Intrinsic value of Paycom Software - PAYC

Previous Close

$80.07

  Intrinsic Value

$408.74

stock screener

  Rating & Target

str. buy

+410%

Previous close

$80.07

 
Intrinsic value

$408.74

 
Up/down potential

+410%

 
Rating

str. buy

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 4.8

 

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
  46.20
  42.08
  38.37
  35.03
  32.03
  29.33
  26.90
  24.71
  22.74
  20.96
  19.37
  17.93
  16.64
  15.47
  14.43
  13.48
  12.63
  11.87
  11.18
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
Revenue, $m
  329
  481
  683
  946
  1,277
  1,686
  2,180
  2,767
  3,450
  4,235
  5,123
  6,115
  7,211
  8,411
  9,712
  11,113
  12,611
  14,204
  15,891
  17,668
  19,535
  21,490
  23,533
  25,664
  27,885
  30,195
  32,598
  35,096
  37,692
  40,389
  43,192
Variable operating expenses, $m
 
  372
  526
  726
  978
  1,290
  1,667
  2,114
  2,635
  3,233
  3,910
  4,661
  5,496
  6,410
  7,402
  8,470
  9,612
  10,827
  12,112
  13,466
  14,889
  16,379
  17,937
  19,561
  21,254
  23,015
  24,846
  26,750
  28,728
  30,784
  32,921
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
  387
  542
  742
  995
  1,307
  1,684
  2,132
  2,653
  3,252
  3,929
  4,681
  5,516
  6,431
  7,423
  8,492
  9,634
  10,850
  12,135
  13,490
  14,914
  16,404
  17,963
  19,587
  21,281
  23,043
  24,875
  26,779
  28,758
  30,815
  32,952
Operating income, $m
  58
  94
  142
  204
  282
  379
  496
  635
  797
  983
  1,194
  1,434
  1,695
  1,979
  2,288
  2,621
  2,977
  3,355
  3,755
  4,178
  4,621
  5,085
  5,570
  6,077
  6,604
  7,153
  7,724
  8,317
  8,933
  9,574
  10,240
EBITDA, $m
  72
  111
  164
  233
  320
  427
  557
  711
  891
  1,098
  1,331
  1,592
  1,881
  2,196
  2,539
  2,908
  3,302
  3,721
  4,165
  4,633
  5,125
  5,639
  6,177
  6,739
  7,323
  7,932
  8,564
  9,222
  9,905
  10,616
  11,354
Interest expense (income), $m
  1
  1
  15
  35
  61
  95
  136
  185
  244
  313
  391
  480
  580
  690
  810
  941
  1,081
  1,231
  1,391
  1,560
  1,739
  1,926
  2,122
  2,327
  2,541
  2,764
  2,995
  3,236
  3,487
  3,747
  4,018
Earnings before tax, $m
  57
  93
  127
  169
  221
  284
  360
  450
  553
  671
  803
  954
  1,115
  1,290
  1,478
  1,680
  1,896
  2,124
  2,364
  2,617
  2,882
  3,159
  3,448
  3,750
  4,063
  4,389
  4,728
  5,080
  5,446
  5,827
  6,222
Tax expense, $m
  13
  25
  34
  46
  60
  77
  97
  121
  149
  181
  217
  258
  301
  348
  399
  454
  512
  573
  638
  707
  778
  853
  931
  1,012
  1,097
  1,185
  1,277
  1,372
  1,471
  1,573
  1,680
Net income, $m
  44
  68
  93
  123
  161
  207
  263
  328
  404
  490
  586
  697
  814
  941
  1,079
  1,227
  1,384
  1,550
  1,726
  1,910
  2,104
  2,306
  2,517
  2,737
  2,966
  3,204
  3,452
  3,709
  3,976
  4,254
  4,542

