NYSE: ANET - Arista Networks

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 6.58
CAGR EPS = -9.16%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.58 * (1 + -9.16%) / (0.0433 * 2) = 69.04

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 5.35
Ebitda Yield = 0.1812
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0547
Debt = 0.0655
Market Cap = 55.89
Weight Debt = Market Cap / (Market Cap + Debt) = 55.89 / (55.89 + 0.0655) = 0.9988
Weight Cost Debt = 100% - 0.9988 = 0.0012
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.82
β = 2.82
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.82 * 5.94 + 0 = 0.1955
WACC = (0.0547 / 0.0655) * (100% - 0.9988) * (1 - 0.21) + 0.1955 + 0.9988 = 65.49
Terminal Value = Discount (5.35 * (1 + 0.1812) / (65.49 - 0.1812)) = 1.08
Company Value = ∑ (5.35 / (1 + 65.49) ^ 5) = 4.73
Price = (Terminal Value + Company Value) / Count shares = (1.08 + 4.73) / 317140000 = 18.3

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 3.67
FCF Yield = 0.1289
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0547
Debt = 0.0655
Market Cap = 55.89
Weight Debt = Market Cap / (Market Cap + Debt) = 55.89 / (55.89 + 0.0655) = 0.9988
Weight Cost Debt = 100% - 0.9988 = 0.0012
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.82
β = 2.82
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.82 * 5.94 + 0 = 0.1955
WACC = (0.0547 / 0.0655) * (100% - 0.9988) * (1 - 0.21) + 0.1955 + 0.9988 = 65.49
Terminal Value = Discount (3.67 * (1 + 0.1289) / (65.49 - 0.1289)) = 0.634
Company Value = ∑ (3.67 / (1 + 65.49) ^ 5) = 3.66
Price = (Terminal Value + Company Value) / Count shares = (0.634 + 3.66) / 317140000 = 13.53