Intrinsic value of CDW - CDW

Previous Close

$71.47

  Intrinsic Value

$66.99

stock screener

  Rating & Target

hold

-6%

Previous close

$71.47

 
Intrinsic value

$66.99

 
Up/down potential

-6%

 
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
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  13,982
  15,212
  16,493
  17,826
  19,211
  20,650
  22,146
  23,701
  25,316
  26,996
  28,744
  30,562
  32,454
  34,425
  36,479
  38,620
  40,853
  43,184
  45,616
  48,157
  50,812
  53,588
  56,490
  59,526
  62,703
  66,028
  69,509
  73,156
  76,975
  80,977
  85,171
Variable operating expenses, $m
 
  13,670
  14,800
  15,976
  17,198
  18,468
  19,788
  21,160
  22,586
  24,068
  25,610
  26,969
  28,639
  30,378
  32,191
  34,080
  36,051
  38,107
  40,254
  42,496
  44,839
  47,288
  49,849
  52,528
  55,331
  58,266
  61,338
  64,555
  67,926
  71,457
  75,158
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
  14,276
  15,421
  16,612
  17,850
  19,137
  20,473
  21,863
  23,306
  24,806
  26,367
  27,744
  29,434
  31,193
  33,026
  34,936
  36,928
  39,006
  41,176
  43,441
  45,807
  48,281
  50,866
  53,571
  56,400
  59,362
  62,461
  65,706
  69,106
  72,666
  76,398
Operating income, $m
  817
  937
  1,073
  1,214
  1,361
  1,513
  1,673
  1,838
  2,011
  2,190
  2,377
  2,817
  3,020
  3,232
  3,453
  3,684
  3,925
  4,177
  4,441
  4,716
  5,005
  5,307
  5,623
  5,955
  6,302
  6,666
  7,048
  7,449
  7,869
  8,310
  8,773
EBITDA, $m
  1,072
  1,280
  1,424
  1,573
  1,729
  1,891
  2,060
  2,235
  2,418
  2,608
  2,806
  3,013
  3,228
  3,453
  3,687
  3,931
  4,187
  4,454
  4,733
  5,025
  5,330
  5,650
  5,985
  6,336
  6,704
  7,089
  7,493
  7,917
  8,362
  8,828
  9,318
Interest expense (income), $m
  144
  141
  164
  188
  213
  238
  265
  293
  321
  351
  382
  415
  448
  483
  520
  558
  597
  639
  682
  727
  774
  823
  874
  928
  984
  1,043
  1,105
  1,169
  1,237
  1,307
  1,381
Earnings before tax, $m
  672
  796
  908
  1,026
  1,148
  1,275
  1,408
  1,546
  1,689
  1,839
  1,995
  2,403
  2,572
  2,749
  2,934
  3,126
  3,328
  3,539
  3,759
  3,990
  4,231
  4,484
  4,749
  5,027
  5,318
  5,623
  5,944
  6,280
  6,632
  7,003
  7,391
Tax expense, $m
  248
  215
  245
  277
  310
  344
  380
  417
  456
  496
  539
  649
  694
  742
  792
  844
  899
  955
  1,015
  1,077
  1,142
  1,211
  1,282
  1,357
  1,436
  1,518
  1,605
  1,696
  1,791
  1,891
  1,996
Net income, $m
  424
  581
  663
  749
  838
  931
  1,028
  1,128
  1,233
  1,342
  1,456
  1,754
  1,878
  2,007
  2,142
  2,282
  2,429
  2,583
  2,744
  2,912
  3,089
  3,273
  3,467
  3,670
  3,882
  4,105
  4,339
  4,584
  4,842
  5,112
  5,396

