Intrinsic value of Super Micro Computer - SMCI

Previous Close

$21.20

  Intrinsic Value

$4.07

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

-113%

Previous close

$21.20

 
Intrinsic value

$4.07

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

-113%

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

We calculate the intrinsic value of SMCI 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 2017), $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 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.17
  37.00
  33.80
  30.92
  28.33
  26.00
  23.90
  22.01
  20.31
  18.77
  17.40
  16.16
  15.04
  14.04
  13.13
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
Revenue, $m
  2,530
  3,466
  4,638
  6,072
  7,792
  9,817
  12,163
  14,839
  17,853
  21,204
  24,893
  28,916
  33,265
  37,935
  42,917
  48,205
  53,791
  59,670
  65,838
  72,292
  79,032
  86,058
  93,374
  100,986
  108,899
  117,124
  125,670
  134,552
  143,784
  153,381
  163,362
Variable operating expenses, $m
 
  3,300
  4,415
  5,780
  7,418
  9,346
  11,579
  14,127
  16,996
  20,187
  23,699
  27,528
  31,668
  36,114
  40,857
  45,891
  51,209
  56,806
  62,678
  68,822
  75,238
  81,927
  88,892
  96,138
  103,672
  111,502
  119,638
  128,094
  136,882
  146,018
  155,520
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
  2,428
  3,300
  4,415
  5,780
  7,418
  9,346
  11,579
  14,127
  16,996
  20,187
  23,699
  27,528
  31,668
  36,114
  40,857
  45,891
  51,209
  56,806
  62,678
  68,822
  75,238
  81,927
  88,892
  96,138
  103,672
  111,502
  119,638
  128,094
  136,882
  146,018
  155,520
Operating income, $m
  102
  166
  223
  291
  374
  471
  584
  712
  857
  1,018
  1,195
  1,388
  1,597
  1,821
  2,060
  2,314
  2,582
  2,864
  3,160
  3,470
  3,794
  4,131
  4,482
  4,847
  5,227
  5,622
  6,032
  6,459
  6,902
  7,362
  7,841
EBITDA, $m
  118
  188
  252
  330
  423
  533
  660
  805
  969
  1,151
  1,351
  1,569
  1,805
  2,059
  2,329
  2,616
  2,919
  3,238
  3,573
  3,923
  4,289
  4,670
  5,068
  5,481
  5,910
  6,356
  6,820
  7,302
  7,803
  8,324
  8,866
Interest expense (income), $m
  2
  3
  11
  21
  34
  48
  66
  86
  109
  135
  164
  195
  230
  267
  307
  350
  395
  443
  494
  547
  602
  660
  720
  783
  848
  916
  987
  1,060
  1,136
  1,216
  1,298
Earnings before tax, $m
  100
  163
  211
  270
  340
  423
  518
  626
  748
  883
  1,031
  1,193
  1,367
  1,554
  1,753
  1,964
  2,187
  2,421
  2,667
  2,923
  3,191
  3,471
  3,762
  4,064
  4,379
  4,706
  5,045
  5,398
  5,765
  6,147
  6,543
Tax expense, $m
  31
  44
  57
  73
  92
  114
  140
  169
  202
  238
  278
  322
  369
  420
  473
  530
  590
  654
  720
  789
  862
  937
  1,016
  1,097
  1,182
  1,271
  1,362
  1,458
  1,557
  1,660
  1,767
Net income, $m
  69
  119
  154
  197
  248
  309
  378
  457
  546
  645
  753
  871
  998
  1,134
  1,280
  1,434
  1,596
  1,767
  1,947
  2,134
  2,330
  2,534
  2,746
  2,967
  3,197
  3,435
  3,683
  3,941
  4,209
  4,487
  4,777

