Intrinsic value of CDW - CDW

Previous Close

$69.62

  Intrinsic Value

$66.71

stock screener

  Rating & Target

hold

-4%

  Value-price divergence*

-4%

Previous close

$69.62

 
Intrinsic value

$66.71

 
Up/down potential

-4%

 
Rating

hold

 
Value-price divergence*

-4%

*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 10.9

 

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
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  13,982
  15,240
  16,551
  17,915
  19,333
  20,807
  22,339
  23,931
  25,585
  27,305
  29,093
  30,954
  32,890
  34,906
  37,006
  39,195
  41,478
  43,859
  46,344
  48,940
  51,651
  54,485
  57,448
  60,546
  63,788
  67,181
  70,733
  74,453
  78,349
  82,430
  86,707
Variable operating expenses, $m
 
  13,694
  14,851
  16,054
  17,306
  18,606
  19,958
  21,363
  22,823
  24,340
  25,919
  27,315
  29,023
  30,802
  32,656
  34,587
  36,602
  38,703
  40,896
  43,187
  45,579
  48,080
  50,694
  53,429
  56,290
  59,284
  62,418
  65,700
  69,138
  72,740
  76,514
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
  14,300
  15,472
  16,690
  17,958
  19,275
  20,643
  22,066
  23,543
  25,078
  26,676
  28,090
  29,818
  31,617
  33,491
  35,443
  37,479
  39,602
  41,818
  44,132
  46,547
  49,073
  51,711
  54,472
  57,359
  60,380
  63,541
  66,851
  70,318
  73,949
  77,754
Operating income, $m
  817
  940
  1,079
  1,224
  1,375
  1,532
  1,695
  1,865
  2,042
  2,226
  2,418
  2,863
  3,072
  3,289
  3,515
  3,752
  3,999
  4,257
  4,526
  4,808
  5,104
  5,413
  5,736
  6,075
  6,430
  6,802
  7,192
  7,601
  8,031
  8,481
  8,953
EBITDA, $m
  1,072
  1,283
  1,431
  1,584
  1,744
  1,911
  2,084
  2,264
  2,451
  2,647
  2,850
  3,062
  3,282
  3,512
  3,752
  4,003
  4,264
  4,537
  4,823
  5,122
  5,434
  5,761
  6,104
  6,462
  6,838
  7,232
  7,645
  8,078
  8,532
  9,008
  9,508
Interest expense (income), $m
  144
  141
  165
  189
  214
  240
  268
  296
  326
  356
  388
  421
  456
  491
  529
  568
  608
  650
  694
  740
  788
  839
  891
  946
  1,003
  1,063
  1,126
  1,192
  1,261
  1,333
  1,408
Earnings before tax, $m
  672
  799
  915
  1,035
  1,161
  1,291
  1,428
  1,569
  1,717
  1,870
  2,030
  2,442
  2,616
  2,797
  2,987
  3,184
  3,391
  3,606
  3,832
  4,068
  4,315
  4,574
  4,845
  5,129
  5,427
  5,739
  6,066
  6,410
  6,770
  7,148
  7,545
Tax expense, $m
  248
  216
  247
  279
  313
  349
  385
  424
  463
  505
  548
  659
  706
  755
  806
  860
  915
  974
  1,035
  1,098
  1,165
  1,235
  1,308
  1,385
  1,465
  1,549
  1,638
  1,731
  1,828
  1,930
  2,037
Net income, $m
  424
  583
  668
  756
  847
  943
  1,042
  1,145
  1,253
  1,365
  1,482
  1,783
  1,910
  2,042
  2,180
  2,324
  2,475
  2,633
  2,797
  2,970
  3,150
  3,339
  3,537
  3,744
  3,961
  4,189
  4,428
  4,679
  4,942
  5,218
  5,508

