CDW Corp Stock Research

Market Summary

USD194.89+4.82

Market Closed

2.54%

CDW Alerts

Big jump in Earnings (Y/Y)

CDW Stock Price

CDW RSI Chart

CDW Valuation

Market Cap

26.4B

Price/Earnings (Trailing)

23.69

Price/Sales (Trailing)

1.11

EV/EBITDA

16.91

Price/Free Cashflow

21.86

CDW Price/Sales (Trailing)

CDW Profitability

EBT Margin

6.26%

Return on Equity

69.51%

Return on Assets

8.49%

Free Cashflow Yield

4.57%

CDW Fundamentals

CDW Revenue

Revenue (TTM)

23.7B

Revenue Y/Y

-1.78%

Revenue Q/Q

-12.5%

CDW Earnings

Earnings (TTM)

1.1B

Earnings Y/Y

33.4%

Earnings Q/Q

-3.56%

Price Action

52 Week Range

147.02214.38

(Low)(High)

Last 7 days

1.7%

Last 30 days

-2.9%

Last 90 days

9.5%

Trailing 12 Months

10.2%

CDW Financial Health

Current Ratio

1.33

CDW Investor Care

Dividend Yield

1.07%

Dividend/Share (TTM)

2.09

Shares Dilution (1Y)

0.52%

Diluted EPS (TTM)

8.13

Peers (Alternatives to CDW)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
TEL	41.6B	16.3B	2.60%	1.46%	18.4	2.55	7.13%	-7.65%
KEYS	33.7B	5.4B	2.77%	2.22%	30.02	6.23	9.69%	25.73%
GLW	29.8B	14.2B	2.77%	-2.13%	22.67	2.1	0.76%	-30.95%
CDW	26.4B	23.7B	-2.93%	10.24%	23.69	1.11	14.06%	12.74%
ZBRA	14.9B	5.8B	5.18%	-23.13%	30.01	2.57	2.74%	-44.68%
JBL	11.8B	34.5B	4.72%	42.82%	12.1	0.34	15.08%	32.70%
MID-CAP
SNX	8.7B	62.3B	-0.05%	-5.62%	13.4	0.14	97.20%	64.86%
DLB	8.2B	1.2B	3.90%	9.20%	44.66	6.62	-0.48%	-28.07%
ARW	8.0B	37.1B	4.87%	5.26%	5.62	0.22	7.68%	28.76%
NSIT	4.9B	10.4B	6.38%	33.21%	17.33	0.47	10.55%	27.93%
SMALL-CAP
OSIS	1.7B	1.2B	10.15%	20.25%	16.54	1.45	1.62%	24.63%
KN	1.5B	764.7M	-	-21.04%	-3.6	2.02	-11.91%	-385.97%
CNXN	1.2B	3.1B	2.48%	-14.18%	13.24	0.38	8.03%	27.63%
PAR	927.8M	355.8M	-1.82%	-15.82%	-13.38	2.61	25.78%	8.55%
LASR	464.5M	242.1M	-9.67%	-41.29%	-8.51	1.92	-10.40%	-83.96%

Financials for CDW

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-0.4%	23,749	23,847	22,932	21,932	20,821
Gross Profit	4.6%	4,687	4,481	4,163	3,877	3,569
S&GA Expenses	3.4%	2,951	2,853	2,615	2,395	2,150
EBITDA	6.9%	1,543	1,444	1,394	1,385	-
EBITDA Margin	7.3%	0.06*	0.06*	0.06*	0.06*	-
Earnings Before Taxes	6.7%	1,488	1,394	1,345	1,339	1,298
EBT Margin	7.2%	0.06*	0.06*	0.06*	0.06*	-
Interest Expenses	-7.3%	-235	-219	-193	-171	-150
Net Income	6.9%	1,115	1,043	1,011	1,006	989
Net Income Margin	7.3%	0.05*	0.04*	0.04*	0.05*	-
Free Cahsflow	8.7%	1,208	1,111	1,076	700	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-2.6%	13,132	13,476	13,653	13,514	13,199
Current Assets	-4.8%	6,564	6,895	7,040	6,871	6,478
Cash Equivalents	-18.0%	315	385	542	387	258
Inventory	-12.5%	800	915	1,020	1,055	928
Net PPE	0.4%	189	188	195	196	196
Goodwill	0.4%	4,343	4,328	4,370	4,377	4,383
Current Liabilities	-7.7%	4,947	5,359	5,416	5,465	5,096
LT Debt, Current	-2.6%	56.00	58.00	106	84.00	103
LT Debt, Non Current	-3.8%	5,866	6,100	6,481	6,515	6,756
Shareholder's Equity	20.9%	1,603	1,326	1,106	893	706
Retained Earnings	10.4%	-1,763	-1,969	-2,197	-2,408	-2,570
Additional Paid-In Capital	1.1%	3,518	3,482	3,442	3,404	3,370
Shares Outstanding	0.1%	136	135	135	135	135