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  113
  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
  1,489
  1,885
  2,522
  3,302
  4,237
  5,338
  6,614
  8,069
  9,708
  11,530
  13,536
  15,724
  18,089
  20,628
  23,337
  26,213
  29,250
  32,447
  35,801
  39,311
  42,975
  46,796
  50,775
  54,913
  59,216
  63,689
  68,336
  73,166
  78,186
  83,404
  88,832
Adjusted assets (=assets-cash), $m
  1,376
  1,885
  2,522
  3,302
  4,237
  5,338
  6,614
  8,069
  9,708
  11,530
  13,536
  15,724
  18,089
  20,628
  23,337
  26,213
  29,250
  32,447
  35,801
  39,311
  42,975
  46,796
  50,775
  54,913
  59,216
  63,689
  68,336
  73,166
  78,186
  83,404
  88,832
Revenue / Adjusted assets
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
  1.839
Average production assets, $m
  94
  128
  172
  225
  288
  363
  450
  549
  661
  785
  921
  1,070
  1,231
  1,404
  1,588
  1,784
  1,990
  2,208
  2,436
  2,675
  2,924
  3,184
  3,455
  3,736
  4,029
  4,334
  4,650
  4,978
  5,320
  5,675
  6,044
Working capital, $m
  714
  919
  1,229
  1,609
  2,065
  2,602
  3,223
  3,932
  4,731
  5,619
  6,597
  7,663
  8,815
  10,053
  11,373
  12,774
  14,255
  15,813
  17,447
  19,157
  20,943
  22,805
  24,744
  26,761
  28,858
  31,038
  33,303
  35,656
  38,103
  40,646
  43,291
Total debt, $m
  161
  322
  609
  961
  1,383
  1,880
  2,455
  3,111
  3,850
  4,672
  5,577
  6,563
  7,630
  8,775
  9,997
  11,294
  12,664
  14,106
  15,618
  17,201
  18,854
  20,577
  22,371
  24,238
  26,179
  28,196
  30,292
  32,470
  34,734
  37,087
  39,535
Total liabilities, $m
  689
  850
  1,137
  1,489
  1,911
  2,408
  2,983
  3,639
  4,378
  5,200
  6,105
  7,091
  8,158
  9,303
  10,525
  11,822
  13,192
  14,634
  16,146
  17,729
  19,382
  21,105
  22,899
  24,766
  26,707
  28,724
  30,820
  32,998
  35,262
  37,615
  40,063
Total equity, $m
  800
  1,035
  1,384
  1,813
  2,326
  2,931
  3,631
  4,430
  5,330
  6,330
  7,431
  8,632
  9,931
  11,325
  12,812
  14,391
  16,058
  17,813
  19,655
  21,582
  23,594
  25,691
  27,875
  30,147
  32,510
  34,965
  37,517
  40,168
  42,924
  45,789
  48,769
Total liabilities and equity, $m
  1,489
  1,885
  2,521
  3,302
  4,237
  5,339
  6,614
  8,069
  9,708
  11,530
  13,536
  15,723
  18,089
  20,628
  23,337
  26,213
  29,250
  32,447
  35,801
  39,311
  42,976
  46,796
  50,774
  54,913
  59,217
  63,689
  68,337
  73,166
  78,186
  83,404
  88,832
Debt-to-equity ratio
  0.201
  0.310
  0.440
  0.530
  0.590
  0.640
  0.680
  0.700
  0.720
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
Adjusted equity ratio
  0.499
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  119
  154
  197
  248
  309
  378
  457
  546
  645
  753
  871
  998
  1,134
  1,280
  1,434
  1,596
  1,767
  1,947
  2,134
  2,330
  2,534
  2,746
  2,967
  3,197
  3,435
  3,683
  3,941
  4,209
  4,487
  4,777
Depreciation, amort., depletion, $m
  16
  22
  29
  38
  49
  62
  76
  93
  112
  133
  156
  181
  209
  238
  269
  302
  337
  374
