Intrinsic value of Cree - CREE

Previous Close

$39.13

  Intrinsic Value

$5.95

stock screener

  Rating & Target

str. sell

-85%

Previous close

$39.13

 
Intrinsic value

$5.95

 
Up/down potential

-85%

 
Rating

str. sell

*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 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 3.8

 

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, %
  -8.91
  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
  1,473
  1,502
  1,537
  1,577
  1,621
  1,670
  1,724
  1,783
  1,846
  1,915
  1,988
  2,067
  2,151
  2,240
  2,335
  2,436
  2,542
  2,655
  2,775
  2,901
  3,034
  3,175
  3,323
  3,480
  3,644
  3,818
  4,001
  4,193
  4,395
  4,608
  4,832
Variable operating expenses, $m
 
  1,408
  1,439
  1,474
  1,514
  1,558
  1,606
  1,659
  1,716
  1,777
  1,843
  1,852
  1,927
  2,007
  2,092
  2,182
  2,278
  2,379
  2,486
  2,599
  2,719
  2,845
  2,978
  3,118
  3,265
  3,421
  3,584
  3,757
  3,938
  4,129
  4,329
Fixed operating expenses, $m
 
  117
  120
  123
  126
  129
  132
  136
  139
  142
  146
  150
  153
  157
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  217
  222
  228
  233
  239
Total operating expenses, $m
  1,492
  1,525
  1,559
  1,597
  1,640
  1,687
  1,738
  1,795
  1,855
  1,919
  1,989
  2,002
  2,080
  2,164
  2,253
  2,347
  2,447
  2,552
  2,664
  2,781
  2,906
  3,036
  3,174
  3,319
  3,471
  3,632
  3,801
  3,979
  4,166
  4,362
  4,568
Operating income, $m
  -19
  -22
  -22
  -21
  -19
  -17
  -15
  -12
  -9
  -5
  -1
  65
  70
  76
  82
  88
  95
  103
  111
  120
  129
  139
  149
  161
  173
  186
  200
  214
  230
  246
  264
EBITDA, $m
  132
  130
  133
  136
  141
  145
  151
  157
  164
  172
  181
  190
  200
  211
  223
  235
  249
  263
  278
  294
  312
  330
  350
  371
  393
  416
  441
  467
  495
  524
  555
Interest expense (income), $m
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
Earnings before tax, $m
  -5
  -28
  -27
  -26
  -25
  -24
  -22
  -20
  -17
  -14
  -11
  55
  59
  64
  69
  74
  80
  87
  94
  101
  109
  118
  127
  137
  148
  159
  171
  183
  197
  211
  227
Tax expense, $m
  93
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  15
  16
  17
  19
  20
  22
  23
  25
  27
  30
  32
  34
  37
  40
  43
  46
  50
  53
  57
  61
Net income, $m
  -98
  -28
  -27
  -26
  -25
  -24
  -22
  -20
  -17
  -14
  -11
  40
  43
  47
  50
  54
  59
  63
  68
  74
  80
  86
  93
  100
  108
  116
  125
  134
  144
  154
  165

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  611
  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
  2,650
  2,081
  2,129
  2,184
  2,245
  2,313
  2,388
  2,469
  2,557
  2,652
  2,754
  2,863
  2,979
  3,102
  3,234
  3,373
  3,521
  3,678
  3,843
  4,018
  4,203
  4,397
  4,603
  4,819
  5,048
  5,288
  5,541
  5,807
  6,087
  6,382
  6,692
Adjusted assets (=assets-cash), $m
  2,039
  2,081
  2,129
  2,184
  2,245
  2,313
  2,388
  2,469
  2,557
  2,652
  2,754
  2,863
  2,979
  3,102
  3,234
  3,373
  3,521
  3,678
  3,843
  4,018
  4,203
  4,397
  4,603
  4,819
  5,048
  5,288
  5,541
  5,807
  6,087
  6,382
  6,692
Revenue / Adjusted assets
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
Average production assets, $m
  879
  897
  918
  941
  968
  997
  1,029
  1,064
  1,102
  1,143
  1,187
  1,234
  1,284
  1,337
  1,394
  1,454
  1,518
  1,585
  1,657
  1,732
  1,811
  1,895
  1,984
  2,077
  2,176
  2,279
  2,388
  2,503
  2,624
  2,751
  2,885
Working capital, $m
  889
  284
  290
  298
  306
  316
  326
  337
  349
  362
  376
  391
  406
  423
  441
  460
  480
  502
  524
  548
  573
  600
  628
  658
  689
  722
  756
  792
  831
  871
  913
Total debt, $m
  145
  153
  163
  174
  187
  201
  217
  234
  252
  272
  294
  316
  341
  366
  394
  423
  454
  487
  521
  558
  596
  637
  680
  725
  773
  823
  876
  932
  990
  1,052
  1,117
Total liabilities, $m
  427
  435
  445
  456
  469
  483
  499
  516
  534
  554
  576
  598
  623
  648
  676
  705
  736
  769
  803
  840
  878
  919
  962
  1,007
  1,055
  1,105
  1,158
  1,214
  1,272
  1,334
  1,399
Total equity, $m
  2,223
  1,646
  1,684
  1,727
  1,776
  1,830
  1,889
  1,953
  2,023
  2,098
  2,178
  2,264
  2,356
  2,454
  2,558
  2,668
  2,785
  2,909
  3,040
  3,178
  3,324
  3,478
  3,641
  3,812
  3,993
  4,183
  4,383
  4,593
  4,815
  5,048
  5,294
Total liabilities and equity, $m
  2,650
  2,081
  2,129
  2,183
  2,245
  2,313
  2,388
  2,469
  2,557
  2,652
  2,754
  2,862
  2,979
  3,102
  3,234
  3,373
  3,521
  3,678
  3,843
  4,018
  4,202
  4,397
  4,603
  4,819
  5,048
  5,288
  5,541
  5,807
  6,087
  6,382
  6,693
Debt-to-equity ratio
  0.065
  0.090
  0.100
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
Adjusted equity ratio
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791
  0.791

