Intrinsic value of Arista Networks - ANET

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$139.64

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$139.64

 
Intrinsic value

$308.36

 
Up/down potential

+121%

 
Rating

str. buy

 
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*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 9.9

 

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
  33.90
  31.01
  28.41
  26.07
  23.96
  22.07
  20.36
  18.82
  17.44
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.90
  8.51
  8.16
  7.85
  7.56
  7.31
  7.07
  6.87
  6.68
  6.51
  6.36
Revenue, $m
  1,129
  1,512
  1,981
  2,543
  3,206
  3,974
  4,851
  5,839
  6,938
  8,148
  9,468
  10,895
  12,428
  14,064
  15,800
  17,635
  19,566
  21,592
  23,712
  25,926
  28,235
  30,639
  33,139
  35,739
  38,442
  41,250
  44,168
  47,202
  50,355
  53,634
  57,046
Variable operating expenses, $m
 
  1,028
  1,347
  1,729
  2,180
  2,703
  3,299
  3,970
  4,718
  5,541
  6,438
  7,409
  8,451
  9,563
  10,744
  11,992
  13,305
  14,682
  16,124
  17,630
  19,200
  20,834
  22,535
  24,303
  26,140
  28,050
  30,035
  32,097
  34,241
  36,471
  38,791
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
  1,152
  1,474
  1,859
  2,314
  2,840
  3,439
  4,114
  4,865
  5,692
  6,593
  7,568
  8,614
  9,730
  10,915
  12,167
  13,485
  14,866
  16,313
  17,823
  19,398
  21,037
  22,743
  24,517
  26,359
  28,274
  30,265
  32,333
  34,483
  36,719
  39,045
Operating income, $m
  243
  360
  507
  684
  892
  1,135
  1,412
  1,725
  2,073
  2,456
  2,875
  3,328
  3,814
  4,334
  4,885
  5,468
  6,081
  6,725
  7,399
  8,103
  8,837
  9,601
  10,396
  11,223
  12,083
  12,976
  13,904
  14,869
  15,872
  16,915
  18,001
EBITDA, $m
  263
  381
  534
  719
  937
  1,191
  1,480
  1,806
  2,170
  2,570
  3,007
  3,480
  3,988
  4,531
  5,106
  5,715
  6,355
  7,028
  7,731
  8,466
  9,232
  10,030
  10,860
  11,723
  12,621
  13,553
  14,522
  15,530
  16,577
  17,666
  18,800
Interest expense (income), $m
  3
  3
  18
  37
  59
  85
  115
  150
  189
  233
  281
  333
  389
  450
  515
  583
  656
  732
  813
  897
  984
  1,075
  1,171
  1,270
  1,372
  1,479
  1,591
  1,706
  1,826
  1,951
  2,081
Earnings before tax, $m
  242
  357
  489
  647
  834
  1,050
  1,297
  1,574
  1,884
  2,224
  2,594
  2,995
  3,425
  3,884
  4,370
  4,884
  5,425
  5,993
  6,587
  7,206
  7,853
  8,526
  9,226
  9,954
  10,710
  11,496
  12,313
  13,163
  14,046
  14,964
  15,920
Tax expense, $m
  58
  96
  132
  175
  225
  283
  350
  425
  509
  600
  700
  809
  925
  1,049
  1,180
  1,319
  1,465
  1,618
  1,778
  1,946
  2,120
  2,302
  2,491
  2,687
  2,892
  3,104
  3,325
  3,554
  3,792
  4,040
  4,298
Net income, $m
  184
  260
  357
  472
  609
  766
  947
  1,149
  1,375
  1,623
  1,894
  2,186
  2,500
  2,835
  3,190
  3,566
  3,961
  4,375
  4,808
  5,261
  5,732
  6,224
  6,735
  7,266
  7,818
  8,392
  8,989
  9,609
  10,254
  10,924
  11,622

