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 — 关键利率
Excess Key Rate — 期望超出关键利率
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 - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
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 - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
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 — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 3.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.39 * 5.94 + 0 = 0.2296
WACC = (0.0547 / 0.0655) * (100% - 0.9988) * (1 - 0.21) + 0.2296 + 0.9988 = 65.53
Terminal Value = Discount (5.35 * (1 + 0.1812) / (65.53 - 0.1812)) = 1.07
Company Value = ∑ (5.35 / (1 + 65.53) ^ 5) = 4.73
Price = (Terminal Value + Company Value) / Count shares = (1.07 + 4.73) / 317140000 = 18.29

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
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 - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
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 — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 3.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.39 * 5.94 + 0 = 0.2296
WACC = (0.0547 / 0.0655) * (100% - 0.9988) * (1 - 0.21) + 0.2296 + 0.9988 = 65.53
Terminal Value = Discount (3.67 * (1 + 0.1289) / (65.53 - 0.1289)) = 0.6329
Company Value = ∑ (3.67 / (1 + 65.53) ^ 5) = 3.66
Price = (Terminal Value + Company Value) / Count shares = (0.6329 + 3.66) / 317140000 = 13.52