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
  7,272
  7,884
  8,521
  9,183
  9,871
  10,586
  11,329
  12,102
  12,905
  13,740
  14,609
  15,513
  16,456
  17,437
  18,461
  19,528
  20,642
  21,805
  23,020
  24,289
  25,616
  27,003
  28,454
  29,973
  31,562
  33,226
  34,969
  36,795
  38,708
  40,712
Adjusted assets (=assets-cash), $m
  6,684
  7,272
  7,884
  8,521
  9,183
  9,871
  10,586
  11,329
  12,102
  12,905
  13,740
  14,609
  15,513
  16,456
  17,437
  18,461
  19,528
  20,642
  21,805
  23,020
  24,289
  25,616
  27,003
  28,454
  29,973
  31,562
  33,226
  34,969
  36,795
  38,708
  40,712
Revenue / Adjusted assets
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
  2.092
Average production assets, $m
  1,336
  1,460
  1,583
  1,711
  1,844
  1,982
  2,126
  2,275
  2,430
  2,592
  2,759
  2,934
  3,116
  3,305
  3,502
  3,708
  3,922
  4,146
  4,379
  4,623
  4,878
  5,144
  5,423
  5,714
  6,019
  6,339
  6,673
  7,023
  7,390
  7,774
  8,176
Working capital, $m
  957
  776
  841
  909
  980
  1,053
  1,129
  1,209
  1,291
  1,377
  1,466
  1,559
  1,655
  1,756
  1,860
  1,970
  2,084
  2,202
  2,326
  2,456
  2,591
  2,733
  2,881
  3,036
  3,198
  3,367
  3,545
  3,731
  3,926
  4,130
  4,344
Total debt, $m
  3,234
  3,731
  4,270
  4,830
  5,413
  6,019
  6,648
  7,302
  7,981
  8,688
  9,423
  10,188
  10,984
  11,813
  12,677
  13,578
  14,517
  15,497
  16,521
  17,589
  18,706
  19,874
  21,095
  22,372
  23,708
  25,107
  26,571
  28,105
  29,712
  31,395
  33,159
Total liabilities, $m
  5,903
  6,399
  6,938
  7,498
  8,081
  8,687
  9,316
  9,970
  10,649
  11,356
  12,091
  12,856
  13,652
  14,481
  15,345
  16,246
  17,185
  18,165
  19,189
  20,257
  21,374
  22,542
  23,763
  25,040
  26,376
  27,775
  29,239
  30,773
  32,380
  34,063
  35,827
Total equity, $m
  1,046
  873
  946
  1,023
  1,102
  1,185
  1,270
  1,360
  1,452
  1,549
  1,649
  1,753
  1,862
  1,975
  2,092
  2,215
  2,343
  2,477
  2,617
  2,762
  2,915
  3,074
  3,240
  3,414
  3,597
  3,787
  3,987
  4,196
  4,415
  4,645
  4,885
Total liabilities and equity, $m
  6,949
  7,272
  7,884
  8,521
  9,183
  9,872
  10,586
  11,330
  12,101
  12,905
  13,740
  14,609
  15,514
  16,456
  17,437
  18,461
  19,528
  20,642
  21,806
  23,019
  24,289
  25,616
  27,003
  28,454
  29,973
  31,562
  33,226
  34,969
  36,795
  38,708
  40,712
Debt-to-equity ratio
  3.092
  4.280
  4.510
  4.720
  4.910
  5.080
  5.230
  5.370
  5.500
  5.610
  5.720
  5.810
  5.900
  5.980
  6.060
  6.130
  6.190
  6.260
  6.310
  6.370
  6.420
  6.470
  6.510
  6.550
  6.590
  6.630
  6.660
  6.700
  6.730
  6.760
  6.790
Adjusted equity ratio
  0.117
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  424
  581
  663
  749
  838
  931
  1,028
  1,128
  1,233
  1,342
  1,456
  1,754
  1,878
  2,007
  2,142
  2,282
  2,429
  2,583
  2,744
  2,912
  3,089
  3,273
  3,467
  3,670
  3,882
  4,105
  4,339
  4,584
  4,842
  5,112
  5,396
Depreciation, amort., depletion, $m
  255
  343
  351
  360
  368
  378
  387
  397
  408
  418
  429
  196
  208
  220
  233
  247
  261
  276
  292
  308
  325
  343
  362
  381
  401
  423
  445
  468
  493
  518
  545
Funds from operations, $m
  581
  924
  1,014
  1,108
  1,206
  1,309
  1,415
  1,526
  1,641
  1,761
  1,886
  1,950
  2,085
  2,227
  2,375
  2,529
  2,691
  2,860
  3,036
  3,221
  3,414
  3,616
  3,828
  4,050
  4,283
  4,528
  4,784
  5,052
  5,334
  5,630
  5,941
Change in working capital, $m