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -98
  -28
  -27
  -26
  -25
  -24
  -22
  -20
  -17
  -14
  -11
  40
  43
  47
  50
  54
  59
  63
  68
  74
  80
  86
  93
  100
  108
  116
  125
  134
  144
  154
  165
Depreciation, amort., depletion, $m
  151
  153
  155
  157
  160
  163
  166
  169
  173
  177
  182
  125
  130
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  210
  220
  230
  241
  253
  265
  278
  291
Funds from operations, $m
  259
  125
  127
  131
  134
  139
  144
  150
  156
  163
  171
  165
  173
  182
  191
  201
  212
  224
  236
  249
  263
  278
  293
  310
  327
  346
  366
  387
  409
  432
  457
Change in working capital, $m
  43
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
Cash from operations, $m
  216
  119
  121
  123
  126
  130
  134
  139
  144
  150
  157
  150
  157
  165
  173
  182
  192
  202
  213
  225
  238
  251
  265
  280
  296
  313
  331
  350
  371
  392
  415
Maintenance CAPEX, $m
  0
  -89
  -91
  -93
  -95
  -98
  -101
  -104
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -210
  -220
  -230
  -241
  -253
  -265
  -278
New CAPEX, $m
  -99
  -18
  -21
  -24
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -67
  -71
  -75
  -80
  -84
  -89
  -93
  -98
  -104
  -109
  -115
  -121
  -127
  -134
Cash from investing activities, $m
  -145
  -107
  -112
  -117
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -220
  -231
  -242
  -255
  -267
  -280
  -293
  -308
  -324
  -339
  -356
  -374
  -392
  -412
Free cash flow, $m
  71
  13
  10
  7
  4
  3
  1
  0
  -1
  -2
  -2
  -17
  -18
  -18
  -19
  -19
  -19
  -19
  -18
  -18
  -17
  -16
  -15
  -13
  -12
  -10
  -8
  -6
  -3
  0
  3
Issuance/(repayment) of debt, $m
  -15
  8
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Issuance/(repurchase) of shares, $m
  -86
  62
  65
  70
  74
  78
  81
  84
  87
  89
  91
  46
  49
  51
  54
  56
  58
  60
  62
  64
  66
  68
  70
  71
  73
  74
  76
  77
  78
  79
  80
Cash from financing (excl. dividends), $m  
  -104
  70
  75
  81
  87
  92
  97
  101
  105
  109
  112
  69
  73
  77
  81
  85
  89
  93
  97
  101
  105
  109
  113
  116
  121
  124
  129
  133
  137
  141
  145
Total cash flow (excl. dividends), $m
  -34
  82
  85
  88
  91
  94
  97
  101
  104
  107
  110
  52
  55
  59
  63
  66
  70
  74
  79
  83
  88
  93
  98
  103
  109
  114
  120
  127
  133
  140
  148
Retained Cash Flow (-), $m
  145
  -62
  -65
  -70
  -74
  -78
  -81
  -84
  -87
  -89
  -91
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -138
  -146
  -154
  -163
  -171
  -180
  -190
  -200
  -211
  -222
  -233
  -245
Prev. year cash balance distribution, $m
 
  611
  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
 
  632
  20
  18
  17
  17
  17
  17
  17
  18
  19
  -34
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
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
 
  606
  18
  16
  14
  13
  12
  11
  11
  10
  10
  -16
  -16
  -15
  -14
  -13
  -12
  -11
  -10
  -8
  -7
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  97.8
  95.6
  93.4
  91.2
  88.9
  86.7
  84.5
  82.4
  80.3
  78.4
  77.4
  76.5
  75.5
  74.6
  73.7
  72.7
  71.8
  71.0
  70.1
  69.3
  68.4
  67.7
  66.9
  66.2
  65.5
  64.8
  64.1
  63.5
  62.9
  62.3

Cree, Inc. is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company's products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems. The Company has three segments: Lighting Products, LED Products, and Power and RF Products. The Company's Lighting Products segment offers LED lighting systems and bulbs. The Company's LED Products segment offers LED components, LED chips and silicon carbide (SiC) materials. The Company's Power and RF Products segment offers power devices and RF devices. The Company designs, manufactures and markets lighting systems for indoor and outdoor applications, with a focus on LED lighting systems for the commercial, industrial and consumer markets.

