Intrinsic value of CDW - CDW

Previous Close

$86.41

  Intrinsic Value

$70.61

stock screener

  Rating & Target

hold

-18%

Previous close

$86.41

 
Intrinsic value

$70.61

 
Up/down potential

-18%

 
Rating

hold

We calculate the intrinsic value of CDW 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  7.64
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  13,982
  16,514
  17,889
  19,320
  20,807
  22,352
  23,958
  25,627
  27,362
  29,166
  31,043
  32,995
  35,028
  37,146
  39,352
  41,653
  44,053
  46,558
  49,173
  51,905
  54,759
  57,743
  60,864
  64,129
  67,546
  71,123
  74,868
  78,790
  82,899
  87,205
  91,717
Variable operating expenses, $m
 
  15,510
  16,774
  18,088
  19,455
  20,875
  22,350
  23,883
  25,477
  27,135
  28,859
  30,315
  32,183
  34,128
  36,156
  38,270
  40,475
  42,776
  45,179
  47,688
  50,311
  53,053
  55,920
  58,920
  62,059
  65,346
  68,786
  72,390
  76,165
  80,121
  84,267
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
  13,165
  15,510
  16,774
  18,088
  19,455
  20,875
  22,350
  23,883
  25,477
  27,135
  28,859
  30,315
  32,183
  34,128
  36,156
  38,270
  40,475
  42,776
  45,179
  47,688
  50,311
  53,053
  55,920
  58,920
  62,059
  65,346
  68,786
  72,390
  76,165
  80,121
  84,267
Operating income, $m
  817
  1,004
  1,115
  1,232
  1,352
  1,478
  1,608
  1,744
  1,885
  2,031
  2,184
  2,680
  2,845
  3,017
  3,197
  3,383
  3,578
  3,782
  3,994
  4,216
  4,448
  4,690
  4,944
  5,209
  5,487
  5,777
  6,081
  6,400
  6,734
  7,084
  7,450
EBITDA, $m
  1,072
  1,733
  1,877
  2,027
  2,183
  2,345
  2,514
  2,689
  2,871
  3,060
  3,257
  3,462
  3,675
  3,898
  4,129
  4,371
  4,622
  4,885
  5,160
  5,446
  5,746
  6,059
  6,386
  6,729
  7,088
  7,463
  7,856
  8,267
  8,699
  9,150
  9,624
Interest expense (income), $m
  144
  175
  203
  232
  262
  294
  327
  361
  396
  433
  472
  511
  553
  596
  641
  688
  737
  788
  841
  897
  955
  1,015
  1,079
  1,145
  1,214
  1,287
  1,363
  1,442
  1,526
  1,613
  1,704
Earnings before tax, $m
  672
  829
  913
  1,000
  1,090
  1,184
  1,282
  1,383
  1,488
  1,598
  1,712
  2,169
  2,292
  2,421
  2,555
  2,695
  2,842
  2,994
  3,153
  3,320
  3,493
  3,675
  3,865
  4,064
  4,273
  4,490
  4,719
  4,958
  5,208
  5,471
  5,746
Tax expense, $m
  248
  224
  246
  270
  294
  320
  346
  373
  402
  432
  462
  586
  619
  654
  690
  728
  767
  808
  851
  896
  943
  992
  1,044
  1,097
  1,154
  1,212
  1,274
  1,339
  1,406
  1,477
  1,551
Net income, $m
  424
  605
  666
  730
  796
  864
  936
  1,010
  1,087
  1,167
  1,250
  1,583
  1,673
  1,767
  1,865
  1,968
  2,074
  2,186
  2,302
  2,423
  2,550
  2,683
  2,822
  2,967
  3,119
  3,278
  3,445
  3,619
  3,802
  3,994
  4,194

