Intrinsic value of CDW - CDW

Previous Close

$60.23

  Intrinsic Value

$55.96

stock screener

  Rating & Target

hold

-7%

  Value-price divergence*

-59%

Previous close

$60.23

 
Intrinsic value

$55.96

 
Up/down potential

-7%

 
Rating

hold

 
Value-price divergence*

-59%

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

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

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 9.6

 

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
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  13,982
  14,919
  15,893
  16,906
  17,961
  19,060
  20,204
  21,397
  22,641
  23,938
  25,293
  26,707
  28,185
  29,730
  31,345
  33,034
  34,801
  36,651
  38,587
  40,615
  42,739
  44,965
  47,297
  49,741
  52,303
  54,989
  57,805
  60,759
  63,857
  67,107
  70,516
Variable operating expenses, $m
 
  13,410
  14,270
  15,164
  16,095
  17,065
  18,074
  19,127
  20,225
  21,370
  22,565
  23,568
  24,872
  26,235
  27,660
  29,151
  30,710
  32,342
  34,051
  35,841
  37,715
  39,679
  41,736
  43,893
  46,154
  48,524
  51,010
  53,616
  56,350
  59,218
  62,226
Fixed operating expenses, $m
 
  606
  621
  636
  652
  669
  685
  703
  720
  738
  757
  775
  795
  815
  835
  856
  877
  899
  922
  945
  968
  993
  1,017
  1,043
  1,069
  1,096
  1,123
  1,151
  1,180
  1,209
  1,240
Total operating expenses, $m
  13,165
  14,016
  14,891
  15,800
  16,747
  17,734
  18,759
  19,830
  20,945
  22,108
  23,322
  24,343
  25,667
  27,050
  28,495
  30,007
  31,587
  33,241
  34,973
  36,786
  38,683
  40,672
  42,753
  44,936
  47,223
  49,620
  52,133
  54,767
  57,530
  60,427
  63,466
Operating income, $m
  817
  903
  1,002
  1,106
  1,214
  1,326
  1,444
  1,567
  1,696
  1,831
  1,971
  2,364
  2,519
  2,680
  2,850
  3,027
  3,214
  3,409
  3,615
  3,830
  4,056
  4,293
  4,543
  4,805
  5,080
  5,369
  5,672
  5,992
  6,327
  6,680
  7,050
EBITDA, $m
  1,072
  1,244
  1,349
  1,459
  1,574
  1,694
  1,819
  1,950
  2,086
  2,229
  2,379
  2,535
  2,699
  2,871
  3,050
  3,239
  3,437
  3,644
  3,861
  4,090
  4,329
  4,581
  4,845
  5,123
  5,414
  5,721
  6,042
  6,380
  6,736
  7,109
  7,501
Interest expense (income), $m
  144
  141
  159
  177
  196
  215
  236
  257
  279
  302
  326
  351
  377
  404
  433
  463
  494
  527
  561
  597
  635
  674
  715
  758
  804
  851
  901
  953
  1,008
  1,065
  1,125
Earnings before tax, $m
  672
  761
  843
  929
  1,018
  1,111
  1,209
  1,311
  1,417
  1,529
  1,646
  2,013
  2,141
  2,276
  2,417
  2,564
  2,720
  2,882
  3,053
  3,233
  3,421
  3,619
  3,827
  4,046
  4,276
  4,518
  4,772
  5,039
  5,319
  5,614
  5,925
Tax expense, $m
  248
  205
  228
  251
  275
  300
  326
  354
  383
  413
  444
  544
  578
  614
  653
  692
  734
  778
  824
  873
  924
  977
  1,033
  1,092
  1,155
  1,220
  1,288
  1,360
  1,436
  1,516
  1,600
Net income, $m
  424
  556
  615
  678
  743
  811
  882
  957
  1,035
  1,116
  1,201
  1,470
  1,563
  1,661
  1,764
  1,872
  1,985
  2,104
  2,229
  2,360
  2,498
  2,642
  2,794
  2,954
  3,121
  3,298
  3,483
  3,678
  3,883
  4,099
  4,325