  413
  453
  496
  540
  586
  633
  683
  735
  788
  844
  902
  962
  1,024
Funds from operations, $m
  -305
  141
  183
  235
  297
  370
  454
  550
  658
  778
  909
  1,052
  1,207
  1,372
  1,549
  1,736
  1,934
  2,141
  2,359
  2,587
  2,825
  3,073
  3,332
  3,600
  3,879
  4,170
  4,471
  4,785
  5,110
  5,449
  5,801
Change in working capital, $m
  -209
  248
  310
  380
  456
  537
  622
  709
  799
  888
  978
  1,066
  1,153
  1,237
  1,320
  1,401
  1,480
  1,558
  1,635
  1,710
  1,786
  1,862
  1,939
  2,017
  2,097
  2,180
  2,265
  2,354
  2,446
  2,543
  2,645
Cash from operations, $m
  -96
  -107
  -127
  -145
  -158
  -167
  -167
  -159
  -140
  -111
  -69
  -14
  54
  135
  228
  335
  453
  584
  725
  877
  1,039
  1,211
  1,393
  1,583
  1,782
  1,990
  2,206
  2,431
  2,664
  2,906
  3,156
Maintenance CAPEX, $m
  0
  -16
  -22
  -29
  -38
  -49
  -62
  -76
  -93
  -112
  -133
  -156
  -181
  -209
  -238
  -269
  -302
  -337
  -374
  -413
  -453
  -496
  -540
  -586
  -633
  -683
  -735
  -788
  -844
  -902
  -962
New CAPEX, $m
  -29
  -34
  -43
  -53
  -64
  -75
  -87
  -99
  -111
  -124
  -136
  -149
  -161
  -173
  -184
  -196
  -207
  -218
  -228
  -239
  -249
  -260
  -271
  -282
  -293
  -304
  -316
  -329
  -342
  -355
  -369
Cash from investing activities, $m
  -30
  -50
  -65
  -82
  -102
  -124
  -149
  -175
  -204
  -236
  -269
  -305
  -342
  -382
  -422
  -465
  -509
  -555
  -602
  -652
  -702
  -756
  -811
  -868
  -926
  -987
  -1,051
  -1,117
  -1,186
  -1,257
  -1,331
Free cash flow, $m
  -126
  -157
  -192
  -227
  -260
  -290
  -316
  -334
  -345
  -347
  -338
  -319
  -288
  -247
  -194
  -130
  -56
  29
  123
  225
  337
  456
  582
  716
  856
  1,003
  1,156
  1,314
  1,479
  1,649
  1,825
Issuance/(repayment) of debt, $m
  66
  230
  287
  352
  422
  497
  575
  656
  739
  822
  905
  986
  1,067
  1,145
  1,222
  1,297
  1,370
  1,442
  1,513
  1,583
  1,653
  1,723
  1,794
  1,867
  1,941
  2,017
  2,096
  2,178
  2,264
  2,354
  2,448
Issuance/(repurchase) of shares, $m
  -8
  160
  195
  231
  265
  296
  322
  342
  353
  356
  348
  330
  301
  260
  208
  145
  71
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  58
  390
  482
  583
  687
  793
  897
  998
  1,092
  1,178
  1,253
  1,316
  1,368
  1,405
  1,430
  1,442
  1,441
  1,442
  1,513
  1,583
  1,653
  1,723
  1,794
  1,867
  1,941
  2,017
  2,096
  2,178
  2,264
  2,354
  2,448
Total cash flow (excl. dividends), $m
  -68
  232
  291
  356
  427
  502
  582
  664
  747
  831
  915
  998
  1,079
  1,158
  1,236
  1,312
  1,386
  1,470
  1,635
  1,808
  1,990
  2,179
  2,377
  2,583
  2,797
  3,020
  3,252
  3,492
  3,743
  4,002
  4,273
Retained Cash Flow (-), $m
  -79
  -279
  -350
  -428
  -513
  -605
  -700
  -799
  -900
  -1,001
  -1,101
  -1,201
  -1,298
  -1,394
  -1,487
  -1,579
  -1,668
  -1,755
  -1,841
  -1,927
  -2,012
  -2,098
  -2,184
  -2,272
  -2,362
  -2,455
  -2,551
  -2,652
  -2,756
  -2,865
  -2,980
Prev. year cash balance distribution, $m
 
