Intrinsic value of Cree - CREE

Previous Close

$23.03

  Intrinsic Value

$4.56

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

-70%

Previous close

$23.03

 
Intrinsic value

$4.56

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

-70%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CREE 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 2.2

 

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, %
  -0.98
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,617
  1,649
  1,687
  1,731
  1,779
  1,833
  1,892
  1,957
  2,027
  2,102
  2,182
  2,269
  2,361
  2,459
  2,563
  2,674
  2,791
  2,915
  3,046
  3,185
  3,331
  3,485
  3,648
  3,820
  4,001
  4,191
  4,392
  4,603
  4,825
  5,058
  5,304
Variable operating expenses, $m
 
  1,722
  1,761
  1,804
  1,853
  1,907
  1,967
  2,032
  2,102
  2,178
  2,259
  2,284
  2,377
  2,475
  2,580
  2,692
  2,810
  2,934
  3,066
  3,206
  3,353
  3,509
  3,673
  3,845
  4,027
  4,219
  4,421
  4,634
  4,857
  5,092
  5,340
Fixed operating expenses, $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
Total operating expenses, $m
  1,627
  1,722
  1,761
  1,804
  1,853
  1,907
  1,967
  2,032
  2,102
  2,178
  2,259
  2,284
  2,377
  2,475
  2,580
  2,692
  2,810
  2,934
  3,066
  3,206
  3,353
  3,509
  3,673
  3,845
  4,027
  4,219
  4,421
  4,634
  4,857
  5,092
  5,340
Operating income, $m
  -10
  -73
  -73
  -74
  -74
  -74
  -75
  -75
  -76
  -76
  -77
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
EBITDA, $m
  149
  53
  54
  55
  57
  58
  60
  62
  65
  67
  70
  72
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
  169
Interest expense (income), $m
  3
  6
  6
  6
  7
  7
  7
  8
  9
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  35
Earnings before tax, $m
  -24
  -79
  -79
  -80
  -80
  -81
  -82
  -83
  -84
  -85
  -86
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
Tax expense, $m
  -2
  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
Net income, $m
  -22
  -79
  -79
  -80
  -80
  -81
  -82
  -83
  -84
  -85
  -86
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  605
  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
  2,766
  2,205
  2,256
  2,314
  2,379
  2,451
  2,530
  2,616
  2,709
  2,810
  2,918
  3,033
  3,156
  3,287
  3,427
  3,574
  3,731
  3,897
  4,072
  4,257
  4,453
  4,660
  4,877
  5,107
  5,348
  5,603
  5,871
  6,153
  6,450
  6,763
  7,091
Adjusted assets (=assets-cash), $m
  2,161
  2,205
  2,256
  2,314
  2,379
  2,451
  2,530
  2,616
  2,709
  2,810
  2,918
  3,033
  3,156
  3,287
  3,427
  3,574
  3,731
  3,897
  4,072
  4,257
  4,453
  4,660
  4,877
  5,107
  5,348
  5,603
  5,871
  6,153
  6,450
  6,763
  7,091
Revenue / Adjusted assets
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
  0.748
Average production assets, $m
  625
  637
  651
  668
  687
  708
  730
  755
  782
  811
  842
  876
  911
  949
  989
  1,032
  1,077
  1,125
  1,176
  1,229
  1,286
  1,345
  1,408
  1,474
  1,544
  1,618
  1,695
  1,777
  1,862
  1,953
  2,047
Working capital, $m
  934
  335
  343
  351
  361
  372
  384
  397
  411
  427
  443
  461
  479
  499
  520
  543
  567
  592
  618
  646
  676
  708
  741
  775
  812
  851
  891
  934
  979
  1,027
  1,077
Total debt, $m
  160
  168
  177
  188
  200
  213
  228
  243
  261
  279
  299
  320
  343
  367
  392
  420
  449
  479
  511
  545
  581
  619
  659
  702
  746
  793
  842
  894
  949
  1,006
  1,067
Total liabilities, $m
  398
  406
  415
  426
  438
  451
  466
  481
  499
  517
  537
  558
  581
  605
  630
  658
  687
  717
  749
  783
  819
  857
  897
  940
  984
  1,031
  1,080
  1,132
  1,187
  1,244
  1,305
Total equity, $m
  2,368
  1,799
  1,841
  1,888
  1,941
  2,000
  2,064
  2,135
  2,211
  2,293
  2,381
  2,475
  2,575
  2,682
  2,796
  2,917
  3,045
  3,180
  3,323
  3,474
  3,634
  3,802
  3,980
  4,167
  4,364
  4,572
  4,791
  5,021
  5,263
  5,518
  5,786
Total liabilities and equity, $m
  2,766
  2,205
  2,256
  2,314
  2,379
  2,451
  2,530
  2,616
  2,710
  2,810
  2,918
  3,033
  3,156
  3,287
  3,426
  3,575
  3,732
  3,897
  4,072
  4,257
  4,453
  4,659
  4,877
  5,107
  5,348
  5,603
  5,871
  6,153
  6,450
  6,762
  7,091
Debt-to-equity ratio
  0.068
  0.090
  0.100
  0.100
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
  0.170
  0.170
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
Adjusted equity ratio
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  -79
  -79
  -80
  -80
  -81
  -82
  -83
  -84
  -85
  -86
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -71
Depreciation, amort., depletion, $m
  159
  126
  127
  129
  131
  133
  135
  137
  140
  143
  146
  88
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  147
  154
  162
  170
  178
  186
  195
  205
Funds from operations, $m
  186
  47
  48
  49
  50
  51
  53
  54
  56
  58
  60
  62
  64
  66
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
Change in working capital, $m
  -17
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
Cash from operations, $m
  203
  40
  40
  40
  40
  41
  41
  41
  42
  43
  43
  44
  45
  46
  48
  49
  50
  52
  54
  55
  57
  59
  62
  64
  66
  69
  72
  74
  77
  81
  84
Maintenance CAPEX, $m
  0
  -62
  -64
  -65
  -67
  -69
  -71
  -73
  -76
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -147
  -154
  -162
  -170
  -178
  -186
  -195
New CAPEX, $m
  -134
  -12
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -77
  -81
  -86
  -90
  -95
Cash from investing activities, $m
  -8
  -74
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -124
  -129
  -135
  -142
  -148
  -156
  -164
  -171
  -179
  -189
  -198
  -207
  -217
  -228
  -239
  -251
  -264
  -276
  -290
Free cash flow, $m
  195
  -34
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -93
  -98
  -104
  -109
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
Issuance/(repayment) of debt, $m
  -40
  8
  9
  11
  12
  13
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
Issuance/(repurchase) of shares, $m
  -128
  115
  120
  127
  134
  140
  147
  153
  160
  167
  174
  120
  128
  135
  144
  152
  161
  171
  180
  190
  201
  212
  224
  236
  249
  262
  276
  291
  306
  322
  339
Cash from financing (excl. dividends), $m  
  -168
  123
  129
  138
  146
  153
  162
  169
  177
  185
  194
  141
  151
  159
  170
  179
  190
  202
  212
  224
  237
  250
  264
  278
  293
  309
  325
  343
  361
  379
  399
Total cash flow (excl. dividends), $m
  26
  88
  92
  96
  100
  104
  108
  113
  117
  121
  125
  68
  72
  77
  82
  87
  92
  98
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
Retained Cash Flow (-), $m
  94
  -115
  -120
  -127
  -134
  -140
  -147
  -153
  -160
  -167
  -174
  -120
  -128
  -135
  -144
  -152
  -161
  -171
  -180
  -190
  -201
  -212
  -224
  -236
  -249
  -262
  -276
  -291
  -306
  -322
  -339
Prev. year cash balance distribution, $m
 
