Intrinsic value of Paycom Software - PAYC

Previous Close

$73.84

  Intrinsic Value

$182.82

stock screener

  Rating & Target

str. buy

+148%

  Value-price divergence*

-125%

Previous close

$73.84

 
Intrinsic value

$182.82

 
Up/down potential

+148%

 
Rating

str. buy

 
Value-price divergence*

-125%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PAYC 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 4.3

 

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, %
  46.22
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  329
  439
  572
  732
  920
  1,136
  1,383
  1,660
  1,968
  2,306
  2,674
  3,072
  3,498
  3,953
  4,434
  4,943
  5,478
  6,040
  6,627
  7,240
  7,878
  8,543
  9,235
  9,954
  10,701
  11,478
  12,285
  13,124
  13,996
  14,903
  15,847
Variable operating expenses, $m
 
  339
  441
  563
  706
  871
  1,059
  1,271
  1,505
  1,763
  2,043
  2,341
  2,666
  3,013
  3,380
  3,768
  4,176
  4,603
  5,051
  5,518
  6,005
  6,512
  7,039
  7,587
  8,157
  8,749
  9,364
  10,003
  10,668
  11,359
  12,079
Fixed operating expenses, $m
 
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  26
  27
  28
  29
  29
  30
  31
  31
Total operating expenses, $m
  271
  354
  457
  579
  723
  888
  1,076
  1,289
  1,523
  1,782
  2,062
  2,361
  2,686
  3,034
  3,401
  3,790
  4,198
  4,626
  5,074
  5,542
  6,030
  6,537
  7,065
  7,613
  8,184
  8,777
  9,393
  10,032
  10,698
  11,390
  12,110
Operating income, $m
  58
  84
  115
  153
  197
  248
  306
  372
  444
  524
  612
  711
  812
  919
  1,033
  1,154
  1,281
  1,413
  1,552
  1,698
  1,849
  2,006
  2,170
  2,341
  2,518
  2,702
  2,893
  3,092
  3,298
  3,513
  3,737
EBITDA, $m
  72
  100
  134
  176
  225
  281
  345
  418
  498
  586
  682
  786
  897
  1,016
  1,142
  1,275
  1,415
  1,561
  1,715
  1,875
  2,042
  2,216
  2,397
  2,585
  2,780
  2,983
  3,194
  3,413
  3,641
  3,879
  4,125
Interest expense (income), $m
  1
  1
  10
  24
  40
  59
  80
  105
  133
  164
  198
  235
  275
  317
  363
  411
  462
  516
  572
  631
  693
  757
  823
  893
  965
  1,040
  1,118
  1,199
  1,283
  1,370
  1,461
Earnings before tax, $m
  57
  83
  105
  129
  157
  189
  226
  267
  312
  361
  414
  476
  537
  602
  670
  743
  818
  897
  980
  1,066
  1,156
  1,250
  1,347
  1,448
  1,553
  1,662
  1,775
  1,893
  2,016
  2,143
  2,276
Tax expense, $m
  13
  22
  28
  35
  42
  51
  61
  72
  84
  97
  112
  129
  145
  163
  181
  200
  221
  242
  265
  288
  312
  337
  364
  391
  419
  449
  479
  511
  544
  579
  614
Net income, $m
  44
  60
  76
  94
  115
  138
  165
  195
  227
  263
  302
  348
  392
  439
  489
  542
  597
  655
  716
  779
  844
  912
  983
  1,057
  1,134
  1,213
  1,296
  1,382
  1,471
  1,564
  1,661

