Intrinsic value of Pool - POOL

Previous Close

$120.79

  Intrinsic Value

$71.70

stock screener

  Rating & Target

sell

-41%

Previous close

$120.79

 
Intrinsic value

$71.70

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of POOL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.80
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  2,571
  2,764
  2,964
  3,172
  3,389
  3,614
  3,848
  4,091
  4,345
  4,609
  4,884
  5,171
  5,470
  5,782
  6,108
  6,448
  6,804
  7,176
  7,564
  7,971
  8,396
  8,842
  9,308
  9,796
  10,308
  10,844
  11,405
  11,994
  12,611
  13,258
  13,937
Variable operating expenses, $m
 
  2,232
  2,392
  2,559
  2,732
  2,913
  3,100
  3,295
  3,498
  3,709
  3,930
  4,141
  4,380
  4,630
  4,891
  5,164
  5,449
  5,746
  6,057
  6,383
  6,724
  7,080
  7,454
  7,845
  8,254
  8,684
  9,133
  9,605
  10,099
  10,617
  11,161
Fixed operating expenses, $m
 
  250
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
  381
  390
  400
  410
  420
  431
  441
  452
  464
  475
  487
  499
  512
Total operating expenses, $m
  2,315
  2,482
  2,648
  2,822
  3,001
  3,189
  3,383
  3,585
  3,795
  4,014
  4,242
  4,461
  4,708
  4,966
  5,236
  5,517
  5,811
  6,117
  6,438
  6,773
  7,124
  7,490
  7,874
  8,276
  8,695
  9,136
  9,597
  10,080
  10,586
  11,116
  11,673
Operating income, $m
  256
  282
  316
  351
  387
  425
  465
  506
  550
  595
  642
  710
  761
  815
  872
  931
  993
  1,058
  1,126
  1,198
  1,273
  1,351
  1,434
  1,521
  1,612
  1,708
  1,808
  1,914
  2,025
  2,142
  2,264
EBITDA, $m
  278
  306
  340
  375
  412
  451
  491
  533
  577
  622
  670
  720
  772
  827
  884
  944
  1,007
  1,072
  1,141
  1,213
  1,289
  1,369
  1,452
  1,540
  1,632
  1,729
  1,831
  1,938
  2,050
  2,168
  2,292
Interest expense (income), $m
  8
  15
  17
  20
  22
  24
  26
  29
  32
  34
  37
  40
  43
  46
  50
  53
  57
  61
  65
  69
  73
  78
  83
  88
  93
  98
  104
  110
  116
  123
  130
Earnings before tax, $m
  241
  267
  298
  331
  365
  401
  439
  477
  518
  561
  605
  670
  718
  769
  822
  878
  936
  997
  1,061
  1,129
  1,199
  1,274
  1,351
  1,433
  1,519
  1,609
  1,704
  1,804
  1,909
  2,019
  2,134
Tax expense, $m
  93
  72
  81
  89
  99
  108
  118
  129
  140
  151
  163
  181
  194
  208
  222
  237
  253
  269
  287
  305
  324
  344
  365
  387
  410
  435
  460
  487
  515
  545
  576
Net income, $m
  149
  195
  218
  242
  267
  293
  320
  349
  378
  409
  442
  489
  524
  561
  600
  641
  683
  728
  775
  824
  876
  930
  987
  1,046
  1,109
  1,175
  1,244
  1,317
  1,393
  1,474
  1,558