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
  7,159
  7,626
  8,113
  8,619
  9,146
  9,695
  10,267
  10,864
  11,487
  12,137
  12,815
  13,525
  14,266
  15,041
  15,851
  16,699
  17,587
  18,516
  19,489
  20,508
  21,576
  22,695
  23,868
  25,097
  26,386
  27,738
  29,155
  30,641
  32,201
  33,837
Adjusted assets (=assets-cash), $m
  6,684
  7,159
  7,626
  8,113
  8,619
  9,146
  9,695
  10,267
  10,864
  11,487
  12,137
  12,815
  13,525
  14,266
  15,041
  15,851
  16,699
  17,587
  18,516
  19,489
  20,508
  21,576
  22,695
  23,868
  25,097
  26,386
  27,738
  29,155
  30,641
  32,201
  33,837
Revenue / Adjusted assets
  2.092
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
  2.084
Average production assets, $m
  1,336
  1,432
  1,526
  1,623
  1,724
  1,830
  1,940
  2,054
  2,173
  2,298
  2,428
  2,564
  2,706
  2,854
  3,009
  3,171
  3,341
  3,518
  3,704
  3,899
  4,103
  4,317
  4,540
  4,775
  5,021
  5,279
  5,549
  5,833
  6,130
  6,442
  6,769
Working capital, $m
  957
  761
  811
  862
  916
  972
  1,030
  1,091
  1,155
  1,221
  1,290
  1,362
  1,437
  1,516
  1,599
  1,685
  1,775
  1,869
  1,968
  2,071
  2,180
  2,293
  2,412
  2,537
  2,667
  2,804
  2,948
  3,099
  3,257
  3,422
  3,596
Total debt, $m
  3,234
  3,610
  4,020
  4,447
  4,891
  5,353
  5,834
  6,336
  6,860
  7,406
  7,976
  8,571
  9,193
  9,843
  10,523
  11,234
  11,977
  12,756
  13,571
  14,424
  15,318
  16,254
  17,236
  18,264
  19,342
  20,473
  21,658
  22,901
  24,205
  25,572
  27,007
Total liabilities, $m
  5,903
  6,278
  6,688
  7,115
  7,559
  8,021
  8,502
  9,004
  9,528
  10,074
  10,644
  11,239
  11,861
  12,511
  13,191
  13,902
  14,645
  15,424
  16,239
  17,092
  17,986
  18,922
  19,904
  20,932
  22,010
  23,141
  24,326
  25,569
  26,873
  28,240
  29,675
Total equity, $m
  1,046
  881
  938
  998
  1,060
  1,125
  1,192
  1,263
  1,336
  1,413
  1,493
  1,576
  1,664
  1,755
  1,850
  1,950
  2,054
  2,163
  2,277
  2,397
  2,523
  2,654
  2,791
  2,936
  3,087
  3,245
  3,412
  3,586
  3,769
  3,961
  4,162
Total liabilities and equity, $m
  6,949
  7,159
  7,626
  8,113
  8,619
  9,146
  9,694
  10,267
  10,864
  11,487
  12,137
  12,815
  13,525
  14,266
  15,041
  15,852
  16,699
  17,587
  18,516
  19,489
  20,509
  21,576
  22,695
  23,868
  25,097
  26,386
  27,738
  29,155
  30,642
  32,201
  33,837
Debt-to-equity ratio
  3.092
  4.100
  4.290
  4.460
  4.610
  4.760
  4.890
  5.020
  5.130
  5.240
  5.340
  5.440
  5.530
  5.610
  5.690
  5.760
  5.830
  5.900
  5.960
  6.020
  6.070
  6.120
  6.170
  6.220
  6.270
  6.310
  6.350
  6.390
  6.420
  6.460
  6.490
Adjusted equity ratio
  0.117
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123
  0.123