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  1,079
  1,358
  1,771
  2,266
  2,847
  3,518
  4,282
  5,140
  6,092
  7,139
  8,279
  9,510
  10,830
  12,237
  13,729
  15,304
  16,961
  18,699
  20,516
  22,413
  24,391
  26,450
  28,591
  30,818
  33,131
  35,536
  38,035
  40,632
  43,332
  46,141
  49,063
Adjusted assets (=assets-cash), $m
  1,019
  1,358
  1,771
  2,266
  2,847
  3,518
  4,282
  5,140
  6,092
  7,139
  8,279
  9,510
  10,830
  12,237
  13,729
  15,304
  16,961
  18,699
  20,516
  22,413
  24,391
  26,450
  28,591
  30,818
  33,131
  35,536
  38,035
  40,632
  43,332
  46,141
  49,063
Revenue / Adjusted assets
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
Average production assets, $m
  81
  107
  140
  179
  225
  278
  339
  407
  482
  565
  655
  753
  857
  968
  1,086
  1,211
  1,342
  1,480
  1,624
  1,774
  1,930
  2,093
  2,263
  2,439
  2,622
  2,812
  3,010
  3,215
  3,429
  3,651
  3,883
Working capital, $m
  27
  -43
  -56
  -71
  -89
  -110
  -134
  -161
  -191
  -224
  -259
  -298
  -339
  -383
  -430
  -479
  -531
  -586
  -643
  -702
  -764
  -829
  -896
  -966
  -1,038
  -1,113
  -1,192
  -1,273
  -1,358
  -1,446
  -1,537
Total debt, $m
  30
  290
  662
  1,108
  1,630
  2,234
  2,921
  3,694
  4,551
  5,493
  6,519
  7,627
  8,815
  10,081
  11,424
  12,842
  14,333
  15,897
  17,533
  19,240
  21,020
  22,873
  24,800
  26,804
  28,886
  31,050
  33,299
  35,637
  38,067
  40,595
  43,224
Total liabilities, $m
  962
  1,222
  1,594
  2,040
  2,562
  3,166
  3,853
  4,626
  5,483
  6,425
  7,451
  8,559
  9,747
  11,013
  12,356
  13,774
  15,265
  16,829
  18,465
  20,172
  21,952
  23,805
  25,732
  27,736
  29,818
  31,982
  34,231
  36,569
  38,999
  41,527
  44,156
Total equity, $m
  117
  136
  177
  227
  285
  352
  428
  514
  609
  714
  828
  951
  1,083
  1,224
  1,373
  1,530
  1,696
  1,870
  2,052
  2,241
  2,439
  2,645
  2,859
  3,082
  3,313
  3,554
  3,803
  4,063
  4,333
  4,614
  4,906
Total liabilities and equity, $m
  1,079
  1,358
  1,771
  2,267
  2,847
  3,518
  4,281
  5,140
  6,092
  7,139
  8,279
  9,510
  10,830
  12,237
  13,729
  15,304
  16,961
  18,699
  20,517
  22,413
  24,391
  26,450
  28,591
  30,818
  33,131
  35,536
  38,034
  40,632
  43,332
  46,141
  49,062
Debt-to-equity ratio
  0.256
  2.140
  3.740
  4.890
  5.730
  6.350
  6.820
  7.190
  7.470
  7.690
  7.870
  8.020
  8.140
  8.240
  8.320
  8.390
  8.450
  8.500
  8.550
  8.580
  8.620
  8.650
  8.670
  8.700
  8.720
  8.740
  8.750
  8.770
  8.780
  8.800
  8.810
Adjusted equity ratio
  0.056
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  60
  76
  94
  115
  138
  165
  195
  227
  263
  302
  348
  392
  439
  489
  542
  597
  655
  716
  779
  844
  912
  983
  1,057
  1,134
  1,213
  1,296
  1,382
  1,471
  1,564
  1,661
Depreciation, amort., depletion, $m
  14
  16
  19
  23
  28
  33
  39
  46
  53
  62
  71
  75
  86
  97
  109
  121
  134
  148
  162
  177
  193
  209
  226
  244
  262
  281
  301
  322
  343
  365
  388
Funds from operations, $m
  120
  76
  96
  117
  142
  171
  204
  240
  281
  325
  373
  423
  478
  536
  598
  663
  732
  803
  878
  956
  1,037
  1,122
  1,209
  1,301
  1,396
  1,494
  1,597
  1,703
  1,814
  1,930
  2,050
Change in working capital, $m
  21
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
Cash from operations, $m
  99
  87
  109
  133
  161
  192
  228
  267
  311
  358
  408
  461
  519
  580
  645
  713
  783
  858
  935
  1,015
  1,099
  1,186
  1,277
  1,371
  1,468
  1,570
  1,675
  1,785
  1,899
  2,018
  2,141
Maintenance CAPEX, $m
  0
  -8
  -11
  -14
  -18
  -23
  -28
  -34
  -41
  -48
  -56
  -66
  -75
  -86
  -97
  -109
  -121
  -134
  -148
  -162
  -177
  -193
  -209
  -226
  -244
  -262
  -281
  -301
  -322
  -343
  -365
New CAPEX, $m
  -44
  -27
  -33
  -39
  -46
  -53
  -60
  -68
  -75
  -83
  -90
  -97
  -104
  -111
  -118
  -125
  -131
  -137
  -144
  -150
  -156
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
Cash from investing activities, $m
  -205
  -35
  -44
  -53
  -64
  -76
  -88
  -102
  -116
  -131
  -146
  -163
  -179
  -197
  -215
  -234
  -252
  -271
  -292
  -312
  -333
  -356
  -378
  -402
  -427
  -452
  -479
  -507
  -536
  -565
  -596
Free cash flow, $m
  -106
  52
  65
  80
  97
  117
  140
  166
  195
  227
  262
  298
  339
  383
  430
  479
  531
  586
  643
  703
  765
  830
  898
  968
  1,041
  1,117
  1,196
  1,278
  1,364
  1,452
  1,545
Issuance/(repayment) of debt, $m
  4
  261
  372
  445
  523
  604
  687
  772
  857
  942
  1,026
  1,108
  1,188
  1,266
  1,343
  1,418
  1,491
  1,564
  1,636
  1,708
  1,780
  1,853
  1,927
  2,004
  2,082
  2,164
  2,249
  2,337
  2,430
  2,528
  2,630
Issuance/(repurchase) of shares, $m
  -36
  17
  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  
  116
  278
  372
  445
  523
  604
  687
  772
  857
  942
  1,026
  1,108
  1,188
  1,266
  1,343
  1,418
  1,491
  1,564
  1,636
  1,708
  1,780
  1,853
  1,927
  2,004
  2,082
  2,164
  2,249
  2,337
  2,430
  2,528
  2,630
Total cash flow (excl. dividends), $m
  9
  330
  437
  525
  619
  721
  827
  938
  1,052
  1,169
  1,288
  1,406
  1,527
  1,650
  1,773
  1,897
  2,022
  2,150
  2,279
  2,410
  2,545
  2,683
  2,825
  2,972
  3,124
  3,281
  3,445
  3,616
  3,794
  3,980
  4,175
Retained Cash Flow (-), $m
  -19
  -78
  -41
  -49
  -58
  -67
  -76
  -86
  -95
  -105
  -114
  -123
  -132
  -141
  -149
  -158
  -166
  -174
  -182
  -190
  -198
  -206
  -214
  -223
  -231
  -240
  -250
  -260
  -270
  -281
  -292
Prev. year cash balance distribution, $m
 