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  264
  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
  6,948
  7,561
  8,191
  8,846
  9,527
  10,235
  10,970
  11,734
  12,529
  13,355
  14,214
  15,108
  16,039
  17,008
  18,018
  19,072
  20,171
  21,318
  22,515
  23,766
  25,073
  26,439
  27,868
  29,363
  30,928
  32,565
  34,280
  36,076
  37,958
  39,929
  41,995
Adjusted assets (=assets-cash), $m
  6,684
  7,561
  8,191
  8,846
  9,527
  10,235
  10,970
  11,734
  12,529
  13,355
  14,214
  15,108
  16,039
  17,008
  18,018
  19,072
  20,171
  21,318
  22,515
  23,766
  25,073
  26,439
  27,868
  29,363
  30,928
  32,565
  34,280
  36,076
  37,958
  39,929
  41,995
Revenue / Adjusted assets
  2.092
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
  2.184
Average production assets, $m
  1,336
  3,914
  4,240
  4,579
  4,931
  5,298
  5,678
  6,074
  6,485
  6,912
  7,357
  7,820
  8,302
  8,804
  9,326
  9,872
  10,441
  11,034
  11,654
  12,301
  12,978
  13,685
  14,425
  15,199
  16,008
  16,856
  17,744
  18,673
  19,647
  20,668
  21,737
Working capital, $m
  957
  -1,486
  -1,610
  -1,739
  -1,873
  -2,012
  -2,156
  -2,306
  -2,463
  -2,625
  -2,794
  -2,970
  -3,153
  -3,343
  -3,542
  -3,749
  -3,965
  -4,190
  -4,426
  -4,671
  -4,928
  -5,197
  -5,478
  -5,772
  -6,079
  -6,401
  -6,738
  -7,091
  -7,461
  -7,848
  -8,255
Total debt, $m
  3,234
  3,757
  4,298
  4,861
  5,446
  6,053
  6,685
  7,342
  8,024
  8,733
  9,471
  10,239
  11,039
  11,872
  12,740
  13,645
  14,589
  15,574
  16,602
  17,677
  18,800
  19,973
  21,201
  22,485
  23,829
  25,236
  26,709
  28,251
  29,867
  31,561
  33,336
Total liabilities, $m
  5,903
  6,495
  7,036
  7,599
  8,184
  8,792
  9,423
  10,080
  10,762
  11,472
  12,210
  12,978
  13,777
  14,610
  15,478
  16,383
  17,327
  18,312
  19,340
  20,415
  21,538
  22,711
  23,939
  25,223
  26,567
  27,974
  29,447
  30,989
  32,606
  34,299
  36,074
Total equity, $m
  1,046
  1,066
  1,155
  1,247
  1,343
  1,443
  1,547
  1,655
  1,767
  1,883
  2,004
  2,130
  2,261
  2,398
  2,541
  2,689
  2,844
  3,006
  3,175
  3,351
  3,535
  3,728
  3,929
  4,140
  4,361
  4,592
  4,834
  5,087
  5,352
  5,630
  5,921
Total liabilities and equity, $m
  6,949
  7,561
  8,191
  8,846
  9,527
  10,235
  10,970
  11,735
  12,529
  13,355
  14,214
  15,108
  16,038
  17,008
  18,019
  19,072
  20,171
  21,318
  22,515
  23,766
  25,073
  26,439
  27,868
  29,363
  30,928
  32,566
  34,281
  36,076
  37,958
  39,929
  41,995
Debt-to-equity ratio
  3.092
  3.520
  3.720
  3.900
  4.050
  4.190
  4.320
  4.440
  4.540
  4.640
  4.730
  4.810
  4.880
  4.950
  5.010
  5.070
  5.130
  5.180
  5.230
  5.280
  5.320
  5.360
  5.400
  5.430
  5.460
  5.500
  5.530
  5.550
  5.580
  5.610
  5.630
Adjusted equity ratio
  0.117
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  424
  605
  666
  730
  796
  864
  936
  1,010
  1,087
  1,167
  1,250
  1,583
  1,673
  1,767
  1,865
  1,968
  2,074
  2,186
  2,302
  2,423
  2,550
  2,683
  2,822
  2,967
  3,119
  3,278
  3,445
  3,619
  3,802
  3,994
  4,194
Depreciation, amort., depletion, $m
  255
  729
  762
  796
  831
  867
  906
  945
  986
  1,029
  1,073
  782
  830
  880
  933
  987
  1,044
  1,103
  1,165
  1,230
  1,298
  1,369
  1,442
  1,520
  1,601
  1,686
  1,774
  1,867
  1,965
  2,067
  2,174
Funds from operations, $m
  581
  1,334
  1,428
  1,525
  1,626
  1,732
  1,841
  1,955
  2,073
  2,196
  2,323
  2,365
  2,504
  2,648
  2,798
  2,955
  3,118
  3,289
  3,467
  3,653
  3,848
  4,051
  4,264
  4,487
  4,720
  4,964
  5,219
  5,487
  5,767
  6,060
  6,368
Change in working capital, $m
  -23
  -119
  -124
  -129
  -134
  -139
  -145
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -225
  -235
  -246
  -257
  -269
  -281
  -294
  -308
  -322
  -337
  -353
  -370
  -387
  -406
Cash from operations, $m
  604
  1,453
  1,552
  1,654
  1,760
  1,871
  1,986
  2,105
  2,229
  2,358
  2,492
  2,541
  2,687
  2,838
  2,997
  3,162
  3,334
  3,514
  3,703
  3,899
  4,105
  4,320
  4,545
  4,781
  5,027
  5,286
  5,556
  5,840
  6,137
  6,448
  6,774
Maintenance CAPEX, $m
  0
  -361
  -391
  -424
  -458
  -493
  -530
  -568
  -607
  -648
  -691
  -736
  -782
  -830
  -880
  -933
  -987
  -1,044
  -1,103
  -1,165
  -1,230
  -1,298
  -1,369
  -1,442
  -1,520
  -1,601
  -1,686
  -1,774
  -1,867
  -1,965
  -2,067
New CAPEX, $m
  -64
  -308
  -326
  -339
  -352
  -366
  -381
  -396
  -411
  -428
  -445
  -463
  -482
  -502
  -523
  -545
  -569
  -594
  -620
  -647
  -677
  -707
  -740
  -774
  -810
  -848
  -888
  -930
  -974
  -1,020
  -1,069
Cash from investing activities, $m
  -66
  -669
  -717
  -763
  -810
  -859
  -911
  -964
  -1,018
  -1,076
  -1,136
  -1,199
  -1,264
  -1,332
  -1,403
  -1,478
  -1,556
  -1,638
  -1,723
  -1,812
  -1,907
  -2,005
  -2,109
  -2,216
  -2,330
  -2,449
  -2,574
  -2,704
  -2,841
  -2,985
  -3,136
Free cash flow, $m
  538
  785
  834
  891
  950
  1,011
  1,075
  1,141
  1,210
  1,282
  1,356
  1,342
  1,423
  1,506
  1,593
  1,684
  1,778
  1,877
  1,979
  2,087
  2,198
  2,315
  2,437
  2,564
  2,698
  2,837
  2,983
  3,136
  3,295
  3,463
  3,638
Issuance/(repayment) of debt, $m
  -19
  521
  541
  563
  585
  608
  632
  656
  682
  710
  738
  768
  800
  833
  868
  905
  944
  985
  1,029
  1,074
  1,123
  1,174
  1,228
  1,284
  1,344
  1,407
  1,473
  1,543
  1,616
  1,693
  1,775
Issuance/(repurchase) of shares, $m
  -351
  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 from financing (excl. dividends), $m  
  -226
  521
  541
  563
  585
  608
  632
  656
  682
  710
  738
  768
  800
  833
  868
  905
  944
  985
  1,029
  1,074
  1,123
  1,174
  1,228
  1,284
  1,344
  1,407
  1,473
  1,543
  1,616
  1,693
  1,775
Total cash flow (excl. dividends), $m
  305
  1,306
  1,375
  1,454
  1,535
  1,619
  1,707
  1,798
  1,893
  1,991
  2,094
  2,110
  2,222
  2,339
  2,461
  2,589
  2,722
  2,862
  3,008
  3,161
  3,321
  3,489
  3,664
  3,849
  4,042
  4,244
  4,456
  4,678
  4,912
  5,156
  5,413
Retained Cash Flow (-), $m
  50
  -83
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -137
  -142
  -149
  -155
  -162
  -169
  -176
  -184
  -193
  -201
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  46
  50
  54
  58
  62
  67
  72
  77
  82
  87
  93
  99
  105
  111
  118
  125
  132
  140
  148
  156
  164
  173
  183
  192
  203
  213
  225
  236
  249
  262
Cash available for distribution, $m
 
