Financials CDW Corporation

Equities

CDW

US12514G1085

Integrated Hardware & Software

Market Closed - Nasdaq Other stock markets 04:00:00 2025-01-15 pm EST			5-day change	1st Jan Change
187.46 ^USD	+0.48%		+3.37%	+7.71%

Jan. 07	UBS Adjusts Price Target on CDW to $220 From $233, Keeps Buy Rating	MT
Dec. 16	Morgan Stanley Adjusts Price Target on CDW to $193 From $190, Keeps Equalweight Rating	MT

Projected Income Statement: CDW Corporation

income-statement-evolution-chart CDW-CORPORATION

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	18,032	18,468	20,821	23,749	21,376	20,831	21,454	22,711
Change	-	2.41%	12.74%	14.06%	-9.99%	-2.55%	2.99%	5.86%
EBITDA ¹	1,457	1,672	1,742	2,173	2,155	2,092	2,225	2,361
Change	-	14.76%	4.16%	24.77%	-0.82%	-2.93%	6.36%	6.07%
EBIT ¹	1,368	1,405	1,645	2,050	2,039	1,922	2,016	2,127
Change	-	2.65%	17.14%	24.62%	-0.56%	-5.74%	4.89%	5.49%
Interest Paid ¹	-159.4	-154.9	-150.9	-235.7	-226.6	-213	-220	-200
Earnings before Tax (EBT) ¹	949.7	1,002	1,298	1,488	1,450	1,439	1,599	1,737
Change	-	5.54%	29.48%	14.64%	-2.53%	-0.74%	11.08%	8.64%
Net income ¹	736.8	788.5	988.6	1,114	1,104	1,079	1,187	1,318
Change	-	7.02%	25.38%	12.74%	-0.92%	-2.3%	10.07%	10.98%
Announcement Date	2/6/20	2/10/21	2/9/22	2/8/23	2/7/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	4,537	4,389	4,366	4,756	4,956	4,838	5,146	5,300	5,537	5,949	6,146	6,216	5,438	5,103	5,626	5,628	5,018	4,873	5,423	5,517	4,952	4,928	5,446	5,698	5,248	5,218	5,846	6,260
Change	-	-3.26%	-0.53%	8.95%	4.2%	-2.39%	6.39%	2.98%	4.47%	7.44%	3.31%	1.13%	-12.5%	-6.16%	10.25%	0.04%	-10.83%	-2.91%	11.3%	1.72%	-10.24%	-0.47%	10.5%	4.64%	-7.9%	-0.58%	12.04%	7.08%
EBITDA ¹	367.1	350.7	419	473.8	428.6	391.3	464.7	483.3	451.4	492.6	546.7	579.8	554.1	505	558.4	585	548.6	470.8	579.7	603.1	505.9	459.6	553.3	602.8	554.3	506.8	600.2	653.2
Change	-	-4.47%	19.48%	13.08%	-9.54%	-8.7%	18.76%	4%	-6.6%	9.13%	10.98%	6.05%	-4.43%	-8.86%	10.57%	4.76%	-6.22%	-14.18%	23.13%	4.04%	-16.11%	-9.15%	20.39%	8.94%	-8.05%	-8.58%	18.44%	8.83%
EBIT ¹	342.3	303.9	338.2	386.3	376.2	367.7	418.1	435.1	424.5	462.1	516.3	549	523.1	434.3	529.8	556.3	518.7	403.5	510.3	534	475.8	421.8	512.7	560.4	502.9	430	553.2	620.6
Change	-	-11.22%	11.29%	14.22%	-2.61%	-2.26%	13.71%	4.07%	-2.44%	8.86%	11.73%	6.33%	-4.72%	-16.98%	21.99%	5%	-6.76%	-22.21%	26.47%	4.64%	-10.91%	-11.35%	21.57%	9.29%	-10.26%	-14.5%	28.65%	12.2%
Charge d'intérêts ¹	-38.3	-37.9	-39.7	-40.2	-37.1	-35.6	-35.5	-36.4	-43.4	-56	-57.7	-62.6	-59.4	-57.7	-58.2	-57.4	-53.3	-51.3	-52.3	-54.4	-53.5	-55	-55	-56.5	-56	-55	-54	-53
Earnings before Tax (EBT) ¹	236	211.8	245.4	250.1	295	288.9	371.2	350.4	287.3	330.4	377.2	399	381.2	296.3	353.4	419.8	380.7	276.6	379.7	427.6	355.1	338.5	399.7	453.3	398.4	414	472	508
Change	-	-10.25%	15.86%	1.92%	17.95%	-2.07%	28.49%	-5.6%	-18.01%	15%	14.16%	5.78%	-4.46%	-22.27%	19.27%	18.79%	-9.31%	-27.34%	37.27%	12.62%	-16.96%	-4.68%	18.1%	13.4%	-12.12%	3.92%	14.01%	7.63%
Net income ¹	185.6	167.9	189.1	193.2	238.3	232.6	274.1	266.6	215.3	250.2	279.3	297.8	287.2	230.1	262.6	315.5	296.1	216.1	281.1	316.4	261.3	239.8	299.5	337.6	298.1	273.1	342	379.6
Change	-	-9.54%	12.63%	2.17%	23.34%	-2.39%	17.84%	-2.74%	-19.24%	16.21%	11.63%	6.62%	-3.56%	-19.88%	14.12%	20.14%	-6.15%	-27.02%	30.08%	12.56%	-17.41%	-8.24%	24.88%	12.73%	-11.7%	-8.38%	25.2%	11.01%
Announcement Date	2/6/20	5/6/20	8/5/20	11/2/20	2/10/21	5/5/21	8/4/21	11/3/21	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	7/31/24	10/30/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: CDW Corporation

