Intrinsic value of Arista Networks - ANET

Previous Close

$225.13

  Intrinsic Value

$311.25

stock screener

  Rating & Target

buy

+38%

Previous close

$225.13

 
Intrinsic value

$311.25

 
Up/down potential

+38%

 
Rating

buy

*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 16.3

 

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
  34.70
  31.73
  29.06
  26.65
  24.49
  22.54
  20.78
  19.21
  17.78
  16.51
  15.36
  14.32
  13.39
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
Revenue, $m
  1,129
  1,521
  2,003
  2,585
  3,274
  4,076
  4,995
  6,033
  7,192
  8,471
  9,869
  11,384
  13,015
  14,757
  16,609
  18,568
  20,632
  22,799
  25,068
  27,439
  29,912
  32,487
  35,168
  37,954
  40,851
  43,862
  46,990
  50,241
  53,621
  57,135
  60,791
Variable operating expenses, $m
 
  1,034
  1,362
  1,758
  2,227
  2,772
  3,397
  4,102
  4,890
  5,760
  6,711
  7,741
  8,850
  10,035
  11,294
  12,626
  14,030
  15,503
  17,046
  18,658
  20,340
  22,091
  23,914
  25,809
  27,779
  29,826
  31,953
  34,164
  36,462
  38,852
  41,338
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
  1,158
  1,489
  1,888
  2,361
  2,909
  3,537
  4,246
  5,037
  5,911
  6,866
  7,900
  9,013
  10,202
  11,465
  12,801
  14,210
  15,687
  17,235
  18,851
  20,538
  22,294
  24,122
  26,023
  27,998
  30,050
  32,183
  34,400
  36,704
  39,100
  41,592
Operating income, $m
  243
  363
  514
  697
  914
  1,167
  1,458
  1,787
  2,154
  2,560
  3,003
  3,484
  4,002
  4,555
  5,144
  5,767
  6,423
  7,112
  7,833
  8,587
  9,373
  10,193
  11,045
  11,932
  12,854
  13,811
  14,807
  15,841
  16,917
  18,036
  19,199
EBITDA, $m
  263
  384
  542
  733
  960
  1,225
  1,528
  1,871
  2,255
  2,678
  3,141
  3,644
  4,184
  4,762
  5,376
  6,026
  6,711
  7,431
  8,184
  8,971
  9,792
  10,648
  11,538
  12,463
  13,425
  14,425
  15,465
  16,545
  17,668
  18,836
  20,051
Interest expense (income), $m
  3
  3
  18
  37
  61
  88
  120
  156
  197
  243
  294
  349
  409
  474
  543
  616
  693
  775
  861
  951
  1,045
  1,143
  1,245
  1,351
  1,461
  1,576
  1,695
  1,819
  1,948
  2,081
  2,221
Earnings before tax, $m
  242
  360
  496
  660
  854
  1,080
  1,338
  1,631
  1,957
  2,317
  2,710
  3,135
  3,593
  4,082
  4,601
  5,151
  5,729
  6,336
  6,972
  7,636
  8,329
  9,050
  9,801
  10,581
  11,392
  12,236
  13,112
  14,023
  14,970
  15,954
  16,979
Tax expense, $m
  58
  97
  134
  178
  231
  292
  361
  440
  528
  625
  732
  847
  970
  1,102
  1,242
  1,391
  1,547
  1,711
  1,882
  2,062
  2,249
  2,444
  2,646
  2,857
  3,076
  3,304
  3,540
  3,786
  4,042
  4,308
  4,584
Net income, $m
  184
  263
  362
  481
  623
  788
  977
  1,190
  1,429
  1,691
  1,978
  2,289
  2,623
  2,980
  3,359
  3,760
  4,182
  4,626
  5,090
  5,574
  6,080
  6,607
  7,155
  7,724
  8,317
  8,932
  9,572
  10,237
  10,928
  11,647
  12,395