  59
  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
 
  312
  396
  475
  561
  653
  751
  852
  957
  1,064
  1,174
  1,283
  1,395
  1,509
  1,624
  1,739
  1,857
  1,976
  2,097
  2,221
  2,347
  2,477
  2,611
  2,749
  2,892
  3,041
  3,195
  3,356
  3,524
  3,699
  3,882
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  299
  363
  414
  462
  506
  545
  576
  598
  611
  615
  609
  595
  574
  545
  511
  472
  430
  386
  342
  298
  256
  217
  180
  147
  118
  93
  72
  55
  40
  29
Current shareholders' claim on cash, %
  100
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1

Paycom Software, Inc. provides cloud-based human capital management (HCM) software solution that is delivered as software-as-a-service for small to mid-sized companies in the United States. It provides functionality and data analytics that businesses need to manage the employment life cycle from recruitment to retirement. The company’s HCM solution offers a suite of applications in the areas of talent acquisition, including applicant tracking, candidate tracker, background checks, on-boarding, E-Verify, and tax credit service applications; and time and labor management, such as time and attendance, scheduling/schedule exchange, time-off requests, labor allocation, labor management reports/push reporting, and geofencing/geotracking applications. Its HCM solution also provides payroll applications comprising payroll and tax management, Paycom Pay, expense management, garnishment management, and GL Concierge applications; and talent management applications that include employee self-service, compensation budgeting, performance management, executive dashboard, and Paycom learning applications. In addition, the company’s HCM solution offers HR management applications, which comprise document and task management, government and compliance, benefits administration/benefits to carrier, COBRA administration, personnel action forms, surveys, and affordable care act applications. Paycom Software, Inc. was founded in 1998 and is headquartered in Oklahoma City, Oklahoma.

FINANCIAL RATIOS  of  Paycom Software (PAYC)

Valuation Ratios
P/E Ratio 96.2
Price to Sales 12.9
Price to Book 36.2
Price to Tangible Book
Price to Cash Flow 42.8
Price to Free Cash Flow 77
Growth Rates
Sales Growth Rate 46.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 158.8%
Cap. Spend. - 3 Yr. Gr. Rate 20.9%
Financial Strength
Quick Ratio 60
Current Ratio 1
LT Debt to Equity 24.8%
Total Debt to Equity 25.6%
Interest Coverage 58
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 32.5%
Ret/ On T. Cap. - 3 Yr. Avg. 19.2%
Return On Equity 40.9%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 83.6%
Gross Margin - 3 Yr. Avg. 83.2%
EBITDA Margin 21.9%
EBITDA Margin - 3 Yr. Avg. 18.2%
Operating Margin 17.6%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 17.3%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 13.4%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate 22.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 0%

PAYC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAYC stock intrinsic value calculation we used $329 million for the last fiscal year's total revenue generated by Paycom Software. The default revenue input number comes from 2016 income statement of Paycom Software. 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 PAYC stock valuation model: a) initial revenue growth rate of 33.3% 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 4.3%, whose default value for PAYC is calculated based on our internal credit rating of Paycom Software, 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 Paycom Software.
    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 PAYC stock the variable cost ratio is equal to 77.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $15 million in the base year in the intrinsic value calculation for PAYC 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 3.6% for Paycom Software.

Corporate tax rate of 27% is the nominal tax rate for Paycom Software. 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 PAYC 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 PAYC are equal to 24.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Paycom Software 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 PAYC is equal to -9.7%. 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 - $117 million for Paycom Software - 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 58.517 million for Paycom Software 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 Paycom Software at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

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▶ Paycom Boosts Sales Presence, Opens Richmond Office   [Jun-01-17 04:05PM  Business Wire]
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▶ 7 Quotes That Reveal Paycom Software's Growth Secrets   [May-24-17 07:43PM  Motley Fool]
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▶ Paycom to Sponsor the Jim Thorpe Award   [May-11-17 02:30PM  Business Wire]
▶ Paycom tops Street 1Q forecasts   [May-02-17 06:35PM  Associated Press]
▶ Paycom Software Earnings, Revenue Top Estimates   [05:22PM  Investor's Business Daily]
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▶ Why Paycom Software Inc. Popped 16% in February   [Mar-15-17 06:01PM  Motley Fool]
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Financial statements of PAYC
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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