balance-sheet-analysis-chart CDW-CORPORATION

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,163	3,042	6,600	5,608	5,056	4,770	4,365	3,730
Change	-	-3.83%	116.96%	-15.03%	-9.84%	-5.66%	-8.49%	-14.55%
Announcement Date	2/6/20	2/10/21	2/9/22	2/8/23	2/7/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: CDW Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	236.3	158	100	127.8	148.2	128.1	135.7	145.6
Change	-	-33.14%	-36.71%	27.8%	15.96%	-13.54%	5.92%	7.27%
Free Cash Flow (FCF) ¹	790.9	1,156	684.6	1,476	1,450	1,048	1,204	1,412
Change	-	46.2%	-40.79%	115.53%	-1.69%	-27.75%	14.87%	17.3%
Announcement Date	2/6/20	2/10/21	2/9/22	2/8/23	2/7/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: CDW Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	8.08%	9.05%	8.37%	9.15%	10.08%	10.04%	10.37%	10.39%
EBIT Margin (%)	7.59%	7.61%	7.9%	8.63%	9.54%	9.23%	9.4%	9.37%
EBT Margin (%)	5.27%	5.43%	6.23%	6.26%	6.78%	6.91%	7.45%	7.65%
Net margin (%)	4.09%	4.27%	4.75%	4.69%	5.17%	5.18%	5.54%	5.8%
FCF margin (%)	4.39%	6.26%	3.29%	6.21%	6.79%	5.03%	5.61%	6.22%
FCF / Net Income (%)	107.34%	146.65%	69.25%	132.39%	131.35%	97.13%	101.37%	107.14%
Profitability
ROA	11.9%	11%	9.93%	10.19%	10.19%	9.36%	9.37%	9.82%
ROE	93.22%	84.52%	111.73%	116.2%	73.85%	56.49%	49.62%	44.51%
Financial Health
Leverage (Debt/EBITDA)	2.17x	1.82x	3.79x	2.58x	2.35x	2.28x	1.96x	1.58x
Debt / Free cash flow	4x	2.63x	9.64x	3.8x	3.49x	4.55x	3.63x	2.64x
Capital Intensity
CAPEX / Current Assets (%)	1.31%	0.86%	0.48%	0.54%	0.69%	0.62%	0.63%	0.64%
CAPEX / EBITDA (%)	16.22%	9.45%	5.74%	5.88%	6.88%	6.12%	6.1%	6.17%
CAPEX / FCF (%)	29.88%	13.66%	14.61%	8.66%	10.22%	12.23%	11.28%	10.31%
Items per share
Cash flow per share ¹	6.95	9.077	5.584	11.7	11.73	8.518	9.711	-
Change	-	30.6%	-38.48%	109.57%	0.23%	-27.38%	14.01%	-
Dividend per Share ¹	1.265	1.54	1.8	2.09	2.39	2.518	2.684	2.715
Change	-	21.74%	16.88%	16.11%	14.35%	5.35%	6.6%	1.16%
Book Value Per Share ¹	6.497	8.958	5.235	11.67	15.23	18.35	21.56	25.98
Change	-	37.87%	-41.56%	122.9%	30.53%	20.45%	17.54%	20.49%
EPS ¹	4.99	5.45	7.04	8.13	8.1	7.973	8.843	9.842
Change	-	9.22%	29.17%	15.48%	-0.37%	-1.57%	10.91%	11.3%
Nbr of stocks (in thousands)	143,681	142,988	135,723	135,391	133,960	133,264	133,264	133,264
Announcement Date	2/6/20	2/10/21	2/9/22	2/8/23	2/7/24	-	-	-