Intrinsic value of Cray - CRAY

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$19.10

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$19.10

 
Intrinsic value

$152.34

 
Up/down potential

+698%

 
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 CRAY 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 0.8

 

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, %
  -13.10
  30.00
  27.50
  25.25
  23.23
  21.40
  19.76
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
Revenue, $m
  630
  819
  1,044
  1,308
  1,612
  1,957
  2,343
  2,772
  3,242
  3,753
  4,304
  4,894
  5,523
  6,189
  6,892
  7,630
  8,405
  9,214
  10,059
  10,940
  11,856
  12,809
  13,800
  14,830
  15,900
  17,012
  18,168
  19,370
  20,620
  21,920
  23,275
Variable operating expenses, $m
 
  543
  691
  866
  1,066
  1,294
  1,550
  1,833
  2,143
  2,481
  2,845
  3,234
  3,649
  4,090
  4,554
  5,042
  5,554
  6,089
  6,647
  7,229
  7,834
  8,464
  9,119
  9,799
  10,506
  11,241
  12,005
  12,799
  13,625
  14,485
  15,379
Fixed operating expenses, $m
 
  213
  219
  224
  230
  235
  241
  247
  253
  260
  266
  273
  280
  287
  294
  301
  309
  316
  324
  333
  341
  349
  358
  367
  376
  386
  395
  405
  415
  426
  436
Total operating expenses, $m
  621
  756
  910
  1,090
  1,296
  1,529
  1,791
  2,080
  2,396
  2,741
  3,111
  3,507
  3,929
  4,377
  4,848
  5,343
  5,863
  6,405
  6,971
  7,562
  8,175
  8,813
  9,477
  10,166
  10,882
  11,627
  12,400
  13,204
  14,040
  14,911
  15,815
Operating income, $m
  9
  63
  134
  218
  316
  427
  552
  692
  845
  1,012
  1,192
  1,387
  1,594
  1,813
  2,044
  2,287
  2,542
  2,809
  3,088
  3,378
  3,681
  3,996
  4,323
  4,664
  5,017
  5,385
  5,768
  6,165
  6,579
  7,010
  7,459
EBITDA, $m
  24
  74
  148
  235
  336
  451
  581
  725
  884
  1,057
  1,244
  1,444
  1,658
  1,884
  2,124
  2,376
  2,640
  2,916
  3,205
  3,505
  3,818
  4,144
  4,483
  4,836
  5,202
  5,583
  5,978
  6,390
  6,819
  7,265
  7,729
Interest expense (income), $m
  0
  0
  2
  4
  7
  10
  14
  18
  23
  28
  33
  39
  45
  52
  59
  66
  74
  82
  91
  99
  109
  118
  128
  139
  150
  161
  173
  185
  198
  211
  225
Earnings before tax, $m
  10
  63
  132
  214
  309
  417
  538
  674
  822
  984
  1,159
  1,349
  1,549
  1,761
  1,985
  2,221
  2,468
  2,727
  2,997
  3,279
  3,572
  3,877
  4,195
  4,525
  4,868
  5,224
  5,595
  5,980
  6,382
  6,799
  7,234
Tax expense, $m
  -1
  17
  36
  58
  83
  112
  145
  182
  222
  266
  313
  364
  418
  475
  536
  600
  666
  736
  809
  885
  964
  1,047
  1,133
  1,222
  1,314
  1,411
  1,511
  1,615
  1,723
  1,836
  1,953
Net income, $m
  11
  46
  97
  156
  225
  304
  393
  492
  600
  719
  846
  984
  1,131
  1,286
  1,449
  1,621
  1,802
  1,991
  2,188
  2,394
  2,608
  2,830
  3,062
  3,303
  3,553
  3,814
  4,084
  4,366
  4,659
  4,964
  5,281