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  880
  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
  1,137
  1,489
  1,912
  2,411
  2,988
  3,648
  4,390
  5,217
  6,126
  7,119
  8,192
  9,344
  10,574
  11,880
  13,259
  14,711
  16,234
  17,829
  19,493
  21,229
  23,036
  24,917
  26,872
  28,904
  31,015
  33,209
  35,490
  37,861
  40,326
  42,892
Adjusted assets (=assets-cash), $m
  849
  1,137
  1,489
  1,912
  2,411
  2,988
  3,648
  4,390
  5,217
  6,126
  7,119
  8,192
  9,344
  10,574
  11,880
  13,259
  14,711
  16,234
  17,829
  19,493
  21,229
  23,036
  24,917
  26,872
  28,904
  31,015
  33,209
  35,490
  37,861
  40,326
  42,892
Revenue / Adjusted assets
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
  1.330
Average production assets, $m
  79
  106
  139
  178
  224
  278
  340
  409
  486
  570
  663
  763
  870
  984
  1,106
  1,234
  1,370
  1,511
  1,660
  1,815
  1,976
  2,145
  2,320
  2,502
  2,691
  2,888
  3,092
  3,304
  3,525
  3,754
  3,993
Working capital, $m
  1,066
  249
  327
  420
  529
  656
  800
  963
  1,145
  1,344
  1,562
  1,798
  2,051
  2,321
  2,607
  2,910
  3,228
  3,563
  3,912
  4,278
  4,659
  5,055
  5,468
  5,897
  6,343
  6,806
  7,288
  7,788
  8,309
  8,850
  9,413
Total debt, $m
  40
  250
  508
  817
  1,181
  1,603
  2,085
  2,628
  3,232
  3,897
  4,623
  5,407
  6,250
  7,149
  8,103
  9,111
  10,173
  11,286
  12,452
  13,669
  14,937
  16,259
  17,633
  19,062
  20,548
  22,091
  23,695
  25,362
  27,095
  28,898
  30,773
Total liabilities, $m
  621
  831
  1,089
  1,398
  1,762
  2,184
  2,666
  3,209
  3,813
  4,478
  5,204
  5,988
  6,831
  7,730
  8,684
  9,692
  10,754
  11,867
  13,033
  14,250
  15,518
  16,840
  18,214
  19,643
  21,129
  22,672
  24,276
  25,943
  27,676
  29,479
  31,354
Total equity, $m
  1,108
  306
  401
  514
  648
  804
  981
  1,181
  1,403
  1,648
  1,915
  2,204
  2,514
  2,844
  3,196
  3,567
  3,957
  4,367
  4,796
  5,244
  5,711
  6,197
  6,703
  7,228
  7,775
  8,343
  8,933
  9,547
  10,185
  10,848
  11,538
Total liabilities and equity, $m
  1,729
  1,137
  1,490
  1,912
  2,410
  2,988
  3,647
  4,390
  5,216
  6,126
  7,119
  8,192
  9,345
  10,574
  11,880
  13,259
  14,711
  16,234
  17,829
  19,494
  21,229
  23,037
  24,917
  26,871
  28,904
  31,015
  33,209
  35,490
  37,861
  40,327
  42,892
Debt-to-equity ratio
  0.036
  0.820
  1.270
  1.590
  1.820
  1.990
  2.130
  2.230
  2.300
  2.360
  2.410
  2.450
  2.490
  2.510
  2.540
  2.550
  2.570
  2.580
  2.600
  2.610
  2.620
  2.620
  2.630
  2.640
  2.640
  2.650
  2.650
  2.660
  2.660
  2.660
  2.670
Adjusted equity ratio
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  184
  260
  357
  472
  609
  766
  947
  1,149
  1,375
  1,623
  1,894
  2,186
  2,500
  2,835
  3,190
  3,566
  3,961
  4,375
  4,808
  5,261
  5,732
  6,224
  6,735
  7,266
  7,818
  8,392
  8,989
  9,609
  10,254
  10,924
  11,622
Depreciation, amort., depletion, $m
  20
  21
  28
  36
  45
  56
  68
  82
  97
  114
  133
  153
  174
  197
  221
  247
  274
  302
  332
  363
  395
  429
  464
  500
  538
  578
  618
  661
  705
  751
  799
Funds from operations, $m
  63
  282
  384
  508
  653
  822
  1,014
  1,231
  1,472
  1,737
  2,026
  2,339
  2,674
  3,032
  3,412
  3,813
  4,234
  4,677
  5,140
  5,624
  6,128
  6,653
  7,199
  7,766
  8,357
  8,970
  9,607
  10,270
  10,958
  11,675
  12,420
Change in working capital, $m
  -68
  63
  77
  93
  109
  127
  145
  163
  181
  200
  218
  236
