Pool Corp.’s stock price has been rising, but Spencerjakab says it is overvalued and could fall off the diving board. WSJWhatsNow
This column is part of the Heard on the Street stock-picking contest. You’re invited toRock-bottom interest rates, the work-from-home wave and the continuing exodus to the Sunbelt have led to a boom in residential swimming-pool construction that the wholesaler, with a market value nearing $20 billion, is perfectly situated to serve. Last year saw 96,000 in-ground pools built in the U.S.
And it wasn’t just new construction. Texas—a state where the company has as many distribution centers as the entire U.S. Northeast and Midwest combined—suffered an unusual winter freeze this year that damaged many pools. More than half of Pool Corp.’s sales are maintenance and repair-related. Meanwhile, existing pools typically need to be overhauled every nine to 12 years.
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