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  228
  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
  715
  633
  807
  1,011
  1,245
  1,512
  1,811
  2,142
  2,505
  2,900
  3,326
  3,782
  4,268
  4,783
  5,326
  5,897
  6,495
  7,121
  7,774
  8,454
  9,162
  9,899
  10,665
  11,460
  12,287
  13,147
  14,040
  14,969
  15,935
  16,940
  17,986
Adjusted assets (=assets-cash), $m
  487
  633
  807
  1,011
  1,245
  1,512
  1,811
  2,142
  2,505
  2,900
  3,326
  3,782
  4,268
  4,783
  5,326
  5,897
  6,495
  7,121
  7,774
  8,454
  9,162
  9,899
  10,665
  11,460
  12,287
  13,147
  14,040
  14,969
  15,935
  16,940
  17,986
Revenue / Adjusted assets
  1.294
  1.294
  1.294
  1.294
  1.295
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
  1.294
Average production assets, $m
  37
  48
  61
  76
  93
  113
  136
  161
  188
  218
  250
  284
  320
  359
  400
  443
  487
  534
  583
  634
  688
  743
  800
  860
  922
  987
  1,054
  1,123
  1,196
  1,271
  1,350
Working capital, $m
  392
  213
  271
  340
  419
  509
  609
  721
  843
  976
  1,119
  1,272
  1,436
  1,609
  1,792
  1,984
  2,185
  2,396
  2,615
  2,844
  3,083
  3,330
  3,588
  3,856
  4,134
  4,423
  4,724
  5,036
  5,361
  5,699
  6,051
Total debt, $m
  0
  57
  125
  204
  296
  400
  516
  645
  787
  941
  1,107
  1,285
  1,475
  1,675
  1,887
  2,110
  2,343
  2,587
  2,842
  3,107
  3,383
  3,671
  3,969
  4,280
  4,602
  4,937
  5,286
  5,648
  6,025
  6,417
  6,825
Total liabilities, $m
  189
  247
  315
  394
  486
  590
  706
  835
  977
  1,131
  1,297
  1,475
  1,665
  1,865
  2,077
  2,300
  2,533
  2,777
  3,032
  3,297
  3,573
  3,861
  4,159
  4,470
  4,792
  5,127
  5,476
  5,838
  6,215
  6,607
  7,015
Total equity, $m
  525
  386
  492
  617
  760
  922
  1,105
  1,307
  1,528
  1,769
  2,029
  2,307
  2,603
  2,917
  3,249
  3,597
  3,962
  4,344
  4,742
  5,157
  5,589
  6,038
  6,505
  6,991
  7,495
  8,019
  8,564
  9,131
  9,720
  10,333
  10,972
Total liabilities and equity, $m
  714
  633
  807
  1,011
  1,246
  1,512
  1,811
  2,142
  2,505
  2,900
  3,326
  3,782
  4,268
  4,782
  5,326
  5,897
  6,495
  7,121
  7,774
  8,454
  9,162
  9,899
  10,664
  11,461
  12,287
  13,146
  14,040
  14,969
  15,935
  16,940
  17,987
Debt-to-equity ratio
  0.000
  0.150
  0.250
  0.330
  0.390
  0.430
  0.470
  0.490
  0.520
  0.530
  0.550
  0.560
  0.570
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
Adjusted equity ratio
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610
  0.610