  253
  270
  286
  303
  319
  334
  350
  365
  381
  397
  413
  429
  446
  463
  482
  500
  520
  541
  563
Cash from operations, $m
  131
  217
  307
  415
  544
  695
  870
  1,068
  1,291
  1,538
  1,809
  2,103
  2,421
  2,762
  3,125
  3,510
  3,916
  4,343
  4,790
  5,258
  5,747
  6,256
  6,786
  7,337
  7,911
  8,506
  9,126
  9,769
  10,438
  11,134
  11,858
Maintenance CAPEX, $m
  0
  -16
  -21
  -28
  -36
  -45
  -56
  -68
  -82
  -97
  -114
  -133
  -153
  -174
  -197
  -221
  -247
  -274
  -302
  -332
  -363
  -395
  -429
  -464
  -500
  -538
  -578
  -618
  -661
  -705
  -751
New CAPEX, $m
  -21
  -27
  -33
  -39
  -46
  -54
  -61
  -69
  -77
  -85
  -92
  -100
  -107
  -115
  -122
  -128
  -135
  -142
  -148
  -155
  -162
  -168
  -175
  -182
  -189
  -197
  -204
  -212
  -221
  -230
  -239
Cash from investing activities, $m
  -326
  -43
  -54
  -67
  -82
  -99
  -117
  -137
  -159
  -182
  -206
  -233
  -260
  -289
  -319
  -349
  -382
  -416
  -450
  -487
  -525
  -563
  -604
  -646
  -689
  -735
  -782
  -830
  -882
  -935
  -990
Free cash flow, $m
  -195
  174
  253
  348
  462
  597
  753
  931
  1,132
  1,356
  1,602
  1,871
  2,161
  2,474
  2,807
  3,160
  3,534
  3,927
  4,340
  4,771
  5,222
  5,692
  6,182
  6,691
  7,221
  7,772
  8,344
  8,939
  9,557
  10,199
  10,868
Issuance/(repayment) of debt, $m
  -1
  210
  258
  309
  364
  422
  482
  543
  604
  665
  725
  785
  842
  899
  954
  1,008
  1,061
  1,114
  1,165
  1,217
  1,269
  1,321
  1,374
  1,429
  1,485
  1,543
  1,604
  1,667
  1,733
  1,802
  1,875
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
  210
  258
  309
  364
  422
  482
  543
  604
  665
  725
  785
  842
  899
  954
  1,008
  1,061
  1,114
  1,165
  1,217
  1,269
  1,321
  1,374
  1,429
  1,485
  1,543
  1,604
  1,667
  1,733
  1,802
  1,875
Total cash flow (excl. dividends), $m
  -119
  384
  511
  657
  826
  1,019
  1,235
  1,474
  1,736
  2,021
  2,327
  2,655
  3,004
  3,373
  3,761
  4,169
  4,595
  5,041
  5,505
  5,988
  6,491
  7,014
  7,557
  8,121
  8,706
  9,315
  9,948
  10,606
  11,290
  12,002
  12,743
Retained Cash Flow (-), $m
  -320
  -78
  -95
  -114
  -134
  -155
  -177
  -200
  -222
  -245
  -267
  -289
  -310
  -331
  -351
  -371
  -391
  -410
  -429
  -448
  -467
  -486
  -506
  -526
  -547
  -568
  -590
  -613
  -638
  -663
  -690
Prev. year cash balance distribution, $m
 
  880
  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
 
  1,186
  416
  543
  692
  863
  1,057
  1,274
  1,514
  1,776
  2,061
  2,367
  2,694
  3,042
  3,410
  3,797
  4,205
  4,631
  5,076
  5,541
  6,024
  6,527
  7,051
  7,595
  8,160
  8,747
  9,358
  9,992
  10,652
  11,338
  12,053
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
 
  1,137
  381
  473
  570
  669
  767
  861
  946
  1,020
  1,080
  1,124
  1,150
  1,157
  1,145
  1,115
  1,068
  1,008
  935
  853
  765
  675
  585
  498
  416
  340
  273
  214
  165
  124
  91
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 53.7
Price to Sales 8.8
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 75.5
Price to Free Cash Flow 89.9
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 33.9% 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 3.9 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 16.5%. 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 70.689 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 $9.9 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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