Company Valuation: CDW Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 27,793 24,178 30,452 23,193 17,732 18,276 - -
Change - -13.01% 25.95% -23.84% -23.55% 3.07% - -
Enterprise Value (EV) 1 34,394 29,786 35,508 28,533 22,743 23,485 23,281 22,903
Change - -13.4% 19.21% -19.64% -20.29% 3.26% -0.87% -1.62%
P/E 29.1x 22x 28.1x 21.8x 16.9x 16.8x 14.5x 13.5x
PBR 39.1x 15.3x 14.9x 9.85x 6.76x 7.34x 6.26x 5.18x
PEG - 1.4x -76.15x -13.58x 12.24x 2.2x 0.9x 1.74x
Capitalization / Revenue 1.33x 1.02x 1.42x 1.1x 0.79x 0.75x 0.73x 0.71x
EV / Revenue 1.65x 1.25x 1.66x 1.36x 1.01x 0.97x 0.93x 0.89x
EV / EBITDA 19.7x 13.7x 16.5x 12.8x 10.7x 10.6x 9.88x 9.24x
EV / EBIT 20.9x 14.5x 17.4x 14.7x 11.4x 11.1x 10.4x 9.82x
EV / FCF 50.2x 20.2x 24.5x 24.7x 20.9x 21.5x 19x 15.8x
FCF Yield 1.99% 4.95% 4.08% 4.05% 4.78% 4.65% 5.27% 6.32%
Dividend per Share 2 1.8 2.09 2.39 2.485 2.505 2.55 2.683 2.749
Rate of return 0.88% 1.17% 1.05% 1.43% 1.84% 1.74% 1.84% 1.88%
EPS 2 7.04 8.13 8.1 7.97 8.08 8.696 10.07 10.85
Distribution rate 25.6% 25.7% 29.5% 31.2% 31% 29.3% 26.6% 25.3%
Net sales 1 20,821 23,749 21,376 20,999 22,424 24,243 25,134 25,842
EBITDA 1 1,742 2,173 2,155 2,222 2,122 2,206 2,357 2,479
EBIT 1 1,645 2,050 2,039 1,947 1,997 2,110 2,239 2,332
Net income 1 988.6 1,114 1,104 1,078 1,067 1,109 1,258 1,314
Net Debt 1 6,600 5,608 5,056 5,339 5,011 5,209 5,005 4,627
Reference price 2 204.78 178.58 227.32 174.04 136.20 146.19 146.19 146.19
Nbr of stocks (in thousands) 135,723 135,391 133,960 133,264 130,194 125,017 - -
Announcement Date 2/9/22 2/8/23 2/7/24 2/5/25 2/4/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-45.49x47.55x1390.06x - 47.13B
16.81x0.97x10.65x1.74% 18.28B
28.77x0.98x20.84x0.37% 14.49B
-1.65x2.7x11.09x-.--% 6.81B
36.08x4.12x24.53x1.89% 3.06B
Average 6.91x 11.27x 291.43x 1% 17.95B
Weighted average by Cap. -14.71x 25.67x 737.00x 1.01%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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