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  46
  97
  156
  225
  304
  393
  492
  600
  719
  846
  984
  1,131
  1,286
  1,449
  1,621
  1,802
  1,991
  2,188
  2,394
  2,608
  2,830
  3,062
  3,303
  3,553
  3,814
  4,084
  4,366
  4,659
  4,964
  5,281
Depreciation, amort., depletion, $m
  15
  11
  14
  17
  20
  24
  29
  34
  39
  45
  51
  57
  64
  72
  80
  89
  97
  107
  117
  127
  138
  149
  160
  172
  184
  197
  211
  225
  239
  254
  270
Funds from operations, $m
  -142
  57
  110
  173
  245
  328
  422
  525
  639
  763
  898
  1,041
  1,195
  1,357
  1,529
  1,710
  1,899
  2,098
  2,305
  2,521
  2,745
  2,979
  3,222
  3,475
  3,738
  4,011
  4,295
  4,590
  4,898
  5,218
  5,551
Change in working capital, $m
  -90
  49
  59
  69
  79
  90
  101
  111
  122
  133
  143
  153
  163
  173
  183
  192
  201
  210
  220
  229
  238
  248
  258
  268
  278
  289
  301
  312
  325
  338
  352
Cash from operations, $m
  -52
  7
  52
  104
  166
  239
  321
  414
  517
  631
  754
  888
  1,031
  1,184
  1,346
  1,518
  1,698
  1,887
  2,085
  2,292
  2,507
  2,731
  2,965
  3,207
  3,460
  3,722
  3,994
  4,278
  4,573
  4,880
  5,199
Maintenance CAPEX, $m
  0
  -7
  -10
  -12
  -15
  -19
  -23
  -27
  -32
  -38
  -44
  -50
  -57
  -64
  -72
  -80
  -89
  -97
  -107
  -117
  -127
  -138
  -149
  -160
  -172
  -184
  -197
  -211
  -225
  -239
  -254
New CAPEX, $m
  -8
  -11
  -13
  -15
  -18
  -20
  -22
  -25
  -27
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -73
  -75
  -79
Cash from investing activities, $m
  9
  -18
  -23
  -27
  -33
  -39
  -45
  -52
  -59
  -68
  -76
  -84
  -93
  -103
  -113
  -123
  -134
  -144
  -156
  -168
  -180
  -193
  -206
  -220
  -234
  -248
  -264
  -281
  -298
  -314
  -333
Free cash flow, $m
  -43
  -11
  29
  77
  134
  200
  276
  362
  458
  563
  679
  804
  938
  1,081
  1,234
  1,395
  1,565
  1,743
  1,929
  2,124
  2,327
  2,538
  2,759
  2,987
  3,225
  3,473
  3,730
  3,997
  4,276
  4,565
  4,866
Issuance/(repayment) of debt, $m
  0
  57
  68
  79
  92
  104
  117
  129
  142
  154
  166
  178
  189
  201
  212
  223
  233
  244
  255
  265
  276
  287
  299
  310
  323
  335
  348
  362
  377
  392
  408
Issuance/(repurchase) of shares, $m
  3
  0
  9
  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  
  -1
  57
  77
  79
  92
  104
  117
  129
  142
  154
  166
  178
  189
  201
  212
  223
  233
  244
  255
  265
  276
  287
  299
  310
  323
  335
  348
  362
  377
  392
  408
Total cash flow (excl. dividends), $m
  -44
  46
  97
  156
  225
  304
  392
  491
  599
  717
  845
  981
  1,127
  1,282
  1,446
  1,618
  1,798
  1,987
  2,184
  2,389
  2,603
  2,826
  3,057
  3,298
  3,548
  3,808
  4,078
  4,360
  4,652
  4,957
  5,274
Retained Cash Flow (-), $m
  -32
  -89
  -106
  -124
  -143
  -163
  -182
  -202
  -222
  -241
  -260
  -278
  -296
  -314
  -331
  -348
  -365
  -382
  -398
  -415
  -432
  -449
  -467
  -485
  -504
  -524
  -545
  -567
  -589
  -613
  -638
Prev. year cash balance distribution, $m
 
  228
  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
 
  185
  0
  32
  82
  141
  210
  289
  378
  477
  585
  703
  831
  968
  1,114
  1,269
  1,433
  1,605
  1,786
  1,974
  2,171
  2,376
  2,590
  2,812
  3,044
  3,284
  3,534
  3,793
  4,063
  4,344
  4,636
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
 
  177
  0
  28
  67
  109
  152
  195
  236
  274
  307
  334
  355
  368
  374
  373
  364
  349
  329
  304
  276
  246
  215
  184
  155
  128
  103
  81
  63
  47
  35
Current shareholders' claim on cash, %
  100
  100.0
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4

Cray Inc., together with its subsidiaries, designs, develops, manufactures, markets, and services high-performance computing systems. It operates through Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other segments. The company offers a range of supercomputing systems, including the Cray XC series, Cray XC40-AC, Cray CS400, and Cray CS-Storm supercomputers; and analytics products, such as Cray Urika-GX platform used for production-class data analytics workloads. It also provides storage and data management products comprising Cray Sonexion storage systems that embeds the Lustre parallel file system and other software in an optimal configuration; and Cray DataWarp applications accelerator. In addition, the company offers custom engineering solutions; and customer support services consisting of hardware and software maintenance, applications support, installation project management, system installation and de-installation, site preparation, and technical training for its systems, as well as ancillary services in application consulting, third-party software support, site engineering, on-site analysts for defined projects, and specialized training. It serves clients ranging from government agencies or funded research laboratories, academic institutions, and commercial entities in North America, South America, Asia, Europe, the Middle East, Australia, and Africa. The company was formerly known as Tera Computer Company and changed its name to Cray Inc. in 2000. Cray Inc. was founded in 1987 and is headquartered in Seattle, Washington.

