Stock CDW CDW CORPORATION
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Financials CDW Corporation

Equities

CDW

US12514G1085

Integrated Hardware & Software

Real-time Estimate Cboe BZX
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 12:47:08 2024-06-06 pm EDT 		5-day change 1st Jan Change
221.9 USD -0.44% Intraday chart for CDW Corporation -0.28% -2.25%
May. 24 Declaration of Voting Results by CDW Corporation CI
May. 02 Morgan Stanley Adjusts Price Target on CDW to $232 From $229 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 20,523 18,844 27,793 24,178 30,452 29,961 - -
Enterprise Value (EV) 1 23,687 21,886 34,394 29,786 35,508 34,540 33,854 33,213
P/E ratio 28.6 x 24.2 x 29.1 x 22 x 28.1 x 25.9 x 22.9 x 19.7 x
Yield 0.89% 1.17% 0.88% 1.17% 1.05% 1.14% 1.23% 1.23%
Capitalization / Revenue 1.14 x 1.02 x 1.33 x 1.02 x 1.42 x 1.38 x 1.3 x 1.22 x
EV / Revenue 1.31 x 1.19 x 1.65 x 1.25 x 1.66 x 1.59 x 1.47 x 1.35 x
EV / EBITDA 16.3 x 13.1 x 19.7 x 13.7 x 16.5 x 15.7 x 14.3 x 13.2 x
EV / FCF 29.9 x 18.9 x 50.2 x 20.2 x 24.5 x 27.2 x 21.1 x -
FCF Yield 3.34% 5.28% 1.99% 4.95% 4.08% 3.67% 4.73% -
Price to Book 22 x 14.7 x 39.1 x 15.3 x 14.9 x 11 x 8.65 x 6.89 x
Nbr of stocks (in thousands) 143,681 142,988 135,723 135,391 133,960 134,398 - -
Reference price 2 142.8 131.8 204.8 178.6 227.3 222.9 222.9 222.9
Announcement Date 2/6/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 18,032 18,468 20,821 23,749 21,376 21,715 23,018 24,623
EBITDA 1 1,457 1,672 1,742 2,173 2,155 2,195 2,369 2,522
EBIT 1 1,368 1,405 1,645 2,050 2,039 2,064 2,220 2,399
Operating Margin 7.59% 7.61% 7.9% 8.63% 9.54% 9.5% 9.64% 9.74%
Earnings before Tax (EBT) 1 949.7 1,002 1,298 1,488 1,450 1,529 1,754 2,425
Net income 1 736.8 788.5 988.6 1,114 1,104 1,166 1,316 1,552
Net margin 4.09% 4.27% 4.75% 4.69% 5.17% 5.37% 5.72% 6.3%
EPS 2 4.990 5.450 7.040 8.130 8.100 8.596 9.738 11.31
Free Cash Flow 1 790.9 1,156 684.6 1,476 1,450 1,269 1,601 -
FCF margin 4.39% 6.26% 3.29% 6.21% 6.79% 5.84% 6.96% -
FCF Conversion (EBITDA) 54.28% 69.15% 39.31% 67.9% 67.3% 57.82% 67.58% -
FCF Conversion (Net income) 107.34% 146.65% 69.25% 132.39% 131.35% 108.83% 121.69% -
Dividend per Share 2 1.265 1.540 1.800 2.090 2.390 2.537 2.752 2.737
Announcement Date 2/6/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 5,537 5,949 6,146 6,216 5,438 5,103 5,626 5,628 5,018 4,873 5,467 5,862 5,523 5,337 5,731
EBITDA 1 451.4 492.6 546.7 579.8 554.1 505 558.4 585 548.6 - 558.9 623.2 581.8 506.1 597.2
EBIT 1 424.5 462.1 516.3 549 523.1 434.3 529.8 556.3 518.7 403.5 516.4 584.2 556.5 483.9 560
Operating Margin 7.67% 7.77% 8.4% 8.83% 9.62% 8.51% 9.42% 9.88% 10.34% 8.28% 9.45% 9.96% 10.08% 9.07% 9.77%
Earnings before Tax (EBT) 1 287.3 330.4 377.2 399 381.2 296.3 353.4 419.8 380.7 276.6 367.9 461.6 422.4 366.7 436.1
Net income 1 215.3 250.2 279.3 297.8 287.2 230.1 262.6 315.5 296.1 216.1 285.7 345.4 318.8 276.6 326.6
Net margin 3.89% 4.21% 4.54% 4.79% 5.28% 4.51% 4.67% 5.61% 5.9% 4.43% 5.23% 5.89% 5.77% 5.18% 5.7%
EPS 2 1.570 1.830 2.040 2.170 2.090 1.680 1.920 2.320 2.180 1.590 2.103 2.548 2.355 2.042 2.415
Dividend per Share 2 0.5000 0.5000 0.5000 0.5000 0.5900 0.5900 0.5900 0.5900 0.6200 - 0.6200 0.6200 0.6500 0.6350 0.6500
Announcement Date 2/9/22 5/4/22 8/3/22 11/2/22 2/8/23 5/3/23 8/2/23 11/1/23 2/7/24 5/1/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,163 3,042 6,600 5,608 5,056 4,579 3,892 3,251
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.171 x 1.819 x 3.79 x 2.58 x 2.346 x 2.086 x 1.643 x 1.289 x
Free Cash Flow 1 791 1,156 685 1,476 1,451 1,269 1,601 -
ROE (net income / shareholders' equity) 93.2% 84.5% 112% 116% 73.8% 58.3% 50.3% 42.7%
ROA (Net income/ Total Assets) 11.9% 11% 9.93% 10.2% 10.2% 10.5% 11.2% -
Assets 1 6,194 7,168 9,959 10,938 10,835 11,146 11,773 -
Book Value Per Share 2 6.500 8.960 5.240 11.70 15.20 20.20 25.80 32.40
Cash Flow per Share 2 6.950 9.080 5.580 11.70 11.70 9.500 10.70 -
Capex 1 236 158 100 128 148 158 165 186
Capex / Sales 1.31% 0.86% 0.48% 0.54% 0.69% 0.73% 0.72% 0.75%
Announcement Date 2/6/20 2/10/21 2/9/22 2/8/23 2/7/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CDW Corporation

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
222.9 USD
Average target price
250.9 USD
Spread / Average Target
+12.54%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Hardware & Software
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