POOL: Diving into the POOL -- Our First Convo with New CEO John Watwood

研报英文原文证据摘录

POOL: Diving into the POOL -- Our First Convo with New CEO John Watwood

Equity Research

Company Update — June 29, 2026

Distributors

Pool Corporation

Diving into the POOL -- Our First Convo with New CEO Equal Weight

John Watwood Price Target: $215.00

Our Call Ticker POOL

Upside/(Downside) to Target 3.2%

Our 1st convo w/ new CEO John Watwood: tone upbeat, and it sounds like POOL plans to

lean into growth (while acknowledging competitive dynamics). Nothing on Q2, but we see Price (06/29/2026) $208.29

positive risk-reward into EPS. A very efficient, constructive meet & greet. 52 Week Range $172.68 - 345.00

Market Cap (MM) $7,590

Big picture. We spent 15 minutes 1x1 w/ the POOL team (CEO/CFO/IR). To level set, Enterprise Value (MM) $8,773

this was more meet & greet vs. deep dive convo, and POOL likely says more on the Q2 Average Daily Value (MM) $202

call when CEO Watwood will speak to a broader investor base. That said, a few early Dividend Yield 2.4%

reads: it sounds like POOL is sticking to its +6-9% growth algo, w/ achievability via macro

improvement & stepped-up M&A (tuck-in & perhaps even vertical). On competition, it's $ (Dec) Q1 Q2 Q3 Q4 FY

still early, but we sensed clear appreciation for ongoing pressure. EPS

2026E 1.43 A 5.36 E 3.43 E 0.78 E 11.00 E

Latest Q2 ests. We break out #s into Q2 EPS in Ex 1; no changes here, but a few tidbits: 2027E 1.54 E 5.75 E 3.62 E 0.86 E 11.75 E

1) We model +2% growth (price moderating to +1-2% vs. +3% in Q1); there's some Source: Company Data, Wells Fargo Securities estimates, and Factset.

debate about pre-buy magnitude in Q1 (was it really just +1pt?); we're not concerned, but NA = Not Available, NC = No Change, NE = No Estimate

it's worth flagging all the same; 2) On GM%, we're at 30.0% (flat y/y, but +100bps q/q... via