Stock CDW CDW CORPORATION
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PDF Report : CDW Corporation

Financials CDW Corporation

Equities

CDW

US12514G1085

Integrated Hardware & Software

Market Closed - Nasdaq
Other stock markets
 04:00:00 2023-11-29 pm EST 		Intraday chart for CDW Corporation 5-day change 1st Jan Change
212.09 USD -0.28% -2.27% +18.76%
Nov. 28 Transcript : CDW Corporation Presents at 2023 UBS Global Technology Conference, Nov-28-2023 10:55 AM CI
Nov. 23 ANALYST RECOMMENDATIONS : Deere & Co, Fortinet, Nvidia, Sage...

Valuation

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 12 156 20 523 18 844 27 793 24 178 28 491 - -
Enterprise Value (EV) 1 15 159 23 687 21 886 34 394 29 786 33 666 33 238 32 767
P/E ratio 19,3x 28,6x 24,2x 29,1x 22,0x 26,3x 23,5x 21,6x
Yield 1,14% 0,89% 1,17% 0,88% 1,17% 1,12% 1,20% 1,29%
Capitalization / Revenue 0,75x 1,14x 1,02x 1,33x 1,02x 1,31x 1,26x 1,18x
EV / Revenue 0,93x 1,31x 1,19x 1,65x 1,25x 1,55x 1,47x 1,36x
EV / EBITDA 11,6x 16,3x 13,1x 19,7x 13,7x 15,3x 14,4x 13,2x
EV / FCF 15,6x 29,9x 18,9x 50,2x 20,2x 25,8x 31,6x 28,2x
FCF Yield 6,42% 3,34% 5,28% 1,99% 4,95% 3,88% 3,16% 3,55%
Price to Book 12,8x 22,0x 14,7x 39,1x 15,3x 14,4x 10,8x 8,31x
Nbr of stocks (in thousands) 149 985 143 681 142 988 135 723 135 391 133 960 - -
Reference price 2 81,1 143 132 205 179 213 213 213
Announcement Date 02/07/19 02/06/20 02/10/21 02/09/22 02/08/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 16 241 18 032 18 468 20 821 23 749 21 682 22 669 24 110
EBITDA 1 1 302 1 457 1 672 1 742 2 173 2 202 2 303 2 489
EBIT 1 987 1 368 1 405 1 645 2 051 2 046 2 131 2 273
Operating Margin 6,08% 7,59% 7,61% 7,90% 8,63% 9,44% 9,40% 9,43%
Earnings before Tax (EBT) 1 841 950 1 002 1 298 1 488 1 552 1 688 1 830
Net income 1 643 737 789 989 1 115 1 103 1 223 1 323
Net margin 3,96% 4,09% 4,27% 4,75% 4,69% 5,09% 5,39% 5,49%
EPS 2 4,19 4,99 5,45 7,04 8,13 8,10 9,05 9,85
Free Cash Flow 1 974 791 1 156 685 1 476 1 306 1 051 1 163
FCF margin 6,00% 4,39% 6,26% 3,29% 6,21% 6,02% 4,64% 4,82%
FCF Conversion (EBITDA) 74,8% 54,3% 69,2% 39,3% 67,9% 59,3% 45,6% 46,7%
FCF Conversion (Net income) 151% 107% 147% 69,2% 132% 118% 86,0% 87,9%
Dividend per Share 2 0,93 1,27 1,54 1,80 2,09 2,39 2,56 2,75
Announcement Date 07/02/19 06/02/20 10/02/21 09/02/22 08/02/23 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December 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
Net sales 1 5 146 5 300 5 537 5 949 6 146 6 216 5 438 5 103 5 626 5 628 5 337 5 260 5 704 5 901 5 718
EBITDA 1 465 483 451 493 547 580 554 505 558 585 564 525 592 623 590
EBIT 1 418 435 425 462 516 549 523 434 530 556 527 478 541 563 534
Operating Margin 8,12% 8,21% 7,67% 7,77% 8,40% 8,83% 9,62% 8,51% 9,42% 9,88% 9,88% 9,08% 9,48% 9,55% 9,34%
Earnings before Tax (EBT) 1 371 350 287 330 377 399 381 296 353 420 414 369 431 461 435
Net income 1 274 267 215 250 279 298 287 230 263 316 294 265 310 334 313
Net margin 5,33% 5,03% 3,89% 4,21% 4,54% 4,79% 5,28% 4,51% 4,67% 5,61% 5,52% 5,03% 5,44% 5,65% 5,48%
EPS 2 1,93 1,91 1,57 1,83 2,04 2,17 2,09 1,68 1,92 2,32 2,17 1,96 2,30 2,47 2,33
Dividend per Share 2 0,40 0,50 0,50 0,50 0,50 0,50 0,59 0,59 0,59 0,59 0,64 0,62 0,62 0,62 0,70
Announcement Date 08/04/21 11/03/21 02/09/22 05/04/22 08/03/22 11/02/22 02/08/23 05/03/23 08/02/23 11/01/23 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period : December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 3 003 3 163 3 042 6 600 5 608 5 175 4 747 4 277
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2,31x 2,17x 1,82x 3,79x 2,58x 2,35x 2,06x 1,72x
Free Cash Flow 1 974 791 1 156 685 1 476 1 306 1 051 1 163
ROE (net income / shareholders' equity) 81,0% 93,2% 84,5% 112% 116% 75,7% 62,7% 51,8%
Shareholders' equity 1 794 790 933 885 959 1 456 1 950 2 555
ROA (Net income/ Total Assets) 11,2% 11,9% 11,0% 9,93% 10,2% 10,5% 11,3% 11,5%
Assets 1 5 721 6 194 7 168 9 959 10 938 10 458 10 796 11 541
Book Value Per Share 2 6,35 6,50 8,96 5,24 11,7 14,7 19,6 25,6
Cash Flow per Share 2 5,90 6,95 9,08 5,58 11,7 10,2 8,03 -
Capex 1 86,1 236 158 100 128 151 183 193
Capex / Sales 0,53% 1,31% 0,86% 0,48% 0,54% 0,70% 0,81% 0,80%
Announcement Date 02/07/19 02/06/20 02/10/21 02/09/22 02/08/23 - - -
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
12
Last Close Price
212.09USD
Average target price
226.81USD
Spread / Average Target
+6.94%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Integrated Hardware & Software
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  3. Stock CDW Corporation - Nasdaq
  4. Financials CDW Corporation
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