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
  1,160
  1,528
  1,972
  2,498
  3,109
  3,810
  4,602
  5,486
  6,461
  7,528
  8,684
  9,927
  11,256
  12,669
  14,163
  15,737
  17,390
  19,121
  20,930
  22,816
  24,781
  26,825
  28,951
  31,160
  33,457
  35,843
  38,323
  40,901
  43,581
  46,370
Adjusted assets (=assets-cash), $m
  861
  1,160
  1,528
  1,972
  2,498
  3,109
  3,810
  4,602
  5,486
  6,461
  7,528
  8,684
  9,927
  11,256
  12,669
  14,163
  15,737
  17,390
  19,121
  20,930
  22,816
  24,781
  26,825
  28,951
  31,160
  33,457
  35,843
  38,323
  40,901
  43,581
  46,370
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
  106
  140
  181
  229
  285
  350
  422
  503
  593
  691
  797
  911
  1,033
  1,163
  1,300
  1,444
  1,596
  1,755
  1,921
  2,094
  2,274
  2,462
  2,657
  2,860
  3,070
  3,289
  3,517
  3,753
  3,999
  4,255
Working capital, $m
  1,066
  266
  351
  452
  573
  713
  874
  1,056
  1,259
  1,482
  1,727
  1,992
  2,278
  2,582
  2,907
  3,249
  3,611
  3,990
  4,387
  4,802
  5,235
  5,685
  6,154
  6,642
  7,149
  7,676
  8,223
  8,792
  9,384
  9,999
  10,638
Total debt, $m
  40
  255
  521
  841
  1,220
  1,661
  2,166
  2,737
  3,374
  4,078
  4,847
  5,680
  6,577
  7,535
  8,553
  9,631
  10,766
  11,958
  13,205
  14,509
  15,869
  17,286
  18,760
  20,293
  21,886
  23,541
  25,262
  27,050
  28,908
  30,841
  32,852
Total liabilities, $m
  621
  836
  1,102
  1,422
  1,801
  2,242
  2,747
  3,318
  3,955
  4,659
  5,428
  6,261
  7,158
  8,116
  9,134
  10,212
  11,347
  12,539
  13,786
  15,090
  16,450
  17,867
  19,341
  20,874
  22,467
  24,122
  25,843
  27,631
  29,489
  31,422
  33,433
Total equity, $m
  1,108
  324
  426
  550
  697
  867
  1,063
  1,284
  1,531
  1,803
  2,100
  2,423
  2,770
  3,141
  3,535
  3,952
  4,391
  4,852
  5,335
  5,839
  6,366
  6,914
  7,484
  8,077
  8,694
  9,334
  10,000
  10,692
  11,411
  12,159
  12,937
Total liabilities and equity, $m
  1,729
  1,160
  1,528
  1,972
  2,498
  3,109
  3,810
  4,602
  5,486
  6,462
  7,528
  8,684
  9,928
  11,257
  12,669
  14,164
  15,738
  17,391
  19,121
  20,929
  22,816
  24,781
  26,825
  28,951
  31,161
  33,456
  35,843
  38,323
  40,900
  43,581
  46,370
Debt-to-equity ratio
  0.036
  0.790
  1.220
  1.530
  1.750
  1.910
  2.040
  2.130
  2.200
  2.260
  2.310
  2.340
  2.370
  2.400
  2.420
  2.440
  2.450
  2.460
  2.480
  2.480
  2.490
  2.500
  2.510
  2.510
  2.520
  2.520
  2.530
  2.530
  2.530
  2.540
  2.540
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
  263
  362
  481
  623
  788
  977
  1,190
  1,429
  1,691
  1,978
  2,289
  2,623
  2,980
  3,359
  3,760
  4,182
  4,626
  5,090
  5,574
  6,080
  6,607
  7,155
  7,724
  8,317
  8,932
  9,572
  10,237
  10,928
  11,647
  12,395
Depreciation, amort., depletion, $m
  20
  21
  28
  36
  46
  57
  70
  84
  101
  119
  138
  159