FINANCIAL RATIOS  of  Cray (CRAY)

Valuation Ratios
P/E Ratio 70.8
Price to Sales 1.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -15
Price to Free Cash Flow -13
Growth Rates
Sales Growth Rate -13.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate -9.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 2.2%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 34.9%
Gross Margin - 3 Yr. Avg. 32.9%
EBITDA Margin 4%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 1.4%
Oper. Margin - 3 Yr. Avg. 3%
Pre-Tax Margin 1.6%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate -10%
Eff/ Tax Rate - 3 Yr. Avg. -165%
Payout Ratio 0%

CRAY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRAY stock intrinsic value calculation we used $630 million for the last fiscal year's total revenue generated by Cray. The default revenue input number comes from 2016 income statement of Cray. 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 CRAY stock valuation model: a) initial revenue growth rate of 30% 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 CRAY is calculated based on our internal credit rating of Cray, 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 Cray.
    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 CRAY stock the variable cost ratio is equal to 66.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $208 million in the base year in the intrinsic value calculation for CRAY 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 3.5% for Cray.

Corporate tax rate of 27% is the nominal tax rate for Cray. 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 CRAY 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 CRAY are equal to 5.8%.

Life of production assets of 3.4 years is the average useful life of capital assets used in Cray 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 CRAY is equal to 26%. 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 - $525 million for Cray - 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 40.737 million for Cray 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 Cray at the current share price and the inputted number of shares is $0.8 billion.


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COMPANY NEWS

▶ ETFs with exposure to Cray, Inc. : April 7, 2017   [Apr-07-17 04:15PM  Capital Cube]
▶ ETFs with exposure to Cray, Inc. : February 14, 2017   [Feb-14-17 03:29PM  Capital Cube]
▶ Cray, Inc.: Strong price momentum but will it sustain?   [Feb-10-17 04:59PM  Capital Cube]
▶ Cray tops Street 4Q forecasts   [06:58PM  Associated Press]
▶ Cray to Present at 2017 Needham Growth Conference   [Jan-03-17 04:36PM  GlobeNewswire]
▶ Is Cray Inc. (CRAY) a Good Stock to Buy?   [Dec-14-16 07:54AM  at Insider Monkey]
▶ Cray: After Terrible '16, It's Needham's Top Idea for 2017   [Dec-12-16 04:38PM  at Barrons.com]
▶ Cray Wins Four HPCwire Awards   [Nov-16-16 03:01AM  GlobeNewswire]
▶ CORRECTING and REPLACING -- Cray Inc.   [Nov-14-16 12:15PM  GlobeNewswire]
▶ Cray Launches Next-Generation Supercomputer   [03:01AM  GlobeNewswire]
▶ Cray reports 3Q loss   [06:10PM  AP]
▶ Why Cray, Inc. Fell 27% in August   [Sep-08-16 02:08PM  at Motley Fool]
▶ 6 Companies That Destroyed Shareholders Last Week   [Aug-07-16 10:15AM  at 24/7 Wall St.]
▶ The Top 4 Stocks Getting Hammered by Earnings   [Aug-03-16 12:35PM  at 24/7 Wall St.]
▶ [$$] Supercomputer Maker Cray Posts Wider Losses   [08:11PM  at The Wall Street Journal]
▶ Cray reports 2Q loss   [05:06PM  AP]
▶ [$$] Cray, NetScout Ready to Rise   [02:50PM  at Barrons.com]
▶ Intel Corporation's Xeon Phi Is Growing Quickly   [Jul-26-16 09:30AM  at Motley Fool]
Stock chart of CRAY Financial statements of CRAY
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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