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	7.6%	1,336	1,242	1,201	821	785
Share Based Compensation	0.4%	91.00	91.00	81.00	78.00	73.00
Cashflow From Investing	93.5%	-164	-2,524	-2,647	-2,577	-2,769
Cashflow From Financing	-176.8%	-1,102	1,434	1,500	1,268	833
Dividend Payments	4.5%	283	270	258	246	235
Buy Backs	-100.0%	0.00	315	765	1,142	1,500

Risks for CDW

What is the probability of a big loss on CDW?

34.6%

Probability that CDW stock will be more than 20% underwater in next one year

18.9%

Probability that CDW stock will be more than 30% underwater in next one year.

18.5%

Probability that CDW stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CDW drawdown profile look like?

Y-axis is the maximum loss one would have experienced if CDW was unfortunately bought at previous high price.

Drawdowns

Returns for CDW

Cumulative Returns on CDW

26.0%

7-Year Cumulative Returns

24.0%

5-Year Cumulative Returns

29.3%

3-Year Cumulative Returns

What are the long-term rolling returns for CDW?

FIve years rolling returns for CDW.

Annualized Returns

Which funds bought or sold CDW recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-27	Neo Ivy Capital Management	added	561	781,000	900,000	0.61%
2023-03-23	ETF MANAGERS GROUP, LLC	added	4.19	115,141	714,141	0.03%
2023-03-23	MetLife Investment Management, LLC	reduced	-1.86	796,178	7,274,280	0.06%
2023-03-17	American Portfolios Advisors	added	7.26	33,784	574,530	0.02%
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-0.52	62,468	514,468	0.01%
2023-03-10	MATHER GROUP, LLC.	added	4.4	245,180	1,509,180	0.03%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-2.39	21,765,900	208,146,000	0.23%
2023-03-06	OLD MISSION CAPITAL LLC	sold off	-100	-282,000	-	-%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-3.38	54,000	557,000	-%
2023-02-28	Voya Investment Management LLC	added	20.99	39,083,700	140,789,000	0.20%

Latest Funds Activity

Are funds buying CDW calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own CDW

No. of Funds

CDW Alerts

Big jump in Earnings (Y/Y)

CDW News

Schedule 13G FIlings of CDW

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	select equity group, l.p.	5.0%	6,780,830	SC 13G/A
Feb 09, 2023	vanguard group inc	11.99%	16,238,051	SC 13G/A
Feb 03, 2023	blackrock inc.	7.9%	10,689,019	SC 13G/A
Feb 14, 2022	select equity group, l.p.	5.17%	7,016,322	SC 13G/A
Feb 09, 2022	vanguard group inc	11.44%	15,526,811	SC 13G/A
Feb 04, 2022	wellington management group llp	3.94%	5,346,408	SC 13G/A
Feb 03, 2022	blackrock inc.	7.0%	9,519,631	SC 13G/A
Feb 12, 2021	select equity group, l.p.	5.22%	7,460,535	SC 13G
Feb 10, 2021	vanguard group inc	11.11%	15,882,926	SC 13G/A
Feb 03, 2021	wellington management group llp	5.64%	8,062,092	SC 13G

CDW Fair Value

CDW fair value in different scenarios

The table shows the Fair Value estimates for CDW for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	120.12 -38.37%	148.03 -24.04%	198.59 1.90%	256.21 31.46%	303.19 55.57%
Current Inflation	109.45 -43.84%	132.98 -31.77%	175.05 -10.18%	222.93 14.39%	261.84 34.35%
Very High Inflation	96.37 -50.55%	114.88 -41.05%	147.43 -24.35%	184.49 -5.34%	214.50 10.06%

Historical CDW Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of CDW

View All Filings

Date Filed	Form Type	Document
Mar 28, 2023	8-K	Current Report
Mar 28, 2023	PRE 14A	PRE 14A
Mar 17, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading
Mar 14, 2023	4	Insider Trading

