Intrinsic value of CDW - CDW

Previous Close

$87.23

  Intrinsic Value

$62.23

stock screener

  Rating & Target

sell

-29%

Previous close

$87.23

 
Intrinsic value

$62.23

 
Up/down potential

-29%

 
Rating

sell

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 0001), $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 13.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  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
Revenue, $m
  16,346
  17,546
  18,793
  20,088
  21,436
  22,836
  24,294
  25,811
  27,390
  29,035
  30,750
  32,539
  34,405
  36,352
  38,386
  40,511
  42,732
  45,054
  47,482
  50,023
  52,682
  55,466
  58,382
  61,435
  64,634
  67,987
  71,500
  75,183
  79,045
  83,094
Variable operating expenses, $m
  15,356
  16,458
  17,604
  18,794
  20,032
  21,319
  22,658
  24,052
  25,503
  27,015
  28,253
  29,896
  31,610
  33,400
  35,268
  37,220
  39,261
  41,394
  43,625
  45,960
  48,403
  50,961
  53,639
  56,445
  59,384
  62,464
  65,693
  69,076
  72,624
  76,344
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
  15,356
  16,458
  17,604
  18,794
  20,032
  21,319
  22,658
  24,052
  25,503
  27,015
  28,253
  29,896
  31,610
  33,400
  35,268
  37,220
  39,261
  41,394
  43,625
  45,960
  48,403
  50,961
  53,639
  56,445
  59,384
  62,464
  65,693
  69,076
  72,624
  76,344
Operating income, $m
  990
  1,088
  1,189
  1,294
  1,403
  1,517
  1,636
  1,759
  1,887
  2,021
  2,498
  2,643
  2,795
  2,953
  3,118
  3,291
  3,471
  3,660
  3,857
  4,063
  4,279
  4,505
  4,742
  4,990
  5,250
  5,522
  5,808
  6,107
  6,421
  6,749
EBITDA, $m
  1,475
  1,583
  1,695
  1,812
  1,934
  2,060
  2,192
  2,328
  2,471
  2,619
  2,774
  2,935
  3,104
  3,279
  3,463
  3,655
  3,855
  4,064
  4,283
  4,513
  4,753
  5,004
  5,267
  5,542
  5,831
  6,133
  6,450
  6,782
  7,131
  7,496
Interest expense (income), $m
  144
  175
  199
  225
  251
  279
  308
  337
  368
  401
  434
  469
  506
  544
  583
  625
  668
  713
  761
  810
  862
  916
  972
  1,031
  1,093
  1,158
  1,226
  1,298
  1,372
  1,451
  1,533
Earnings before tax, $m
  815
  888
  964
  1,043
  1,125
  1,210
  1,298
  1,390
  1,486
  1,587
  2,028
  2,137
  2,251
  2,369
  2,493
  2,622
  2,758
  2,899
  3,047
  3,202
  3,364
  3,533
  3,711
  3,897
  4,092
  4,296
  4,510
  4,734
  4,970
  5,217
Tax expense, $m
  220
  240
  260
  282
  304
  327
  351
  375
  401
  428
  548
  577
  608
  640
  673
  708
  745
  783
  823
  864
  908
  954
  1,002
  1,052
  1,105
  1,160
  1,218
  1,278
  1,342
  1,408
Net income, $m
  595
  648
  704
  761
  821
  883
  948
  1,015
  1,085
  1,158
  1,481
  1,560
  1,643
  1,730
  1,820
  1,914
  2,013
  2,116
  2,224
  2,337
  2,455
  2,579
  2,709
  2,845
  2,987
  3,136
  3,292
  3,456
  3,628
  3,808

