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Pool Corporation – Sporting and Recreational Goods and Supplies Merchant Wholesalers
with more than 3,400 employees and over 300 locations worldwide, poolcorp leads the pack as the world's largest wholesale distributor of swimming pool supplies, equipment and related leisure products. our inventory includes a diverse range of products, from construction materials, replacement parts and fencing to pool care products and spas, with roughly 80,000 wholesale customers around the world. poolcorp offers a continuously expanding roster of products to its customers. there are presently more than 160,000 national brand and private label products in our network’s inventory. poolcorp constantly strives to locate products at the lowest possible cost, while at the same time maximizing supply logistics to deliver the best value to our customers. since our founding, poolcorp’s singular focus has been exceptional value. we are dedicated to promoting growth for our customers’ businesses, expanding opportunities for our employees and increasing returns for our shareholders.
Analysis Results
Intrinsic Value $1,130.35
Latest Price $343.70
Relative Value 70% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 36.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 36.8%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 1.51 1.36
2024 2.07 1.68
2025 2.83 2.08
2026 3.87 2.57
2027 5.29 3.17
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 61.5 billion. This corresponds to a present value of 33.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 10.9 billion. Adding in the terminal value gives a total present value of 44.1 billion.

There are presently 39.1 million outstanding shares, so the intrinsic value per share is 1130.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,018,991,000
Current Cash 45,591,000
Current Liabilities 675,714,000
Current Debt 25,042,000
Non-Cash Working Capital (NCWC) 1,322,728,000
Change in NCWC 310,608,000
EBIT 1,026,741,000
Tax Provision 236,763,000
Depreciation and Amortization 39,025,000
Capital Expenditure -43,619,000
Unlevered Free Cash Flow 1,086,015,139
Current Assets 1,769,085,000
Current Cash 24,321,000
Current Liabilities 744,416,000
Current Debt 11,772,000
Non-Cash Working Capital (NCWC) 1,012,120,000
Change in NCWC 395,701,000
EBIT 830,575,000
Tax Provision 173,812,000
Depreciation and Amortization 30,026,000
Capital Expenditure -37,658,000
Unlevered Free Cash Flow 1,043,537,743
Current Assets 1,121,927,000
Current Cash 34,128,000
Current Liabilities 483,249,000
Current Debt 11,869,000
Non-Cash Working Capital (NCWC) 616,419,000
Change in NCWC 50,535,000
EBIT 471,266,000
Tax Provision 85,231,000
Depreciation and Amortization 29,398,000
Capital Expenditure -21,702,000
Unlevered Free Cash Flow 440,627,027
Current Assets 973,568,000
Current Cash 28,583,000
Current Liabilities 390,846,000
Current Debt 11,745,000
Non-Cash Working Capital (NCWC) 565,884,000
Change in NCWC -36,560,000
EBIT 341,508,000
Tax Provision 56,161,000
Depreciation and Amortization 29,274,000
Capital Expenditure -33,362,000
Unlevered Free Cash Flow 240,497,212
Current Assets 915,244,000
Current Cash 16,358,000
Current Liabilities 305,610,000
Current Debt 9,168,000
Non-Cash Working Capital (NCWC) 602,444,000
Change in NCWC 160,867,000
EBIT 314,131,000
Tax Provision 58,774,000
Depreciation and Amortization 27,915,000
Capital Expenditure -31,580,000
Unlevered Free Cash Flow 408,370,749
Current Assets 782,248,000
Current Cash 29,940,000
Current Liabilities 321,566,000
Current Debt 10,835,000
Non-Cash Working Capital (NCWC) 441,577,000
Change in NCWC 63,091,000
EBIT 284,510,000
Tax Provision 77,982,000
Depreciation and Amortization 25,725,000
Capital Expenditure -39,390,000
Unlevered Free Cash Flow 251,556,019
Current Assets 695,557,000
Current Cash 21,956,000
Current Liabilities 296,220,000
Current Debt 1,105,000
Non-Cash Working Capital (NCWC) 378,486,000
Change in NCWC 33,124,000
EBIT 256,015,000
Tax Provision 92,931,000
Depreciation and Amortization 21,977,000
Capital Expenditure -34,352,000
Unlevered Free Cash Flow 178,261,387
Current Assets 661,744,000
Current Cash 13,237,000
Current Liabilities 304,845,000
Current Debt 1,700,000
Non-Cash Working Capital (NCWC) 345,362,000
Change in NCWC 13,358,000
EBIT 216,433,000
Tax Provision 80,137,000
Depreciation and Amortization 17,388,000
Capital Expenditure -29,095,000
Unlevered Free Cash Flow 134,842,456
Current Assets 637,213,000
Current Cash 14,830,000
Current Liabilities 291,908,000
Current Debt 1,529,000
Non-Cash Working Capital (NCWC) 332,004,000
Change in NCWC 26,167,000
EBIT 189,074,000
Tax Provision 70,559,000
Depreciation and Amortization 15,882,000
Capital Expenditure -17,328,000
Unlevered Free Cash Flow 140,327,596
Current Assets 577,749,000
Current Cash 8,006,000
Current Liabilities 263,906,000
Current Debt 0
Non-Cash Working Capital (NCWC) 305,837,000
Change in NCWC 23,200,000
EBIT 165,668,000
Tax Provision 61,590,000
Depreciation and Amortization 14,596,000
Capital Expenditure -18,742,000
Unlevered Free Cash Flow 120,516,789
Current Assets 543,096,000
Current Cash 12,463,000
Current Liabilities 247,996,000
Current Debt 0
Non-Cash Working Capital (NCWC) 282,637,000
Change in NCWC -7,020,000
EBIT 152,131,000
Tax Provision 56,744,000
Depreciation and Amortization 12,876,000
Capital Expenditure -16,271,000
Unlevered Free Cash Flow 79,484,379

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