Latest Insider Trading transactions for CDW

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-15	MIRALLES ALBERT JOSEPH JR	sold (taxes)	-685,428	191	-3,583	see remarks
2023-03-10	Swedish Joseph	acquired	-	-	8.96	-
2023-03-10	WIESENHAHN CAROLYN	acquired	-	-	7.36	see remarks
2023-03-10	ZARCONE DONNA F	acquired	-	-	58.53	-
2023-03-10	Jones Marc Ellis	acquired	-	-	3.04	-
2023-03-10	Foxx Anthony R	acquired	-	-	9.57	-
2023-03-10	NELMS DAVID W	acquired	-	-	83.54	-
2023-03-10	ADDICOTT VIRGINIA C.	acquired	-	-	44.57	-
2023-03-10	FINNEGAN PAUL J	acquired	-	-	22.13	-
2023-03-10	CLARIZIO LYNDA M	acquired	-	-	5.84	-

About CDW

Christine A. Leahy

www.cdw.com

13900

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise, hybrid, and cloud capabilities across data center and networking, digital workspace, and security. Its hardware products comprise notebooks/mobile devices, network communications, desktop computers, video monitors, enterprise and data storage, and others; and software products consists of application suites, security, virtualization, operating systems, and network management. The company also provides advisory and design, software development, implementation, managed, professional, configuration, and telecom services, as well as warranties; mission critical software, systems, and network solutions; and implementation and installation, and repair services to its customers through various third-party service providers. It serves government, education, and healthcare customers; and small, medium, and large business customers. The company was founded in 1984 and is headquartered in Vernon Hills, Illinois.

CDW Income Statement

2022-12-31

Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net sales	$ 23,748.7	$ 20,820.8	$ 18,467.5
Cost of sales	19,062.1	17,252.3	15,257.4
Gross profit	4,686.6	3,568.5	3,210.1
Selling and administrative expenses	2,951.4	2,149.5	2,030.9
Operating income	1,735.2	1,419.0	1,179.2
Interest expense, net	(235.7)	(150.9)	(154.9)
Other (expense) income, net	(11.7)	29.7	(22.0)
Income before income taxes	1,487.8	1,297.8	1,002.3
Income tax expense	(373.3)	(309.2)	(213.8)
Net income	$ 1,114.5	$ 988.6	$ 788.5
Net income per common share:
Basic (in dollars per share)	$ 8.24	$ 7.14	$ 5.53
Diluted (in dollars per share)	$ 8.13	$ 7.04	$ 5.45
Weighted-average common shares outstanding:
Basic (in shares)	135.2	138.5	142.6
Diluted (in shares)	137.0	140.5	144.8

CDW Balance Sheet

2022-12-31

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 315.2	$ 258.1
Accounts receivable, net of allowance for credit losses of $25.7 and $20.4, respectively	4,461.3	4,499.4
Merchandise inventory	800.2	927.6
Miscellaneous receivables	489.1	435.5
Prepaid expenses and other	498.2	357.5
Total current assets	6,564.0	6,478.1
Operating lease right-of-use assets	149.2	155.6
Property and equipment, net	188.8	195.8
Goodwill	4,342.7	4,382.9
Other intangible assets, net	1,490.7	1,628.1
Other assets	396.1	358.9
Total Assets	13,131.5	13,199.4
Current liabilities:
Accounts payable-trade	2,821.3	3,114.2
Accounts payable-inventory financing	519.0	448.3
Current maturities of long-term debt	56.3	102.7
Contract liabilities	485.5	402.9
Accrued expenses and other current liabilities:
Compensation	377.8	361.7
Advertising	130.5	145.5
Sales and income taxes	73.5	65.9
Other	483.2	454.8
Total current liabilities	4,947.1	5,096.0
Long-term liabilities:
Debt	5,866.4	6,755.8
Deferred income taxes	203.4	222.3
Operating lease liabilities	175.2	184.2
Other liabilities	336.1	235.4
Total long-term liabilities	6,581.1	7,397.7
Commitments and contingencies (Note 16)
Stockholders’ equity:
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods	0.0	0.0
Common stock, $0.01 par value, 1,000.0 shares authorized; 135.5 and 134.8 shares outstanding, respectively	1.4	1.3
Paid-in capital	3,518.1	3,369.5
Accumulated deficit	(1,763.8)	(2,570.7)
Accumulated other comprehensive loss	(152.4)	(94.4)
Total stockholders’ equity	1,603.3	705.7
Total Liabilities and Stockholders’ Equity	$ 13,131.5	$ 13,199.4