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  7,495
  8,045
  8,617
  9,211
  9,828
  10,471
  11,139
  11,834
  12,558
  13,313
  14,099
  14,919
  15,775
  16,668
  17,600
  18,575
  19,593
  20,657
  21,771
  22,936
  24,155
  25,432
  26,768
  28,168
  29,635
  31,172
  32,783
  34,472
  36,242
  38,099
Adjusted assets (=assets-cash), $m
  7,495
  8,045
  8,617
  9,211
  9,828
  10,471
  11,139
  11,834
  12,558
  13,313
  14,099
  14,919
  15,775
  16,668
  17,600
  18,575
  19,593
  20,657
  21,771
  22,936
  24,155
  25,432
  26,768
  28,168
  29,635
  31,172
  32,783
  34,472
  36,242
  38,099
Revenue / Adjusted assets
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
  2.181
Average production assets, $m
  2,027
  2,176
  2,330
  2,491
  2,658
  2,832
  3,012
  3,201
  3,396
  3,600
  3,813
  4,035
  4,266
  4,508
  4,760
  5,023
  5,299
  5,587
  5,888
  6,203
  6,533
  6,878
  7,239
  7,618
  8,015
  8,430
  8,866
  9,323
  9,802
  10,304
Working capital, $m
  817
  877
  940
  1,004
  1,072
  1,142
  1,215
  1,291
  1,370
  1,452
  1,538
  1,627
  1,720
  1,818
  1,919
  2,026
  2,137
  2,253
  2,374
  2,501
  2,634
  2,773
  2,919
  3,072
  3,232
  3,399
  3,575
  3,759
  3,952
  4,155
Total debt, $m
  3,692
  4,165
  4,656
  5,166
  5,697
  6,249
  6,823
  7,420
  8,042
  8,690
  9,366
  10,070
  10,805
  11,572
  12,373
  13,210
  14,085
  14,999
  15,956
  16,956
  18,004
  19,100
  20,248
  21,451
  22,711
  24,031
  25,415
  26,866
  28,387
  29,981
Total liabilities, $m
  6,438
  6,911
  7,402
  7,912
  8,443
  8,994
  9,568
  10,166
  10,788
  11,436
  12,111
  12,816
  13,551
  14,318
  15,119
  15,956
  16,830
  17,745
  18,701
  19,702
  20,749
  21,846
  22,994
  24,197
  25,457
  26,777
  28,161
  29,611
  31,132
  32,727
Total equity, $m
  1,057
  1,134
  1,215
  1,299
  1,386
  1,476
  1,571
  1,669
  1,771
  1,877
  1,988
  2,104
  2,224
  2,350
  2,482
  2,619
  2,763
  2,913
  3,070
  3,234
  3,406
  3,586
  3,774
  3,972
  4,179
  4,395
  4,622
  4,861
  5,110
  5,372
Total liabilities and equity, $m
  7,495
  8,045
  8,617
  9,211
  9,829
  10,470
  11,139
  11,835
  12,559
  13,313
  14,099
  14,920
  15,775
  16,668
  17,601
  18,575
  19,593
  20,658
  21,771
  22,936
  24,155
  25,432
  26,768
  28,169
  29,636
  31,172
  32,783
  34,472
  36,242
  38,099
Debt-to-equity ratio
  3.490
  3.670
  3.830
  3.980
  4.110
  4.230
  4.340
  4.450
  4.540
  4.630
  4.710
  4.790
  4.860
  4.920
  4.990
  5.040
  5.100
  5.150
  5.200
  5.240
  5.290
  5.330
  5.360
  5.400
  5.440
  5.470
  5.500
  5.530
  5.550
  5.580
Adjusted equity ratio
  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
  595
  648
  704
  761
  821
  883
  948
  1,015
  1,085
  1,158
  1,481
  1,560
  1,643
  1,730
  1,820
  1,914
  2,013
  2,116
  2,224
  2,337
  2,455
  2,579
  2,709
  2,845
  2,987
  3,136
  3,292
  3,456
  3,628
  3,808
Depreciation, amort., depletion, $m
  485
  495
  507
  518
  530
  543
  556
  570
  584
  599
  276
  292
  309
  327
  345
  364
  384
  405
  427
  449
  473
  498
  525
  552
  581
  611
  642
  676
  710
  747
Funds from operations, $m
  1,080
  1,144
  1,210
  1,279
  1,351
  1,426
  1,504
  1,585
  1,669
  1,757
  1,757
  1,853
  1,952
  2,056
  2,165
  2,278
  2,397
  2,521
  2,651
  2,787
  2,929
  3,078
  3,233
  3,397
  3,568
  3,747
  3,935
  4,132
  4,338
  4,555
Change in working capital, $m
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  184
  193
  202
Cash from operations, $m
  1,022
  1,084
  1,148
  1,215
  1,284
  1,356
  1,431
  1,509
  1,590
  1,674
  1,671
  1,763
  1,859
  1,959
  2,063
  2,172
  2,286
  2,405
  2,529
  2,660
  2,796
  2,938
  3,088
  3,244
  3,408
  3,579
  3,759
  3,948
  4,145
  4,352
Maintenance CAPEX, $m
  -137
  -147
  -158
  -169
  -181
  -193
  -205
  -218
  -232
  -246
  -261
  -276
  -292
  -309
  -327
  -345
  -364
  -384
  -405
  -427
  -449
  -473
  -498
  -525
  -552
  -581
  -611
  -642
  -676
  -710
New CAPEX, $m
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -204
  -213
  -222
  -231
  -242
  -252
  -263
  -275
  -288
  -301
  -315
  -330
  -345
  -362
  -379
  -397
  -416
  -436
  -457
  -479
  -502
Cash from investing activities, $m
  -280
  -296
  -313
  -330
  -348
  -367
  -386
  -406
  -428
  -450
  -474
  -498
  -523
  -551
  -579
  -608
  -639
  -672
  -706
  -742
  -779
  -818
  -860
  -904
  -949
  -997
  -1,047
  -1,099
  -1,155
  -1,212
Free cash flow, $m
  743
  788
  836
  885
  936
  990
  1,045
  1,102
  1,162
  1,224
  1,198
  1,265
  1,335
  1,408
  1,484
  1,564
  1,647
  1,733
  1,823
  1,918
  2,017
  2,120
  2,228
  2,341
  2,459
  2,583
  2,713
  2,848
  2,991
  3,140
Issuance/(repayment) of debt, $m
  457
  473
  491
  510
  531
  552
  574
  597
  622
  648
  675
  704
  735
  767
  801
  837
  875
  914
  956
  1,001
  1,047
  1,096
  1,148
  1,203
  1,260
  1,320
  1,384
  1,451
  1,521
  1,595
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  457
  473
  491
  510
  531
  552
  574
  597
  622
  648
  675
  704
  735
  767
  801
  837
  875
  914
  956
  1,001
  1,047
  1,096
  1,148
  1,203
  1,260
  1,320
  1,384
  1,451
  1,521
  1,595
Total cash flow (excl. dividends), $m
  1,200
  1,261
  1,327
  1,395
  1,467
  1,541
  1,619
  1,700
  1,784
  1,872
  1,873
  1,969
  2,070
  2,175
  2,285
  2,401
  2,521
  2,648
  2,780
  2,919
  3,064
  3,216
  3,376
  3,543
  3,719
  3,903
  4,096
  4,299
  4,512
  4,735
Retained Cash Flow (-), $m
  -71
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -131
  -137
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -217
  -227
  -238
  -250
  -262
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
  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
  1,129
  1,183
  1,246
  1,312
  1,380
  1,451
  1,525
  1,602
  1,682
  1,766
  1,762
  1,854
  1,949
  2,049
  2,154
  2,263
  2,378
  2,498
  2,623
  2,754
  2,892
  3,036
  3,188
  3,346
  3,512
  3,686
  3,869
  4,061
  4,262
  4,473
Discount rate, %
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
  1,032
  982
  930
  871
  808
  740
  670
  599
  528
  459
  373
  315
  262
  213
  171
  134
  103
  77
  57
  40
  28
  19
  13
  8
  5
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  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 33
Price to Sales 1
Price to Book 13.4
Price to Tangible Book
Price to Cash Flow 23.2
Price to Free Cash Flow 25.9
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 $15191.5 million for the last fiscal year's total revenue generated by CDW. The default revenue input number comes from 0001 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 7.6% 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 9.3%, 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%.