  605
  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
 
  579
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -125
  -131
  -138
  -146
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
 
  555
  -26
  -27
  -27
  -28
  -28
  -28
  -27
  -26
  -26
  -25
  -24
  -22
  -21
  -19
  -18
  -16
  -14
  -13
  -11
  -9
  -8
  -7
  -5
  -4
  -3
  -3
  -2
  -2
  -1
Current shareholders' claim on cash, %
  100
  93.5
  87.2
  81.2
  75.5
  70.1
  64.9
  60.2
  55.7
  51.5
  47.6
  45.2
  42.8
  40.5
  38.3
  36.2
  34.2
  32.2
  30.4
  28.6
  27.0
  25.4
  23.9
  22.4
  21.1
  19.8
  18.6
  17.5
  16.4
  15.4
  14.4

Cree, Inc. provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications. This segment sells its products to distributors, retailers, and customers. The company’s LED Products segment provides blue and green LED chip products for use in various applications, including video screens, gaming displays, function indicator lights and automotive backlights, headlamps, and directional indicators. It also offers XLamp LED components and LED modules for lighting applications; and surface mount and through-hole packaged LED products for video, signage, general illumination, transportation, gaming, and specialty lighting applications. In addition, this segment provides silicon carbide (SiC) materials for RF, power switching, gemstones, and other applications. Its Power and RF Products segment offers SiC-based power products consisting of Schottky diodes, SiC metal semiconductor field-effect transistors, and SiC power modules for use in power supplies used in computer servers, solar inverters, uninterruptible power supplies, industrial power supplies, and other applications. This segment also provides gallium nitride (GaN) high electron mobility transistors (HEMTs) and monolithic microwave integrated circuits (MMICs) for military, telecom, and other commercial applications; and custom die manufacturing services for GaN HEMTs and MMICs. Cree, Inc. was founded in 1987 and is headquartered in Durham, North Carolina.