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
  1,489
  2,116
  2,928
  3,953
  5,220
  6,751
  8,566
  10,682
  13,111
  15,859
  18,931
  22,325
  26,039
  30,068
  34,405
  39,044
  43,977
  49,197
  54,699
  60,478
  66,532
  72,858
  79,456
  86,331
  93,484
  100,924
  108,656
  116,692
  125,043
  133,722
Adjusted assets (=assets-cash), $m
  1,019
  1,489
  2,116
  2,928
  3,953
  5,220
  6,751
  8,566
  10,682
  13,111
  15,859
  18,931
  22,325
  26,039
  30,068
  34,405
  39,044
  43,977
  49,197
  54,699
  60,478
  66,532
  72,858
  79,456
  86,331
  93,484
  100,924
  108,656
  116,692
  125,043
  133,722
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
  118
  167
  232
  313
  413
  534
  678
  845
  1,038
  1,255
  1,498
  1,767
  2,061
  2,379
  2,723
  3,090
  3,480
  3,893
  4,329
  4,786
  5,265
  5,766
  6,288
  6,832
  7,398
  7,987
  8,599
  9,234
  9,895
  10,582
Working capital, $m
  27
  -47
  -66
  -92
  -124
  -164
  -212
  -268
  -335
  -411
  -497
  -593
  -699
  -816
  -942
  -1,078
  -1,223
  -1,378
  -1,541
  -1,714
  -1,895
  -2,085
  -2,283
  -2,489
  -2,705
  -2,929
  -3,162
  -3,404
  -3,656
  -3,918
  -4,190
Total debt, $m
  30
  408
  972
  1,703
  2,626
  3,766
  5,143
  6,777
  8,682
  10,868
  13,341
  16,106
  19,160
  22,503
  26,129
  30,032
  34,207
  38,647
  43,345
  48,297
  53,499
  58,947
  64,640
  70,579
  76,766
  83,204
  89,899
  96,859
  104,091
  111,607
  119,418
Total liabilities, $m
  962
  1,340
  1,904
  2,635
  3,558
  4,698
  6,075
  7,709
  9,614
  11,800
  14,273
  17,038
  20,092
  23,435
  27,061
  30,964
  35,139
  39,579
  44,277
  49,229
  54,431
  59,879
  65,572
  71,511
  77,698
  84,136
  90,831
  97,791
  105,023
  112,539
  120,350
Total equity, $m
  117
  149
  212
  293
  395
  522
  675
  857
  1,068
  1,311
  1,586
  1,893
  2,232
  2,604
  3,007
  3,440
  3,904
  4,398
  4,920
  5,470
  6,048
  6,653
  7,286
  7,946
  8,633
  9,348
  10,092
  10,866
  11,669
  12,504
  13,372
Total liabilities and equity, $m
  1,079
  1,489
  2,116
  2,928
  3,953
  5,220
  6,750
  8,566
  10,682
  13,111
  15,859
  18,931
  22,324
  26,039
  30,068
  34,404
  39,043
  43,977
  49,197
  54,699
  60,479
  66,532
  72,858
  79,457
  86,331
  93,484
  100,923
  108,657
  116,692
  125,043
  133,722
Debt-to-equity ratio
  0.256
  2.740
  4.600
  5.820
  6.640
  7.210
  7.620
  7.910
  8.130
  8.290
  8.410
  8.510
  8.580
  8.640
  8.690
  8.730
  8.760
  8.790
  8.810
  8.830
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
  8.920
  8.930
  8.930
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
  68
  93
  123
  161
  207
  263
  328
  404
  490
  586
  697
  814
  941
  1,079
  1,227
  1,384
  1,550
  1,726
  1,910
  2,104
  2,306
  2,517
  2,737
  2,966
  3,204
  3,452
  3,709
  3,976
  4,254
  4,542
Depreciation, amort., depletion, $m
  14
  18
  23
  30
  38
  49
  61
  77
  94
  114
  137
  158
  186
  217
  250
  287
  325
  366
  410
  456
  504
  554
  607
  662
  719
  779
  841
  905
  972
  1,042
  1,114
Funds from operations, $m
  120
  85
  115
  153
  199
  256
  324
  405
  498
  604
  723
  854
  1,000
  1,158
  1,330
  1,513
  1,709
  1,917
  2,136
  2,366
  2,608
  2,860
  3,124
  3,399
  3,685
  3,983
  4,292
  4,614
  4,948
  5,295
  5,656
Change in working capital, $m
  21
  -15
  -20
  -25
  -32
  -40
  -48
  -57
  -66
  -76
  -86
  -96
  -106
  -116
  -126
  -136
  -145
  -155
  -164
  -172
  -181
  -190
  -198
  -207
  -215
  -224
  -233
  -242
  -252
  -262
  -272
Cash from operations, $m
  99
  100
  135
  178
  231
  296
  372
  462
  564
  680
  809
  950
  1,106
  1,275
  1,456
  1,649
  1,854
  2,071
  2,299
  2,539
  2,789
  3,050
  3,322
  3,606
  3,901
  4,207
  4,525
  4,856
  5,200
  5,557
  5,928
Maintenance CAPEX, $m
  0
  -8
  -12
  -18
  -24
  -33
  -43
  -56
  -71
  -89
  -109
  -132
  -158
  -186
  -217
  -250
  -287
  -325
  -366
  -410
  -456
  -504
  -554
  -607
  -662
  -719
  -779
  -841
  -905
  -972
  -1,042
New CAPEX, $m
  -44
  -37
  -50
  -64
  -81
  -100
  -121
  -144
  -167
  -192
  -217
  -243
  -269
  -294
  -319
  -343
  -367
  -390
  -413
  -435
  -457
  -479
  -501
  -522
  -544
  -566
  -589
  -612
  -636
  -661
  -687
Cash from investing activities, $m
  -205
  -45
  -62
  -82
  -105
  -133
  -164
  -200
  -238
  -281
  -326
  -375
  -427
  -480
  -536
  -593
  -654
  -715
  -779
  -845
  -913
  -983
  -1,055
  -1,129
  -1,206
  -1,285
  -1,368
  -1,453
  -1,541
  -1,633
  -1,729
Free cash flow, $m
  -106
  54
  73
  96
  126
  163
  208
  262
  325
  399
  483
  575
  680
  795
  920
  1,055
  1,201
  1,356
  1,520
  1,693
  1,876
  2,067
  2,268
  2,477
  2,695
  2,922
  3,158
  3,403
  3,659
  3,924
  4,199
Issuance/(repayment) of debt, $m
  4
  379
  564
  731
  923
  1,140
  1,378
  1,634
  1,905
  2,186
  2,473
  2,764
  3,055
  3,343
  3,626
  3,904
  4,175
  4,440
  4,698
  4,952
  5,201
  5,448
  5,693
  5,939
  6,187
  6,438
  6,695
  6,959
  7,232
  7,516
  7,811
Issuance/(repurchase) of shares, $m
  -36
  23
  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
  402
  564
  731
  923
  1,140
  1,378
  1,634
  1,905
  2,186
  2,473
  2,764
  3,055
  3,343
  3,626
  3,904
  4,175
  4,440
  4,698
  4,952
  5,201
  5,448
  5,693
  5,939
  6,187
  6,438
  6,695
  6,959
  7,232
  7,516
  7,811
Total cash flow (excl. dividends), $m
  9
  457
  637
  827
  1,049
  1,302
  1,586
  1,896
  2,230
  2,585
  2,956
  3,339
  3,735
  4,137
  4,546
  4,959
  5,375
  5,795
  6,218
  6,645
  7,077
  7,515
  7,961
  8,416
  8,882
  9,360
  9,853
  10,363
  10,891
  11,440
  12,010
Retained Cash Flow (-), $m
  -19
  -91
  -63
  -81
  -103
  -127
  -153
  -182
  -212
  -243
  -275
  -307
  -339
  -371
  -403
  -434
  -464
  -493
  -522
  -550
  -578
  -605
  -633
  -660
  -687
  -715
  -744
  -773
  -804
  -835
  -868
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
 