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  424
  556
  615
  678
  743
  811
  882
  957
  1,035
  1,116
  1,201
  1,470
  1,563
  1,661
  1,764
  1,872
  1,985
  2,104
  2,229
  2,360
  2,498
  2,642
  2,794
  2,954
  3,121
  3,298
  3,483
  3,678
  3,883
  4,099
  4,325
Depreciation, amort., depletion, $m
  255
  341
  347
  354
  360
  367
  375
  382
  390
  399
  407
  171
  180
  190
  201
  211
  223
  235
  247
  260
  274
  288
  303
  318
  335
  352
  370
  389
  409
  429
  451
Funds from operations, $m
  581
  897
  963
  1,032
  1,104
  1,179
  1,257
  1,339
  1,425
  1,515
  1,609
  1,641
  1,744
  1,852
  1,965
  2,083
  2,208
  2,339
  2,476
  2,620
  2,771
  2,930
  3,097
  3,272
  3,456
  3,650
  3,853
  4,067
  4,292
  4,528
  4,776
Change in working capital, $m
  -23
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  125
  131
  137
  144
  151
  158
  166
  174
Cash from operations, $m
  604
  849
  913
  980
  1,050
  1,123
  1,199
  1,278
  1,362
  1,449
  1,540
  1,568
  1,668
  1,773
  1,882
  1,997
  2,118
  2,244
  2,377
  2,516
  2,663
  2,816
  2,978
  3,147
  3,326
  3,513
  3,710
  3,916
  4,134
  4,362
  4,603
Maintenance CAPEX, $m
  0
  -89
  -95
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -201
  -211
  -223
  -235
  -247
  -260
  -274
  -288
  -303
  -318
  -335
  -352
  -370
  -389
  -409
  -429
New CAPEX, $m
  -64
  -97
  -94
  -97
  -101
  -105
  -110
  -115
  -119
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -270
  -284
  -297
  -312
  -327
Cash from investing activities, $m
  -66
  -186
  -189
  -199
  -209
  -220
  -232
  -244
  -256
  -270
  -283
  -298
  -313
  -328
  -345
  -363
  -381
  -401
  -421
  -442
  -464
  -488
  -512
  -538
  -564
  -593
  -622
  -654
  -686
  -721
  -756
Free cash flow, $m
  538
  663
  724
  781
  840
  902
  967
  1,035
  1,105
  1,179
  1,256
  1,271
  1,355
  1,444
  1,537
  1,635
  1,737
  1,844
  1,957
  2,075
  2,199
  2,329
  2,466
  2,610
  2,761
  2,920
  3,087
  3,263
  3,448
  3,642
  3,846
Issuance/(repayment) of debt, $m
  -19
  395
  410
  427
  444
  462
  482
  502
  523
  546
  570
  595
  622
  650
  680
  711
  744
  778
  815
  853
  894
  936
  981
  1,029
  1,078
  1,130
  1,185
  1,243
  1,304
  1,368
  1,435
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
  395
  410
  427
  444
  462
  482
  502
  523
  546
  570
  595
  622
  650
  680
  711
  744
  778
  815
  853
  894
  936
  981
  1,029
  1,078
  1,130
  1,185
  1,243
  1,304
  1,368
  1,435
Total cash flow (excl. dividends), $m
  305
  1,059
  1,134
  1,207
  1,284
  1,365
  1,449
  1,537
  1,629
  1,725
  1,826
  1,866
  1,977
  2,094
  2,217
  2,345
  2,481
  2,622
  2,772
  2,928
  3,093
  3,266
  3,447
  3,639
  3,839
  4,051
  4,273
  4,506
  4,751
  5,009
  5,280
Retained Cash Flow (-), $m
  50
  -53
  -57
  -60
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -159
  -166
  -174
  -183
  -192
  -201
Prev. year cash balance distribution, $m
 
  219
  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
 
  1,224
  1,076
  1,148
  1,222
  1,300
  1,381
  1,466
  1,555
  1,649
  1,746
  1,783
  1,890
  2,003
  2,121
  2,246
  2,376
  2,513
  2,657
  2,808
  2,967
  3,134
  3,310
  3,494
  3,688
  3,892
  4,106
  4,332
  4,568
  4,817
  5,079
Discount rate, %
 
  9.70
  10.19
  10.69
  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
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  1,116
  887
  846
  798
  744
  686
  623
  559
  494
  430
  355
  300
  248
  202
  161
  126
  96
  72
  52
  37
  26
  17
  11
  7
  4
  3
  1
  1
  0
  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 distributes information technology (IT) solutions in North America and the United Kingdom. It operates in two segments, Corporate and Public. The company offers discrete hardware and software products, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration. Its hardware products comprise notebooks/mobile devices, network communications, enterprise and data storage, video monitors, printers, desktop computers, and servers; and software products include application suites, security, virtualization, operating systems, network management, and software as a service offerings. The company also provides a suite of value-added-services, such as basic installation, warranty, and repair services to custom configuration, data center, and network implementation services, as well as managed services that include infrastructure as a service offering. It serves government, education, and healthcare customers, as well as small, medium, and large businesses. The company was founded in 1984 and is based in Lincolnshire, Illinois.

FINANCIAL RATIOS  of  CDW (CDW)

Valuation Ratios
P/E Ratio 22.8
Price to Sales 0.7
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 17.9
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 $13982 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 6.7% 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 9.7%, 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 90%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $591 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 4.4% 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%.

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 9.6%.

Life of production assets of 15 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 5.1%. 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 - $1046 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 159.083 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 $9.6 billion.

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COMPANY NEWS

▶ 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]
▶ CDW to Announce First Quarter 2017 Results on May 3   [Apr-19-17 10:30AM  GlobeNewswire]
▶ Why Trump May Actually Be Great for Technology Stocks   [Nov-17-16 08:20AM  at 24/7 Wall St.]
Stock chart of CDW 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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