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 12.4%.

Life of production assets of 13.8 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%. 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 - $985.6 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 151.759 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 $13.2 billion.

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COMPANY NEWS

▶ CDW: 3Q Earnings Snapshot   [07:27AM  Associated Press]
▶ CDW Reports Record Third Quarter Net Sales   [07:00AM  GlobeNewswire]
▶ Is CDW (CDW) Stock Undervalued Right Now?   [Oct-30-18 09:10AM  Zacks]
▶ CDW to Announce Third Quarter 2018 Results on October 31   [Oct-18-18 07:00AM  GlobeNewswire]
▶ Is CDW (CDW) Stock Undervalued Right Now?   [Sep-17-18 09:10AM  Zacks]
▶ Exploit the Nasdaq Dip With These 6 Tech Stocks   [Sep-06-18 09:00AM  Zacks]
▶ New Strong Buy Stocks for August 8th   [Aug-08-18 11:22AM  Zacks]
▶ Tech Reseller CDW Tops Second-Quarter Sales, Profit Targets   [04:11PM  Investor's Business Daily]
▶ CDW: 2Q Earnings Snapshot   [10:51AM  Associated Press]
▶ CDW Reports Record Second Quarter Net Sales   [07:00AM  GlobeNewswire]
▶ Estimating The Intrinsic Value Of CDW Corporation (NASDAQ:CDW)   [Jul-30-18 05:41AM  Simply Wall St.]
▶ 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]

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