FINANCIAL RATIOS  of  Cree (CREE)

Valuation Ratios
P/E Ratio -105.6
Price to Sales 1.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 33.7
Growth Rates
Sales Growth Rate -1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 6.8%
Total Debt to Equity 6.8%
Interest Coverage -7
Management Effectiveness
Return On Assets -0.7%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital -0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity -0.9%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 30.1%
Gross Margin - 3 Yr. Avg. 32.2%
EBITDA Margin 8.5%
EBITDA Margin - 3 Yr. Avg. 11%
Operating Margin -0.6%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -1.5%
Pre-Tax Margin - 3 Yr. Avg. 0.8%
Net Profit Margin -1.4%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate 8.3%
Eff/ Tax Rate - 3 Yr. Avg. 15.8%
Payout Ratio 0%

CREE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CREE stock intrinsic value calculation we used $1617 million for the last fiscal year's total revenue generated by Cree. The default revenue input number comes from 2016 income statement of Cree. 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 CREE stock valuation model: a) initial revenue growth rate of 2% 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 CREE is calculated based on our internal credit rating of Cree, 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 Cree.
    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 CREE stock the variable cost ratio is equal to 104.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CREE 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 Cree.

Corporate tax rate of 27% is the nominal tax rate for Cree. 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 CREE 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 CREE are equal to 38.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Cree 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 CREE is equal to 20.3%. 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 - $2368 million for Cree - 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 95.876 million for Cree 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 Cree at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Cree, Inc. (CREE) Stock Recovers After Post-Earnings Hit   [Aug-23-17 03:45PM  InvestorPlace]
▶ Cree reports 4Q loss   [Aug-22-17 09:27PM  Associated Press]
▶ Following failed Infineon deal, Cree plots Wolfspeed factory expansion   [06:07PM  American City Business Journals]
▶ What Can We Expect From Cree's Q4'17 Earnings?   [Aug-21-17 09:48AM  Forbes]
▶ Cree, Inc. Value Analysis (NASDAQ:CREE) : August 17, 2017   [Aug-16-17 08:26PM  Capital Cube]
▶ Cree settles with flashlight maker over infringement claims   [Aug-02-17 11:25AM  American City Business Journals]
▶ German chipmaker Infineon to supply Tesla Model 3   [Aug-01-17 09:20AM  Reuters]
▶ ETFs with exposure to Cree, Inc. : July 24, 2017   [Jul-24-17 03:07PM  Capital Cube]
▶ ETFs with exposure to Cree, Inc. : July 14, 2017   [Jul-14-17 01:42PM  Capital Cube]
▶ ETFs with exposure to Cree, Inc. : June 15, 2017   [Jun-15-17 01:35PM  Capital Cube]
▶ 3 Growth Stocks for Bright Investors   [May-31-17 10:36AM  Motley Fool]
▶ Cree discloses Swoboda's severance package in filing   [May-24-17 05:30PM  American City Business Journals]
▶ Cree CEO Chuck Swoboda resigns   [May-19-17 10:45AM  American City Business Journals]
▶ Cree Announces CEO Succession Plan   [09:09AM  Business Wire]
▶ Cree, Inc. to Webcast Upcoming Conference Presentation   [May-18-17 09:00AM  Business Wire]
▶ ETFs with exposure to Cree, Inc. : May 15, 2017   [May-15-17 03:31PM  Capital Cube]
▶ Why Cree (CREE) Could Be Positioned for a Slump   [May-10-17 08:35AM  Zacks]
▶ How Cree, Inc. Fell 18.1% in April   [May-08-17 07:00PM  Motley Fool]
▶ What Happened to Cree?   [May-02-17 11:24AM  Market Realist]
▶ ETFs with exposure to Cree, Inc. : May 1, 2017   [May-01-17 03:49PM  Capital Cube]
▶ Cree confirms layoffs in Durham, Racine   [Apr-27-17 04:00PM  American City Business Journals]
▶ Why Shares of Cree, Inc. Plunged 16% Today   [Apr-26-17 12:21PM  Motley Fool]
▶ Cree execs talk costs associated with broken Wolfspeed deal   [10:30AM  American City Business Journals]
▶ Cree shares fall 5% after earnings, revenue miss   [Apr-25-17 04:32PM  MarketWatch]
▶ Cree reports 3Q loss   [04:20PM  Associated Press]
▶ Cree Expands Award-Winning ZR Series LED Troffer Family   [Apr-06-17 09:00AM  Business Wire]
▶ Cree Announces Patent License Agreement with Ledvance   [Mar-22-17 09:00AM  Business Wire]
▶ Cree files trademark lawsuit in federal court   [Mar-20-17 01:04PM  at bizjournals.com]
▶ Cree files trademark lawsuit in federal court   [01:04PM  American City Business Journals]
▶ Jewel-maker Charles & Colvard's stock loses its shine   [Mar-10-17 10:25AM  at bizjournals.com]
▶ Jewel-maker Charles & Colvard's stock loses its shine   [10:25AM  American City Business Journals]
▶ After ECB, Employment Data Will Take Center Stage   [Mar-09-17 12:00PM  TheStreet.com]
▶ Inside the Cree-Infineon termination agreement   [Mar-07-17 05:40PM  at bizjournals.com]
▶ CTO: New Cree technology could put it on the transit map   [Mar-03-17 02:45PM  at bizjournals.com]
▶ [$$] Cree and Infineon Call Off Wolfspeed Deal   [Feb-16-17 05:23PM  at The Wall Street Journal]
▶ Cree, Infineon: Wolfspeed deal closure now 'uncertain'   [Feb-09-17 12:00PM  at bizjournals.com]
Financial statements of CREE
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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