  182
  207
  233
  260
  289
  319
  351
  384
  419
  455
  492
  531
  572
  614
  658
  703
  751
  800
  851
Funds from operations, $m
  63
  284
  390
  518
  669
  845
  1,047
  1,275
  1,529
  1,810
  2,116
  2,448
  2,805
  3,186
  3,592
  4,020
  4,471
  4,945
  5,441
  5,959
  6,499
  7,061
  7,647
  8,256
  8,888
  9,546
  10,230
  10,940
  11,678
  12,447
  13,246
Change in working capital, $m
  -68
  69
  84
  102
  121
  140
  161
  182
  203
  224
  245
  265
  285
  305
  324
  343
  361
  379
  397
  415
  433
  451
  469
  488
  507
  527
  547
  569
  591
  615
  640
Cash from operations, $m
  131
  215
  305
  416
  548
  705
  886
  1,093
  1,326
  1,586
  1,871
  2,183
  2,520
  2,882
  3,267
  3,677
  4,110
  4,566
  5,043
  5,544
  6,066
  6,611
  7,178
  7,768
  8,381
  9,019
  9,682
  10,371
  11,087
  11,831
  12,606
Maintenance CAPEX, $m
  0
  -16
  -21
  -28
  -36
  -46
  -57
  -70
  -84
  -101
  -119
  -138
  -159
  -182
  -207
  -233
  -260
  -289
  -319
  -351
  -384
  -419
  -455
  -492
  -531
  -572
  -614
  -658
  -703
  -751
  -800
New CAPEX, $m
  -21
  -28
  -34
  -41
  -48
  -56
  -64
  -73
  -81
  -90
  -98
  -106
  -114
  -122
  -130
  -137
  -144
  -152
  -159
  -166
  -173
  -180
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
Cash from investing activities, $m
  -326
  -44
  -55
  -69
  -84
  -102
  -121
  -143
  -165
  -191
  -217
  -244
  -273
  -304
  -337
  -370
  -404
  -441
  -478
  -517
  -557
  -599
  -643
  -687
  -734
  -783
  -833
  -886
  -940
  -997
  -1,056
Free cash flow, $m
  -195
  172
  250
  347
  464
  603
  765
  951
  1,161
  1,396
  1,655
  1,939
  2,246
  2,577
  2,931
  3,307
  3,706
  4,125
  4,565
  5,027
  5,509
  6,012
  6,535
  7,080
  7,647
  8,237
  8,849
  9,485
  10,147
  10,835
  11,550
Issuance/(repayment) of debt, $m
  -1
  215
  265
  320
  379
  441
  505
  571
  637
  703
  769
  833
  897
  958
  1,018
  1,077
  1,135
  1,192
  1,248
  1,304
  1,360
  1,417
  1,474
  1,533
  1,593
  1,656
  1,720
  1,788
  1,859
  1,933
  2,011
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
  215
  265
  320
  379
  441
  505
  571
  637
  703
  769
  833
  897
  958
  1,018
  1,077
  1,135
  1,192
  1,248
  1,304
  1,360
  1,417
  1,474
  1,533
  1,593
  1,656
  1,720
  1,788
  1,859
  1,933
  2,011
Total cash flow (excl. dividends), $m
  -119
  387
  516
  667
  843
  1,044
  1,270
  1,522
  1,798
  2,099
  2,424
  2,772
  3,143
  3,536
  3,950
  4,385
  4,841
  5,317
  5,813
  6,331
  6,869
  7,428
  8,009
  8,613
  9,240
  9,892
  10,569
  11,274
  12,006
  12,768
  13,561
Retained Cash Flow (-), $m
  -320
  -84
  -103
  -124
  -147
  -171
  -196
  -221
  -247
  -272
  -298
  -323
  -347
  -371
  -394
  -417
  -439
  -461
  -483
  -505
  -526
  -548
  -570
  -593
  -616
  -641
  -666
  -692
  -719
  -748
  -778
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
 