  -23
  63
  65
  68
  71
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  124
  130
  135
  142
  148
  155
  162
  170
  178
  186
  195
  204
  214
Cash from operations, $m
  604
  861
  949
  1,040
  1,136
  1,235
  1,339
  1,446
  1,558
  1,675
  1,797
  1,857
  1,989
  2,127
  2,270
  2,420
  2,577
  2,741
  2,912
  3,091
  3,278
  3,475
  3,680
  3,896
  4,121
  4,358
  4,606
  4,866
  5,140
  5,426
  5,727
Maintenance CAPEX, $m
  0
  -89
  -97
  -106
  -114
  -123
  -132
  -142
  -152
  -162
  -173
  -184
  -196
  -208
  -220
  -233
  -247
  -261
  -276
  -292
  -308
  -325
  -343
  -362
  -381
  -401
  -423
  -445
  -468
  -493
  -518
New CAPEX, $m
  -64
  -125
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -189
  -197
  -206
  -214
  -224
  -234
  -244
  -255
  -266
  -279
  -291
  -305
  -319
  -334
  -350
  -367
  -384
  -403
Cash from investing activities, $m
  -66
  -214
  -220
  -234
  -247
  -261
  -276
  -291
  -307
  -323
  -341
  -359
  -378
  -397
  -417
  -439
  -461
  -485
  -510
  -536
  -563
  -591
  -622
  -653
  -686
  -720
  -757
  -795
  -835
  -877
  -921
Free cash flow, $m
  538
  647
  728
  807
  889
  974
  1,063
  1,155
  1,252
  1,352
  1,456
  1,498
  1,612
  1,730
  1,853
  1,981
  2,115
  2,256
  2,402
  2,555
  2,715
  2,883
  3,059
  3,243
  3,435
  3,637
  3,849
  4,072
  4,305
  4,549
  4,806
Issuance/(repayment) of debt, $m
  -19
  516
  539
  560
  583
  606
  629
  654
  680
  707
  735
  765
  796
  829
  864
  901
  939
  980
  1,023
  1,069
  1,117
  1,167
  1,221
  1,277
  1,336
  1,399
  1,465
  1,534
  1,607
  1,683
  1,764
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
  516
  539
  560
  583
  606
  629
  654
  680
  707
  735
  765
  796
  829
  864
  901
  939
  980
  1,023
  1,069
  1,117
  1,167
  1,221
  1,277
  1,336
  1,399
  1,465
  1,534
  1,607
  1,683
  1,764
Total cash flow (excl. dividends), $m
  305
  1,163
  1,267
  1,367
  1,471
  1,580
  1,692
  1,809
  1,931
  2,058
  2,191
  2,263
  2,408
  2,559
  2,717
  2,882
  3,055
  3,236
  3,425
  3,624
  3,832
  4,051
  4,280
  4,520
  4,772
  5,036
  5,314
  5,605
  5,911
  6,233
  6,570
Retained Cash Flow (-), $m
  50
  -72
  -73
  -76
  -79
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -219
  -230
  -241
Prev. year cash balance distribution, $m
 
  245
  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
 
  1,336
  1,194
  1,291
  1,392
  1,497
  1,606
  1,720
  1,839
  1,962
  2,091
  2,159
  2,299
  2,446
  2,599
  2,759
  2,927
  3,102
  3,286
  3,478
  3,680
  3,891
  4,113
  4,346
  4,590
  4,845
  5,114
  5,396
  5,692
  6,003
  6,330
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
 
  1,218
  983
  952
  909
  857
  797
  731
  661
  588
  515
  430
  364
  303
  247
  198
  155
  118
  89
  65
  46
  32
  21
  14
  9
  5
  3
  2
  1
  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 27
Price to Sales 0.8
Price to Book 11
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 21.2
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 8.8% 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 153.979 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 $11.0 billion.

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COMPANY NEWS

▶ 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]
▶ CDW to Announce First Quarter 2017 Results on May 3   [Apr-19-17 10:30AM  GlobeNewswire]
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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