET stock intrinsic value calculation we used $1129 million for the last fiscal year's total revenue generated by Arista Networks. The default revenue input number comes from 2016 income statement of Arista Networks. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ANET stock valuation model: a) initial revenue growth rate of 38.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ANET is calculated based on our internal credit rating of Arista Networks, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Arista Networks.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ANET stock the variable cost ratio is equal to 68%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $121 million in the base year in the intrinsic value calculation for ANET stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.2% for Arista Networks.

Corporate tax rate of 27% is the nominal tax rate for Arista Networks. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ANET stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ANET are equal to 7%.

Life of production assets of 10 years is the average useful life of capital assets used in Arista Networks operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ANET is equal to 17.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1108 million for Arista Networks - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 70.209 million for Arista Networks is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Arista Networks at the current share price and the inputted number of shares is $12.0 billion.

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Stock chart of ANET Financial statements of ANET
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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