  1,171
  413
  543
  696
  873
  1,075
  1,301
  1,551
  1,827
  2,126
  2,450
  2,796
  3,165
  3,556
  3,968
  4,401
  4,856
  5,331
  5,826
  6,343
  6,880
  7,439
  8,020
  8,624
  9,252
  9,904
  10,582
  11,286
  12,020
  12,783
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
 
  1,123
  378
  473
  573
  677
  780
  879
  970
  1,049
  1,115
  1,163
  1,193
  1,203
  1,194
  1,165
  1,118
  1,056
  982
  897
  806
  712
  617
  526
  439
  360
  289
  227
  175
  131
  96
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. is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software. The Company's cloud networking solutions consist of its Extensible Operating System (EOS), a set of network applications and its Ethernet switching and routing platforms. The programmability of EOS has allowed it to create a set of software applications that address the requirements of cloud networking, including workflow automation, network visibility and analytics, and has also allowed it to integrate with a range of third-party applications for virtualization, management, automation, orchestration and network services. EOS supports cloud and virtualization solutions, including VMware NSX, Microsoft System Center and other cloud management frameworks.

FINANCIAL RATIOS  of  Arista Networks (ANET)

Valuation Ratios
P/E Ratio 86.6
Price to Sales 14.1
Price to Book 14.4
Price to Tangible Book
Price to Cash Flow 121.7
Price to Free Cash Flow 144.9
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 34.7% 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 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 72.517 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 $16.3 billion.

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COMPANY NEWS

▶ Arista Price Target Hiked On Expected Gains In Enterprise Customers   [Dec-14-17 04:59PM  Investor's Business Daily]
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▶ Arista EOS Advances Cloud-Grade Routing   [06:00AM  Business Wire]
▶ Why Tax Drama Will Blow Over for Apple Inc. Stock   [Dec-05-17 10:46AM  InvestorPlace]
▶ Five Companies Hit 52-Week Highs   [Nov-29-17 10:35AM  GuruFocus.com]
▶ Arista Networks: Expect Consolidation Before Higher Highs   [Nov-22-17 11:17AM  TheStreet.com]
▶ [$$] How Cisco Systems Can Truly Get Its Groove Back   [Nov-18-17 12:01AM  Barrons.com]
▶ 5 Stocks Ripping Higher Ahead of Tax Reform   [Nov-14-17 04:32PM  Zacks]
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▶ 7 Tech Stocks to Buy That Sport Amazon-Like Growth   [Nov-10-17 12:51PM  InvestorPlace]
▶ Arista to Grab Market Share From Cisco: Davidson   [Nov-07-17 10:54AM  Investopedia]
▶ Arista to Grab Market Share From Cisco: Davidson   [Nov-06-17 06:55PM  Investopedia]
▶ Arista shares up 5% on earnings, revenue beat   [Nov-02-17 05:05PM  MarketWatch]
▶ Arista Networks tops Street 3Q forecasts   [05:01PM  Associated Press]
▶ Arista Networks Answers Pre-Earnings Sell-Off With Big Beat   [04:50PM  Investor's Business Daily]
▶ Arista: Time to Be Worried? Asks Needham   [09:25AM  Barrons.com]
▶ [$$] Arista May Be Eating Juniper's Lunch   [Oct-26-17 03:15PM  Barrons.com]
▶ Corning (GLW) Surges: Stock Moves 6.4% Higher   [Oct-25-17 08:55AM  Zacks]
▶ [$$] 2 Communications Picks for Upside Earnings   [Oct-11-17 03:02PM  Barrons.com]
▶ What Do Alibaba And Weibo Share With This Health Stock?   [Oct-06-17 09:24PM  Investor's Business Daily]
▶ Blue-Chip Cisco Is Primed For Another Move Higher, Near Buy Point   [Oct-05-17 03:25PM  Investor's Business Daily]
▶ Why Hewlett Packard Enterprise Is Backing Arista, Not Cisco   [Oct-04-17 09:10AM  Market Realist]
▶ Cisco-Arista Feud: How Did We Get Here?   [07:44AM  Market Realist]
▶ Whats Arista Doing about the Import Ban?   [Oct-03-17 05:36PM  Market Realist]
▶ [$$] Arista Networks Stock Seen Reaching $200   [Oct-02-17 07:51AM  Barrons.com]
▶ After Doubling, Is Arista Stock Due For A Big Decline?   [Sep-29-17 02:12PM  Investor's Business Daily]
▶ Buy Arista, Equinix on Cloud Dominance: Berenberg   [Sep-27-17 03:16PM  Investopedia]
▶ Arista Poised to Grab 400G Market: Morgan Stanley   [Sep-21-17 04:33PM  Investopedia]
▶ Bearish Analyst Turns Bull On Arista Networks, Stock Hits High   [11:10AM  Investor's Business Daily]
▶ [$$] Cisco Chairman Chambers to Step Down, Ending an Era   [Sep-18-17 06:02PM  The Wall Street Journal]
▶ Why Arista Networks Inc. Stock Rose 18% in August   [Sep-13-17 11:20AM  Motley Fool]
▶ You'll Be Surprised at the Size of Cisco's War Chest   [Sep-01-17 11:00AM  Motley Fool]
▶ 4 Risks Cisco Systems Bulls Need to Know   [Aug-31-17 07:26PM  Motley Fool]
▶ 10 Stocks That Have Doubled in the Last Year   [Aug-30-17 06:00AM  Motley Fool]
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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