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  994
  1,045
  1,121
  1,199
  1,281
  1,366
  1,455
  1,547
  1,643
  1,743
  1,847
  1,955
  2,068
  2,186
  2,309
  2,438
  2,572
  2,713
  2,860
  3,014
  3,174
  3,343
  3,519
  3,704
  3,897
  4,100
  4,312
  4,535
  4,768
  5,013
  5,269
Adjusted assets (=assets-cash), $m
  972
  1,045
  1,121
  1,199
  1,281
  1,366
  1,455
  1,547
  1,643
  1,743
  1,847
  1,955
  2,068
  2,186
  2,309
  2,438
  2,572
  2,713
  2,860
  3,014
  3,174
  3,343
  3,519
  3,704
  3,897
  4,100
  4,312
  4,535
  4,768
  5,013
  5,269
Revenue / Adjusted assets
  2.645
  2.645
  2.644
  2.646
  2.646
  2.646
  2.645
  2.644
  2.645
  2.644
  2.644
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
  2.645
Average production assets, $m
  55
  58
  62
  67
  71
  76
  81
  86
  91
  97
  103
  109
  115
  121
  128
  135
  143
  151
  159
  167
  176
  186
  195
  206
  216
  228
  240
  252
  265
  278
  293
Working capital, $m
  400
  406
  436
  466
  498
  531
  566
  601
  639
  678
  718
  760
  804
  850
  898
  948
  1,000
  1,055
  1,112
  1,172
  1,234
  1,300
  1,368
  1,440
  1,515
  1,594
  1,677
  1,763
  1,854
  1,949
  2,049
Total debt, $m
  438
  496
  558
  622
  688
  757
  829
  904
  981
  1,062
  1,147
  1,234
  1,326
  1,422
  1,522
  1,626
  1,735
  1,849
  1,968
  2,093
  2,223
  2,360
  2,503
  2,653
  2,810
  2,974
  3,146
  3,327
  3,516
  3,714
  3,922
Total liabilities, $m
  789
  847
  909
  973
  1,039
  1,108
  1,180
  1,255
  1,332
  1,413
  1,498
  1,585
  1,677
  1,773
  1,873
  1,977
  2,086
  2,200
  2,319
  2,444
  2,574
  2,711
  2,854
  3,004
  3,161
  3,325
  3,497
  3,678
  3,867
  4,065
  4,273
Total equity, $m
  205
  197
  212
  227
  242
  258
  275
  292
  310
  329
  349
  369
  391
  413
  436
  461
  486
  513
  541
  570
  600
  632
  665
  700
  737
  775
  815
  857
  901
  947
  996
Total liabilities and equity, $m
  994
  1,044
  1,121
  1,200
  1,281
  1,366
  1,455
  1,547
  1,642
  1,742
  1,847
  1,954
  2,068
  2,186
  2,309
  2,438
  2,572
  2,713
  2,860
  3,014
  3,174
  3,343
  3,519
  3,704
  3,898
  4,100
  4,312
  4,535
  4,768
  5,012
  5,269
Debt-to-equity ratio
  2.137
  2.510
  2.630
  2.740
  2.840
  2.930
  3.010
  3.090
  3.160
  3.230
  3.290
  3.340
  3.390
  3.440
  3.490
  3.530
  3.570
  3.610
  3.640
  3.670
  3.710
  3.740
  3.760
  3.790
  3.810
  3.840
  3.860
  3.880
  3.900
  3.920
  3.940
Adjusted equity ratio
  0.188
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  149
  195
  218
  242
  267
  293
  320
  349
  378
  409
  442
  489
  524
  561
  600
  641
  683
  728
  775
  824
  876
  930
  987
  1,046
  1,109
  1,175
  1,244
  1,317
  1,393
  1,474
  1,558
Depreciation, amort., depletion, $m
  22
  24
  24
  25
  25
  26
  26
  27
  27
  28
  28
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  18
  19
  20
  21
  23
  24
  25
  26
  28
Funds from operations, $m
  149
  219
  242
  267
  292
  319
  346
  375
  405
  437
  470
  499
  535
  573
  612
  654
  697
  742
  790
  840
  892
  947
  1,005
  1,066
  1,129
  1,196
  1,267
  1,341
  1,418
  1,500
  1,586
Change in working capital, $m
  -16
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
  69
  72
  75
  79
  83
  87
  91
  95
  100
Cash from operations, $m
  165
  190
  213
  236
  260
  285
  312
  339
  368
  398
  429
  457
  491
  527
  564
  604
  645
  688
  733
  780
  830
  882
  936
  994
  1,054
  1,118
  1,184
  1,254
  1,327
  1,405
  1,486
Maintenance CAPEX, $m
  0
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
New CAPEX, $m
  -34
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
Cash from investing activities, $m
  -56
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -13
  -15
  -15
  -16
  -16
  -18
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -40
Free cash flow, $m
  109
  182
  203
  226
  249
  274
  300
  327
  355
  384
  414
  441
  475
  510
  546
  584
  624
  666
  710
  757
  805
  856
  909
  965
  1,024
  1,086
  1,151
  1,219
  1,291
  1,366
  1,445
Issuance/(repayment) of debt, $m
  109
  59
  61
  64
  66
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114
  119
  125
  130
  137
  143
  150
  157
  164
  172
  181
  189
  198
  208
Issuance/(repurchase) of shares, $m
  -167
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -50
  59
  61
  64
  66
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114
  119
  125
  130
  137
  143
  150
  157
  164
  172
  181
  189
  198
  208
Total cash flow (excl. dividends), $m
  59
  241
  264
  290
  316
  343
  372
  401
  432
  465
  499
  529
  566
  605
  646
  689
  733
  780
  830
  881
  935
  992
  1,052
  1,115
  1,181
  1,250
  1,323
  1,400
  1,480
  1,565
  1,653
Retained Cash Flow (-), $m
  51
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
Prev. year cash balance distribution, $m
 