  1,223
  1,286
  1,361
  1,439
  1,519
  1,603
  1,690
  1,781
  1,875
  1,973
  1,984
  2,091
  2,203
  2,319
  2,440
  2,567
  2,700
  2,839
  2,985
  3,137
  3,296
  3,463
  3,638
  3,821
  4,013
  4,214
  4,425
  4,646
  4,878
  5,121
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  1,124
  1,078
  1,031
  976
  914
  846
  775
  700
  624
  549
  455
  389
  327
  270
  219
  175
  136
  104
  78
  57
  40
  28
  19
  12
  8
  5
  3
  2
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CDW Corporation (CDW) is a provider of integrated information technology (IT) solutions in the United States, Canada and the United Kingdom. The Company's segments include Corporate, Public and Other. The Corporate segment consists of private sector business customers in the United States based on employee size between Medium/Large customers, which primarily includes organizations with more than 100 employees, and Small Business customers, which primarily includes organizations with up to 100 employees. Its Public segment comprises government agencies and education and healthcare institutions in the United States. Its Other segment includes Canada and CDW UK. The CDW Advanced Services business consists primarily of customized engineering services delivered by technology specialists and engineers, and managed services that include Infrastructure as a Service (IaaS) offerings. The Company has centralized logistics and headquarters functions that provide services to the segments.

