Stock CDW CDW CORPORATION
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Financials CDW Corporation

Equities

CDW

US12514G1085

Integrated Hardware & Software

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
242.3 USD -0.48% Intraday chart for CDW Corporation +2.75% +6.57%
Mar. 22 Evercore ISI Raises CDW's Price Target to $300 From $250, Maintains Outperform Rating MT
Mar. 04 Transcript : CDW Corporation Presents at 45th Annual Raymond James Institutional Investors Conference 2024, Mar-04-2024 11:35 AM

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 20,523 18,844 27,793 24,178 30,452 32,552 - -
Enterprise Value (EV) 1 23,687 21,886 34,394 29,786 35,508 36,915 36,238 35,317
P/E ratio 28.6 x 24.2 x 29.1 x 22 x 28.1 x 26.3 x 23.7 x 20.4 x
Yield 0.89% 1.17% 0.88% 1.17% 1.05% 1.06% 1.18% 1.19%
Capitalization / Revenue 1.14 x 1.02 x 1.33 x 1.02 x 1.42 x 1.48 x 1.38 x 1.27 x
EV / Revenue 1.31 x 1.19 x 1.65 x 1.25 x 1.66 x 1.67 x 1.54 x 1.38 x
EV / EBITDA 16.3 x 13.1 x 19.7 x 13.7 x 16.5 x 16.3 x 14.8 x 13.3 x
EV / FCF 29.9 x 18.9 x 50.2 x 20.2 x 24.5 x 30 x 27.2 x 26 x
FCF Yield 3.34% 5.28% 1.99% 4.95% 4.08% 3.33% 3.67% 3.85%
Price to Book 22 x 14.7 x 39.1 x 15.3 x 14.9 x 12.1 x 9.38 x 7.4 x
Nbr of stocks (in thousands) 143,681 142,988 135,723 135,391 133,960 134,368 - -
Reference price 2 142.8 131.8 204.8 178.6 227.3 242.3 242.3 242.3
Announcement Date 2/6/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 18,032 18,468 20,821 23,749 21,376 22,069 23,575 25,534
EBITDA 1 1,457 1,672 1,742 2,173 2,155 2,264 2,453 2,659
EBIT 1 1,368 1,405 1,645 2,050 2,039 2,122 2,284 2,525
Operating Margin 7.59% 7.61% 7.9% 8.63% 9.54% 9.62% 9.69% 9.89%
Earnings before Tax (EBT) 1 949.7 1,002 1,298 1,488 1,450 1,700 1,837 2,425
Net income 1 736.8 788.5 988.6 1,114 1,104 1,247 1,377 1,630
Net margin 4.09% 4.27% 4.75% 4.69% 5.17% 5.65% 5.84% 6.38%
EPS 2 4.990 5.450 7.040 8.130 8.100 9.202 10.22 11.90
Free Cash Flow 1 790.9 1,156 684.6 1,476 1,450 1,230 1,331 1,358
FCF margin 4.39% 6.26% 3.29% 6.21% 6.79% 5.57% 5.65% 5.32%
FCF Conversion (EBITDA) 54.28% 69.15% 39.31% 67.9% 67.3% 54.31% 54.27% 51.06%
FCF Conversion (Net income) 107.34% 146.65% 69.25% 132.39% 131.35% 98.64% 96.69% 83.33%
Dividend per Share 2 1.265 1.540 1.800 2.090 2.390 2.556 2.856 2.887
Announcement Date 2/6/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 5,300 5,537 5,949 6,146 6,216 5,438 5,103 5,626 5,628 5,018 5,026 5,511 5,880 5,701 5,375
EBITDA 1 483.3 451.4 492.6 546.7 579.8 554.1 505 558.4 585 548.6 483 583.1 620.7 598.3 539.2
EBIT 1 435.1 424.5 462.1 516.3 549 523.1 434.3 529.8 556.3 518.7 449.8 535.4 573.2 567.4 503.6
Operating Margin 8.21% 7.67% 7.77% 8.4% 8.83% 9.62% 8.51% 9.42% 9.88% 10.34% 8.95% 9.72% 9.75% 9.95% 9.37%
Earnings before Tax (EBT) 1 350.4 287.3 330.4 377.2 399 381.2 296.3 353.4 419.8 380.7 340 420.4 458.5 465.2 387
Net income 1 266.6 215.3 250.2 279.3 297.8 287.2 230.1 262.6 315.5 296.1 247.5 308.2 342.6 341.6 283.7
Net margin 5.03% 3.89% 4.21% 4.54% 4.79% 5.28% 4.51% 4.67% 5.61% 5.9% 4.92% 5.59% 5.83% 5.99% 5.28%
EPS 2 1.910 1.570 1.830 2.040 2.170 2.090 1.680 1.920 2.320 2.180 1.821 2.272 2.530 2.528 2.097
Dividend per Share 2 0.5000 0.5000 0.5000 0.5000 0.5000 0.5900 0.5900 0.5900 0.5900 0.6200 0.6200 0.6200 0.6200 0.6860 0.7220
Announcement Date 11/3/21 2/9/22 5/4/22 8/3/22 11/2/22 2/8/23 5/3/23 8/2/23 11/1/23 2/7/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,163 3,042 6,600 5,608 5,056 4,363 3,686 2,765
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.171 x 1.819 x 3.79 x 2.58 x 2.346 x 1.927 x 1.503 x 1.04 x
Free Cash Flow 1 791 1,156 685 1,476 1,451 1,230 1,331 1,358
ROE (net income / shareholders' equity) 93.2% 84.5% 112% 116% 73.8% 60.2% 52.6% 44.8%
ROA (Net income/ Total Assets) 11.9% 11% 9.93% 10.2% 10.2% 10.7% 11.4% -
Assets 1 6,194 7,168 9,959 10,938 10,835 11,638 12,097 -
Book Value Per Share 2 6.500 8.960 5.240 11.70 15.20 20.00 25.80 32.70
Cash Flow per Share 2 6.950 9.080 5.580 11.70 11.70 10.10 11.10 -
Capex 1 236 158 100 128 148 156 166 182
Capex / Sales 1.31% 0.86% 0.48% 0.54% 0.69% 0.71% 0.7% 0.71%
Announcement Date 2/6/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CDW Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
242.3 USD
Average target price
267.4 USD
Spread / Average Target
+10.39%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Hardware & Software
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