$ANET DCF valuation model Arista has been a wonderful growth story for shareholders, with an impressive 42% return over the past 10 years. That's genuinely remarkable! But for us investors it's important to consider what lies ahead. Can Arista continue to outperform the index? Let’s take a closer look to find out. Key assumptions: * Explicit average 5Y/5Y growth @ 22%/13.5% * Long-term growth in perpetuity @ 3% * EBITDA Margin expansion by 0.7pp every year until the end of explicit period * WACC @ 9.1%. * Adj. EBITDA exit multiple of 16 * Tax rate 19% - in line with historical average * The input that drives reinvestment is Sales to Capital ratio = 5.7 More details on Substack - link in bio and below 👇