FINANCIAL RATIOS  of  Cree (CREE)

Valuation Ratios
P/E Ratio -39
Price to Sales 2.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 32.7
Growth Rates
Sales Growth Rate -8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.1%
Cap. Spend. - 3 Yr. Gr. Rate -13%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 6.5%
Total Debt to Equity 6.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.7%
Ret/ On Assets - 3 Yr. Avg. -1.1%
Return On Total Capital -4%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity -4.3%
Return On Equity - 3 Yr. Avg. -2.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 29.5%
Gross Margin - 3 Yr. Avg. 29.6%
EBITDA Margin 10.2%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin -1.3%
Oper. Margin - 3 Yr. Avg. -2.1%
Pre-Tax Margin -0.3%
Pre-Tax Margin - 3 Yr. Avg. -2.3%
Net Profit Margin -6.7%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate -1860%
Eff/ Tax Rate - 3 Yr. Avg. -609.7%
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 $1473 million for the last fiscal year's total revenue generated by Cree. The default revenue input number comes from 2017 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 93.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $114 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 59.7%.

Life of production assets of 9.9 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 18.9%. 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 - $2223 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 98.08 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 $3.8 billion.

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COMPANY NEWS

▶ Cree stays quiet on lighting execs' departures   [Dec-15-17 03:20PM  American City Business Journals]
▶ ETFs with exposure to Cree, Inc. : December 8, 2017   [Dec-08-17 12:35PM  Capital Cube]
▶ Cree Launches Industrys First Extreme Density LED   [Dec-06-17 09:00AM  Business Wire]
▶ Top lighting execs leave Cree   [Dec-05-17 06:45PM  American City Business Journals]
▶ ETFs with exposure to Cree, Inc. : November 24, 2017   [Nov-24-17 10:32AM  Capital Cube]
▶ ETFs with exposure to Cree, Inc. : November 13, 2017   [Nov-13-17 12:07PM  Capital Cube]
▶ 7 Marijuana Stocks to Buy That Wont Burn You   [Nov-10-17 02:30PM  InvestorPlace]
▶ Cree Launches Market-Leading KBL LED High-Bay Series   [Nov-07-17 09:00AM  Business Wire]
▶ How Cree, Inc. Stock Rose 27% in October   [Nov-06-17 08:21AM  Motley Fool]
▶ ETFs with exposure to Cree, Inc. : November 2, 2017   [Nov-02-17 12:03PM  Capital Cube]
▶ Stocks To Watch: Cree Sees RS Rating Rise To 93   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Cree, Inc. : October 23, 2017   [Oct-23-17 10:29AM  Capital Cube]
▶ Cree, LED rival MaxBrite to settle lawsuit   [09:35AM  American City Business Journals]
▶ Don't Dim The Lights: Cree Jumps 16%   [Oct-18-17 05:46PM  Barrons.com]
▶ Why Shares of Cree, Inc. Popped 21% Today   [04:36PM  Motley Fool]
▶ Cree shares rise 20 percent; firm pledges investments in Wolfspeed   [02:35PM  American City Business Journals]
▶ Cree's new CEO: We'll come out guns a-blazing   [Oct-17-17 06:25PM  American City Business Journals]
▶ Cree reports 1Q loss   [04:19PM  Associated Press]
▶ ETFs with exposure to Cree, Inc. : October 10, 2017   [Oct-10-17 11:14AM  Capital Cube]
▶ Cree dangles millions in incentives for its new CEO   [Sep-29-17 09:58AM  American City Business Journals]
▶ ETFs with exposure to Cree, Inc. : September 26, 2017   [Sep-26-17 10:47AM  Capital Cube]
▶ Cree names new CEO   [Sep-25-17 09:55AM  American City Business Journals]
▶ Cree Names Gregg Lowe as CEO   [08:01AM  Business Wire]
▶ This semiconductor ETF still has room to move   [Sep-19-17 12:50PM  CNBC Videos]
▶ ETFs with exposure to Cree, Inc. : September 12, 2017   [Sep-11-17 10:25PM  Capital Cube]
▶ Cree execs see pay dip in fiscal 2017   [02:45PM  American City Business Journals]
▶ ETFs with exposure to Cree, Inc. : August 31, 2017   [Aug-31-17 05:53PM  Capital Cube]
▶ Swoboda: Cars mean opportunities for Cree   [Aug-25-17 03:35PM  American City Business Journals]
▶ Highlights From Cree's Fiscal Q4   [Aug-24-17 01:45PM  Forbes]
▶ 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]
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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