  425
  574
  746
  946
  1,176
  1,433
  1,714
  2,018
  2,342
  2,681
  3,032
  3,395
  3,766
  4,143
  4,525
  4,912
  5,302
  5,696
  6,095
  6,499
  6,910
  7,328
  7,756
  8,194
  8,645
  9,109
  9,590
  10,087
  10,604
  11,142
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
 
  407
  526
  649
  779
  911
  1,040
  1,158
  1,262
  1,345
  1,406
  1,440
  1,449
  1,432
  1,391
  1,329
  1,248
  1,154
  1,049
  938
  826
  715
  608
  508
  417
  336
  266
  206
  156
  116
  84
Current shareholders' claim on cash, %
  100
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2
  96.2

Paycom Software, Inc. is a provider of a cloud-based human capital management (HCM) software solution delivered as Software-as-a-Service (SaaS). The Company provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement. The Company's applications streamline client processes and provide clients and their employees with the ability to directly access and manage administrative processes, including applications that identify candidates, on-board employees, manage time and labor, administer payroll deductions and benefits, manage performance, terminate employees and administer post-termination health benefits, such as COBRA. The Company's solution allows clients to analyze employee information to make business decisions. The Company's HCM solution offers a range of applications, including talent acquisition, time and labor management, payroll, talent management and human resources (HR) management.