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  249
  250
  275
  300
  327
  355
  384
  414
  446
  479
  509
  545
  583
  623
  664
  708
  754
  802
  852
  905
  961
  1,019
  1,080
  1,144
  1,212
  1,283
  1,357
  1,436
  1,518
  1,605
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  232
  216
  218
  217
  214
  208
  200
  189
  177
  164
  148
  133
  118
  102
  88
  74
  61
  50
  39
  31
  23
  17
  13
  9
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Pool Corporation is a distributor of swimming pool supplies, equipment and related leisure products. The Company is a distributor of irrigation and landscape products in the United States. As of December 31, 2016, the Company operated 344 sales centers in North America, Europe, South America and Australia, through its four distribution networks, including SCP Distributors (SCP), Superior Pool Products (Superior), Horizon Distributors (Horizon) and National Pool Tile (NPT). The Company's customers include swimming pool remodelers and builders; specialty retailers that sell swimming pool supplies; swimming pool repair and service businesses; irrigation construction and landscape maintenance contractors, and golf courses and other commercial customers. Its products include pool equipment and components for pool construction and the remodeling of existing pools, and irrigation and landscape products. Its products also include other pool construction and recreational products.

FINANCIAL RATIOS  of  Pool (POOL)

Valuation Ratios
P/E Ratio 33.3
Price to Sales 1.9
Price to Book 24.2
Price to Tangible Book
Price to Cash Flow 30.1
Price to Free Cash Flow 37.9
Growth Rates
Sales Growth Rate 8.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.2%
Cap. Spend. - 3 Yr. Gr. Rate 12.3%
Financial Strength
Quick Ratio 22
Current Ratio 0
LT Debt to Equity 213.2%
Total Debt to Equity 213.7%
Interest Coverage 31
Management Effectiveness
Return On Assets 16%
Ret/ On Assets - 3 Yr. Avg. 14.6%
Return On Total Capital 24.3%
Ret/ On T. Cap. - 3 Yr. Avg. 22.3%
Return On Equity 64.6%
Return On Equity - 3 Yr. Avg. 52.6%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 28.8%
Gross Margin - 3 Yr. Avg. 28.7%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 9.2%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 8.7%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 38.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio 33.6%

POOL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POOL stock intrinsic value calculation we used $2571 million for the last fiscal year's total revenue generated by Pool. The default revenue input number comes from 2016 income statement of Pool. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our POOL stock valuation model: a) initial revenue growth rate of 7.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.3%, whose default value for POOL is calculated based on our internal credit rating of Pool, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Pool.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of POOL stock the variable cost ratio is equal to 80.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $244 million in the base year in the intrinsic value calculation for POOL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Pool.

Corporate tax rate of 27% is the nominal tax rate for Pool. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the POOL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for POOL are equal to 2.1%.

Life of production assets of 10.6 years is the average useful life of capital assets used in Pool operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for POOL is equal to 14.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $205 million for Pool - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 41.229 million for Pool is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Pool at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ Pool Corp. tops Street 3Q forecasts   [07:23AM  Associated Press]
▶ Pool Corporation Announces $750 Million Credit Agreement   [Oct-02-17 07:00AM  GlobeNewswire]
▶ Pool Corporation Announces Investor Day   [Sep-12-17 09:56AM  GlobeNewswire]
▶ ETFs with exposure to Pool Corp. : August 15, 2017   [Aug-15-17 04:52PM  Capital Cube]
▶ ETFs with exposure to Pool Corp. : July 24, 2017   [Jul-24-17 06:12PM  Capital Cube]
▶ Pool Corp. misses 2Q profit forecasts   [12:22AM  Associated Press]
▶ Why Pool Corporation's Shares Plunged 10% Today   [Jul-20-17 03:23PM  Motley Fool]
▶ ETFs with exposure to Pool Corp. : July 14, 2017   [Jul-14-17 04:19PM  Capital Cube]
▶ Relax With These Leisure Stocks   [Jun-17-17 05:38AM  Zacks]
▶ Relax With These Leisure Stocks   [Jun-16-17 05:07PM  Zacks]
▶ Pool Corp. Value Analysis (NASDAQ:POOL) : June 13, 2017   [Jun-13-17 01:40PM  Capital Cube]
▶ Pool Corporation: Cramer's Top Takeaways   [06:28AM  TheStreet.com]
▶ Pool Corporation CFO to Attend the Nasdaq Investor Program   [Jun-08-17 11:02AM  GlobeNewswire]
▶ ETFs with exposure to Pool Corp. : May 1, 2017   [May-01-17 04:19PM  Capital Cube]
▶ Consumer Staples Beats Estimates This Week   [11:26AM  Investopedia]
▶ Stocks Hold Big Gains; Netflix Up In Heavy Trading   [Apr-20-17 03:02PM  Investor's Business Daily]
▶ Pool Corp. beats Street 1Q forecasts   [07:30AM  Associated Press]
▶ Pool Corp. Value Analysis (NASDAQ:POOL) : April 19, 2017   [Apr-19-17 03:13PM  Capital Cube]
Financial statements of POOL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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