FINANCIAL RATIOS  of  CDW (CDW)

Valuation Ratios
P/E Ratio 32.7
Price to Sales 1
Price to Book 13.2
Price to Tangible Book
Price to Cash Flow 22.9
Price to Free Cash Flow 25.7
Growth Rates
Sales Growth Rate 7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 307.4%
Total Debt to Equity 309.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 39.6%
Return On Equity - 3 Yr. Avg. 36.3%
Asset Turnover 2
Profitability Ratios
Gross Margin 16.6%
Gross Margin - 3 Yr. Avg. 16.3%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 7.4%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 4.3%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. 2.7%
Effective Tax Rate 36.9%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 18.6%

CDW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CDW stock intrinsic value calculation we used $15192 million for the last fiscal year's total revenue generated by CDW. The default revenue input number comes from 2016 income statement of CDW. 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 CDW stock valuation model: a) initial revenue growth rate of 8.7% 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 8.8%, whose default value for CDW is calculated based on our internal credit rating of CDW, 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 CDW.
    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 CDW stock the variable cost ratio is equal to 94.1%.

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 CDW 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 5.4% for CDW.

Corporate tax rate of 27% is the nominal tax rate for CDW. 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 CDW stock is equal to 0.3%.

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 CDW are equal to 23.7%.

Life of production assets of 10 years is the average useful life of capital assets used in CDW 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 CDW is equal to -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 - $983 million for CDW - 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 155 million for CDW 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 CDW at the current share price and the inputted number of shares is $13.4 billion.

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COMPANY NEWS

▶ CDW to Announce Second Quarter 2018 Results on August 2   [Jul-20-18 07:00AM  GlobeNewswire]
▶ CDW to Present at the NASDAQ 38th Investor Conference   [May-30-18 07:00AM  GlobeNewswire]
▶ CDW: 1Q Earnings Snapshot   [08:06AM  Associated Press]
▶ CDW Reports Record First Quarter Net Sales   [07:00AM  GlobeNewswire]
▶ 6 Stocks Warren Buffett Might Buy Next   [May-01-18 08:00AM  Investopedia]
▶ CDW to Announce First Quarter 2018 Results on May 2   [Apr-18-18 06:00PM  GlobeNewswire]
▶ Edited Transcript of CDW presentation 6-Mar-17 2:15pm GMT   [Apr-11-18 02:49AM  Thomson Reuters StreetEvents]
▶ How Financially Strong Is CDW Corporation (NASDAQ:CDW)?   [Apr-04-18 02:55PM  Simply Wall St.]
▶ Is This Small-Cap Value Stock Play Getting Ready To Run?   [Mar-15-18 08:00AM  Investor's Business Daily]
▶ CDW beats 4Q profit forecasts   [Feb-07-18 07:33AM  Associated Press]
▶ ETFs with exposure to CDW Corp. : December 20, 2017   [Dec-20-17 11:36AM  Capital Cube]
▶ 6 High Tax Paying Stocks to Buy Now   [Dec-05-17 02:08PM  InvestorPlace]
▶ ETFs with exposure to CDW Corp. : November 29, 2017   [Nov-29-17 11:22AM  Capital Cube]
▶ CDW Corp. Value Analysis (NASDAQ:CDW) : November 17, 2017   [Nov-17-17 01:38PM  Capital Cube]
▶ ETFs with exposure to CDW Corp. : November 7, 2017   [Nov-07-17 09:55AM  Capital Cube]
▶ CDW beats Street 3Q forecasts   [Nov-01-17 07:36AM  Associated Press]
▶ ETFs with exposure to CDW Corp. : October 26, 2017   [Oct-26-17 10:23AM  Capital Cube]
▶ CDW to Announce Third Quarter 2017 Results on November 1   [Oct-18-17 06:00PM  GlobeNewswire]
▶ ETFs with exposure to CDW Corp. : October 12, 2017   [Oct-12-17 10:21AM  Capital Cube]
▶ CFO Moves: CDW Corp., Wedbush Securities   [Oct-11-17 06:01PM  The Wall Street Journal]
▶ CDW Corp. Value Analysis (NASDAQ:CDW) : August 21, 2017   [Aug-21-17 05:56PM  Capital Cube]
▶ CDW meets 2Q profit forecasts   [Aug-04-17 02:36AM  Associated Press]
▶ CDW Reports Record Second Quarter Net Sales   [07:00AM  GlobeNewswire]
▶ CDW Names Leahy, Corley to New Executive Roles   [Jul-20-17 05:45PM  Business Wire]
▶ CDW to Present at the NASDAQ 36th Investor Program   [Jun-09-17 04:05PM  GlobeNewswire]
▶ Three Momentum Stocks Breaking Out   [Jun-07-17 01:00PM  Investopedia]
▶ ETFs with exposure to CDW Corp. : June 1, 2017   [Jun-01-17 01:41PM  Capital Cube]
▶ CDW meets 1Q profit forecasts   [May-03-17 07:34AM  Associated Press]
▶ CDW Reports Record First Quarter Net Sales   [07:00AM  GlobeNewswire]
▶ Bear of the Day: CDW Corp (CDW)   [07:00AM  Zacks]
Financial statements of CDW
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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