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
  7,285
  7,912
  8,564
  9,241
  9,946
  10,678
  11,439
  12,230
  13,052
  13,907
  14,796
  15,722
  16,685
  17,689
  18,736
  19,827
  20,965
  22,153
  23,394
  24,690
  26,044
  27,461
  28,942
  30,492
  32,113
  33,811
  35,589
  37,452
  39,403
  41,447
Adjusted assets (=assets-cash), $m
  6,684
  7,285
  7,912
  8,564
  9,241
  9,946
  10,678
  11,439
  12,230
  13,052
  13,907
  14,796
  15,722
  16,685
  17,689
  18,736
  19,827
  20,965
  22,153
  23,394
  24,690
  26,044
  27,461
  28,942
  30,492
  32,113
  33,811
  35,589
  37,452
  39,403
  41,447
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
  1,463
  1,589
  1,720
  1,856
  1,997
  2,145
  2,297
  2,456
  2,621
  2,793
  2,972
  3,157
  3,351
  3,553
  3,763
  3,982
  4,210
  4,449
  4,698
  4,959
  5,231
  5,515
  5,812
  6,124
  6,449
  6,790
  7,147
  7,521
  7,913
  8,324
Working capital, $m
  957
  777
  844
  914
  986
  1,061
  1,139
  1,220
  1,305
  1,393
  1,484
  1,579
  1,677
  1,780
  1,887
  1,999
  2,115
  2,237
  2,364
  2,496
  2,634
  2,779
  2,930
  3,088
  3,253
  3,426
  3,607
  3,797
  3,996
  4,204
  4,422
Total debt, $m
  3,234
  3,743
  4,294
  4,868
  5,464
  6,084
  6,729
  7,398
  8,094
  8,818
  9,570
  10,353
  11,167
  12,015
  12,899
  13,819
  14,780
  15,781
  16,827
  17,919
  19,059
  20,251
  21,497
  22,801
  24,165
  25,592
  27,086
  28,651
  30,289
  32,006
  33,805
Total liabilities, $m
  5,903
  6,411
  6,962
  7,536
  8,132
  8,752
  9,397
  10,066
  10,762
  11,486
  12,238
  13,021
  13,835
  14,683
  15,567
  16,487
  17,448
  18,449
  19,495
  20,587
  21,727
  22,919
  24,165
  25,469
  26,833
  28,260
  29,754
  31,319
  32,957
  34,674
  36,473
Total equity, $m
  1,046
  874
  949
  1,028
  1,109
  1,194
  1,281
  1,373
  1,468
  1,566
  1,669
  1,776
  1,887
  2,002
  2,123
  2,248
  2,379
  2,516
  2,658
  2,807
  2,963
  3,125
  3,295
  3,473
  3,659
  3,854
  4,057
  4,271
  4,494
  4,728
  4,974
Total liabilities and equity, $m
  6,949
  7,285
  7,911
  8,564
  9,241
  9,946
  10,678
  11,439
  12,230
  13,052
  13,907
  14,797
  15,722
  16,685
  17,690
  18,735
  19,827
  20,965
  22,153
  23,394
  24,690
  26,044
  27,460
  28,942
  30,492
  32,114
  33,811
  35,590
  37,451
  39,402
  41,447
Debt-to-equity ratio
  3.092
  4.280
  4.520
  4.740
  4.930
  5.100
  5.250
  5.390
  5.520
  5.630
  5.730
  5.830
  5.920
  6.000
  6.080
  6.150
  6.210
  6.270
  6.330
  6.380
  6.430
  6.480
  6.520
  6.570
  6.600
  6.640
  6.680
  6.710
  6.740
  6.770
  6.800
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
  583
  668
  756
  847
  943
  1,042
  1,145
  1,253
  1,365
  1,482
  1,783
  1,910
  2,042
  2,180
  2,324
  2,475
  2,633
  2,797
  2,970
  3,150
  3,339
  3,537
  3,744
  3,961
  4,189
  4,428
  4,679
  4,942
  5,218
  5,508
Depreciation, amort., depletion, $m
  255
  343
  351
  360
  369
  379
  388
  399
  409
  420
  432
  198
  210
  223
  237
  251
  265
  281
  297
  313
  331
  349
  368
  387
  408
  430
  453
  476
  501
  528
  555
Funds from operations, $m
  581
  926
  1,019
  1,116
  1,217
  1,321
  1,431
  1,544
  1,662
  1,785
  1,914
  1,981
  2,120
  2,266
  2,417
  2,575
  2,741
  2,913
  3,094
  3,283
  3,481
  3,688
  3,904
  4,132
  4,370
  4,619
  4,881
  5,156
  5,444
  5,746
  6,063
