DDM Analysis: CDW

Valuation Snapshot

Stable Growth	$148.21 - $315.63	$210.71
Multi-Stage	$119.21 - $130.14	$124.57
Blended Fair Value	$167.64
Current Price	$159.28
Upside	5.25%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.61%	25.75%	2.50	2.42	2.12	1.77	1.65	1.38	1.05	0.80	0.59	0.40
YoY Growth	-	-	3.30%	13.77%	20.36%	6.92%	19.74%	31.56%	30.40%	35.83%	48.77%	57.44%
Dividend Yield	-	-	1.56%	0.96%	1.09%	0.99%	1.00%	1.48%	1.06%	1.14%	1.03%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,051.30
(-) Cash Dividends Paid (M)	413.30
(=) Cash Retained (M)	638.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	210.26	131.41	78.85
Cash Retained (M)	638.00	638.00	638.00
(-) Cash Required (M)	-210.26	-131.41	-78.85
(=) Excess Retained (M)	427.74	506.59	559.15
(/) Shares Outstanding (M)	133.03	133.03	133.03
(=) Excess Retained per Share	3.22	3.81	4.20
LTM Dividend per Share	3.11	3.11	3.11
(+) Excess Retained per Share	3.22	3.81	4.20
(=) Adjusted Dividend	6.32	6.92	7.31
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	4.94%	5.94%	6.94%
Fair Value	$148.21	$210.71	$315.63
Upside / Downside	-6.95%	32.29%	98.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,051.30	1,113.80	1,180.01	1,250.15	1,324.47	1,403.20	1,445.30
Payout Ratio	39.31%	49.45%	59.59%	69.73%	79.86%	90.00%	92.50%
Projected Dividends (M)	413.30	550.78	703.14	871.67	1,057.76	1,262.88	1,336.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	4.94%	5.94%	6.94%
Year 1 PV (M)	498.60	503.35	508.11
Year 2 PV (M)	576.24	587.27	598.41
Year 3 PV (M)	646.68	665.34	684.36
Year 4 PV (M)	710.39	737.86	766.12
Year 5 PV (M)	767.81	805.10	843.82
PV of Terminal Value (M)	12,657.69	13,272.36	13,910.68
Equity Value (M)	15,857.42	16,571.29	17,311.49
Shares Outstanding (M)	133.03	133.03	133.03
Fair Value	$119.21	$124.57	$130.14
Upside / Downside	-25.16%	-21.79%	-18.30%

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CDW Corporation (CDW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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