FINANCIAL RATIOS  of  Paycom Software (PAYC)

Valuation Ratios
P/E Ratio 104.3
Price to Sales 14
Price to Book 39.2
Price to Tangible Book
Price to Cash Flow 46.4
Price to Free Cash Flow 83.5
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 46.2% 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 9.5 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 59.573 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 $4.8 billion.

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COMPANY NEWS

▶ 3 Stocks That Look Just Like Priceline in 1999   [Oct-18-17 02:00PM  Motley Fool]
▶ Paycoms CIO Resigns Due to Personal Reasons   [Oct-09-17 04:15PM  Business Wire]
▶ This Cloud-Based Payroll Manager Is At Entry Ahead Of Job Report   [Oct-04-17 01:10PM  Investor's Business Daily]
▶ Why Paycom Should Be on Your Investing Radar   [Oct-02-17 06:36PM  Motley Fool]
▶ Paycom Software's Amazing Performance in 3 Charts   [Oct-01-17 01:32PM  Motley Fool]
▶ 3 Game-Changing Small-Cap Technology Stocks to Buy   [Sep-25-17 08:45PM  Motley Fool]
▶ Oracle Leads 4 Top Stocks In Buy Zones: Investing Action Plan   [Sep-13-17 04:08PM  Investor's Business Daily]
▶ 3 Growth Stocks to Hold for 50 Years   [06:04AM  Motley Fool]
▶ 4 Key Takeaways From Paycom Software's CEO   [Aug-26-17 03:14PM  Motley Fool]
▶ [$$] Three Stocks to Gain From ADP Disruption   [Aug-22-17 11:06AM  Barrons.com]
▶ Paycom Software Delivers Yet Again   [Aug-02-17 12:30PM  Motley Fool]
▶ Paycom beats Street 2Q forecasts   [Aug-01-17 10:46PM  Associated Press]
▶ IBD 50 Name Paycom Reports After The Close   [05:09AM  Investor's Business Daily]
▶ Paycom Software's $1 Billion Ambitions   [Jul-11-17 07:37PM  Motley Fool]
▶ 3 Stocks With Jaw-Dropping Growth Potential   [Jun-16-17 09:00AM  Motley Fool]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-13-17 03:26PM  Investor's Business Daily]
▶ Stocks Lower As Netflix, Apple Flash A Troubling Signal   [Jun-12-17 03:02PM  Investor's Business Daily]
▶ Paycom Boosts Sales Presence, Opens Richmond Office   [Jun-01-17 04:05PM  Business Wire]
▶ This Top Software Firm Has Flipped From Losses: 220% EPS Gain Seen Thursday   [May-30-17 08:19AM  Investor's Business Daily]
▶ 3 Things Investors Need to Know About Paycom   [May-28-17 02:14PM  Motley Fool]
▶ 3 Stocks With TrueCar-Like Return Potential   [May-26-17 11:00AM  Motley Fool]
▶ 7 Quotes That Reveal Paycom Software's Growth Secrets   [May-24-17 07:43PM  Motley Fool]
▶ 3 Ways Paycom Software Keeps Beating Expectations   [May-19-17 08:22AM  Motley Fool]
▶ Paycom to Sponsor the Jim Thorpe Award   [May-11-17 02:30PM  Business Wire]
▶ Paycom tops Street 1Q forecasts   [May-02-17 06:35PM  Associated Press]
▶ Paycom Software Earnings, Revenue Top Estimates   [05:22PM  Investor's Business Daily]
▶ Apple, Opticals, Drug Giants Headline Tuesday's Investing Action Plan   [May-01-17 04:52PM  Investor's Business Daily]
▶ These Are The Five 'Top 5%' Stocks With Earnings Due This Week   [04:08PM  Investor's Business Daily]
▶ What to Watch When Paycom Software Reports Earnings   [Apr-30-17 01:26PM  Motley Fool]
▶ [$$] Four Smaller Cloud Picks Ahead of Earnings   [Apr-27-17 03:38PM  Barrons.com]
▶ 3 Top Software Stocks to Buy in 2017   [Apr-19-17 06:21PM  Motley Fool]
▶ The 1 Stock You've Been Overlooking for Your Roth IRA   [Apr-11-17 01:16PM  Motley Fool]
▶ 3 Highest Growth Stocks in the Market Today   [Mar-29-17 12:06PM  Motley Fool]
▶ 3 Highest Growth Stocks in the Market Today   [12:06PM  at Motley Fool]
▶ Paycom's 'Proven Execution' With Small, Midsize Businesses Hailed   [Mar-20-17 04:03PM  Investor's Business Daily]
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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