Savvy Trades and Investments

[Swick984]

That's actually a really good question and would probably be more relevant to look at them when they were smaller and growing to what they are today. Below is the average EV/EBITDA multiple that Pool Corp. traded at during each year:

1996: 9.0x
1997: 11.5x
1998: 10.7x
1999: 8.3x
2000: 9.6x
2001: 11.3x
2002: 10.6x
2003: 11.9x
2004: 14.3x
2005: 14.5x
2006: 14.3x
2007: 11.4x
2008: 9.4x
2009: 11.1x
2010: 16.7x
2011: 12.3x
2012: 13.9x
2013: 15.7x
2014: 15.5x
2015: 16.3x
2016: 17.0x
2017: 18.6x

I'm showing the average multiples over the year, but I can also tell you that the highest its traded at is 20x EBITDA, which was in 2010. Even back in 1996, they were 4x larger than EVI today. Pool Corp.'s acquisitions were also mostly cash acquisitions and they have been aggressive over the years with share buy-backs, as opposed to issuing shares.