  44
  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
 
  -2
  -59
  -72
  -87
  -102
  -118
  -135
  -152
  -169
  -186
  -203
  -220
  -236
  -252
  -267
  -282
  -285
  -206
  -119
  -22
  81
  193
  310
  435
  565
  700
  841
  987
  1,137
  1,293
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
 
  -2
  -54
  -63
  -72
  -79
  -86
  -91
  -95
  -97
  -98
  -96
  -94
  -90
  -84
  -78
  -72
  -62
  -38
  -18
  -3
  8
  16
  20
  22
  22
  20
  18
  15
  12
  10
Current shareholders' claim on cash, %
  100
  86.0
  75.1
  66.6
  59.9
  54.5
  50.3
  46.9
  44.2
  42.0
  40.3
  39.0
  38.0
  37.2
  36.7
  36.4
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2
  36.2

Super Micro Computer, Inc. is engaged in developing and providing end-to-end green computing solutions to the cloud computing, data center, enterprise information technology (IT), big data, high performance computing (HPC) and Internet of Things (IoT)/embedded markets. The Company's solutions range from server, storage, blade and workstations to full racks, networking devices, server management software and technology support and services. The Company sells its server systems and server subsystems and accessories through a combination of distributors, including value added resellers and system integrators, and other equipment manufacturers (OEMs). As of June 30, 2016, the Company offered over 4,950 stock keeping units (SKUs), including SKUs for server and storage systems, serverboards, chassis, power supplies and other system accessories. The Company develops and manufactures server solutions based upon a modular and open architecture.

FINANCIAL RATIOS  of  Super Micro Computer (SMCI)

Valuation Ratios
P/E Ratio 15
Price to Sales 0.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow -10.8
Price to Free Cash Flow -8.3
Growth Rates
Sales Growth Rate 14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.7%
Cap. Spend. - 3 Yr. Gr. Rate 42.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 11.5%
Total Debt to Equity 20.1%
Interest Coverage 51
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 14.2%
Gross Margin - 3 Yr. Avg. 15.1%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 4%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 31%
Eff/ Tax Rate - 3 Yr. Avg. 30.9%
Payout Ratio 0%

SMCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SMCI stock intrinsic value calculation we used $2530 million for the last fiscal year's total revenue generated by Super Micro Computer. The default revenue input number comes from 2017 income statement of Super Micro Computer. 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 SMCI stock valuation model: a) initial revenue growth rate of 37% 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 SMCI is calculated based on our internal credit rating of Super Micro Computer, 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 Super Micro Computer.
    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 SMCI stock the variable cost ratio is equal to 95.2%.

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 SMCI 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 Super Micro Computer.

Corporate tax rate of 27% is the nominal tax rate for Super Micro Computer. 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 SMCI 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 SMCI are equal to 3.7%.

Life of production assets of 5.9 years is the average useful life of capital assets used in Super Micro Computer 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 SMCI is equal to 26.5%. 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 - $800 million for Super Micro Computer - 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 49.091 million for Super Micro Computer 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 Super Micro Computer at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Supermicro Launches Petabyte Scale 1U Server and JBOF   [Sep-14-17 08:37PM  PR Newswire]
▶ [$$] HPE May Have Blinders on for Infosight   [Jul-16-17 11:17PM  Barrons.com]
▶ 3 Reasonably Valued Tech Stocks That Are Worth a Look   [Jul-10-17 09:00AM  TheStreet.com]
▶ Super Micro misses 3Q profit forecasts   [Apr-27-17 05:42PM  Associated Press]
▶ [$$] Super Micro May Top HP Enterprise   [Apr-14-17 03:35PM  Barrons.com]
▶ Supermicro Confirms High Standard In Cyber Security   [Feb-24-17 08:00AM  PR Newswire]
▶ Super Micro beats Street 2Q forecasts   [Jan-26-17 04:58PM  AP]
▶ Is Super Micro Computer, Inc. (SMCI) a Good Stock to Buy?   [Dec-08-16 05:36PM  at Insider Monkey]
Financial statements of SMCI
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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