Change in working capital, $m
  -23
  64
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  107
  112
  116
  121
  127
  132
  138
  145
  151
  158
  165
  173
  181
  190
  199
  208
  218
Cash from operations, $m
  604
  862
  952
  1,046
  1,144
  1,246
  1,352
  1,463
  1,578
  1,698
  1,822
  1,886
  2,022
  2,163
  2,310
  2,464
  2,624
  2,792
  2,967
  3,151
  3,342
  3,543
  3,753
  3,974
  4,204
  4,446
  4,700
  4,966
  5,245
  5,538
  5,845
Maintenance CAPEX, $m
  0
  -89
  -98
  -106
  -115
  -124
  -133
  -143
  -153
  -164
  -175
  -186
  -198
  -210
  -223
  -237
  -251
  -265
  -281
  -297
  -313
  -331
  -349
  -368
  -387
  -408
  -430
  -453
  -476
  -501
  -528
New CAPEX, $m
  -64
  -128
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -210
  -219
  -229
  -239
  -249
  -260
  -272
  -284
  -297
  -311
  -326
  -341
  -357
  -374
  -392
  -411
Cash from investing activities, $m
  -66
  -217
  -224
  -237
  -251
  -266
  -280
  -296
  -312
  -329
  -347
  -365
  -384
  -404
  -425
  -447
  -470
  -494
  -520
  -546
  -573
  -603
  -633
  -665
  -698
  -734
  -771
  -810
  -850
  -893
  -939
Free cash flow, $m
  538
  645
  729
  809
  893
  981
  1,072
  1,167
  1,266
  1,369
  1,476
  1,521
  1,638
  1,759
  1,885
  2,017
  2,154
  2,298
  2,448
  2,605
  2,769
  2,941
  3,120
  3,308
  3,506
  3,712
  3,929
  4,156
  4,394
  4,644
  4,907
Issuance/(repayment) of debt, $m
  -19
  528
  551
  574
  597
  620
  644
  670
  696
  723
  752
  783
  814
  848
  883
  921
  960
  1,002
  1,046
  1,092
  1,141
  1,192
  1,246
  1,303
  1,364
  1,427
  1,494
  1,565
  1,639
  1,717
  1,799
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
  528
  551
  574
  597
  620
  644
  670
  696
  723
  752
  783
  814
  848
  883
  921
  960
  1,002
  1,046
  1,092
  1,141
  1,192
  1,246
  1,303
  1,364
  1,427
  1,494
  1,565
  1,639
  1,717
  1,799
Total cash flow (excl. dividends), $m
  305
  1,173
  1,280
  1,383
  1,490
  1,601
  1,717
  1,837
  1,962
  2,092
  2,228
  2,304
  2,452
  2,607
  2,768
  2,937
  3,114
  3,300
  3,493
  3,697
  3,909
  4,133
  4,367
  4,612
  4,869
  5,140
  5,423
  5,721
  6,033
  6,361
  6,706
Retained Cash Flow (-), $m
  50
  -73
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -213
  -223
  -234
  -245
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
 
  1,345
  1,205
  1,305
  1,409
  1,517
  1,629
  1,745
  1,867
  1,994
  2,126
  2,197
  2,341
  2,491
  2,648
  2,812
  2,983
  3,163
  3,351
  3,548
  3,754
  3,970
  4,197
  4,434
  4,683
  4,945
  5,219
  5,507
  5,810
  6,127
  6,460
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
 
  1,226
  993
  962
  920
  869
  809
  742
  671
  597
  523
  438
  371
  309
  252
  202
  158
  121
  90
  66
  47
  32
  22
  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 26.3
Price to Sales 0.8
Price to Book 10.7
Price to Tangible Book
Price to Cash Flow 18.5
Price to Free Cash Flow 20.7
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 $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 9% 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 156.718 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 $10.9 billion.

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COMPANY NEWS

▶ 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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