Intrinsic value of Paycom Software - PAYC

Previous Close

$92.31

  Intrinsic Value

$156.61

stock screener

  Rating & Target

str. buy

+70%

Previous close

$92.31

 
Intrinsic value

$156.61

 
Up/down potential

+70%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  31.20
  28.58
  26.22
  24.10
  22.19
  20.47
  18.92
  17.53
  16.28
  15.15
  14.14
  13.22
  12.40
  11.66
  10.99
  10.39
  9.85
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
Revenue, $m
  329
  432
  555
  701
  869
  1,062
  1,280
  1,522
  1,789
  2,080
  2,395
  2,734
  3,095
  3,479
  3,884
  4,311
  4,760
  5,229
  5,719
  6,229
  6,761
  7,315
  7,890
  8,488
  9,110
  9,756
  10,427
  11,125
  11,850
  12,605
  13,391
Variable operating expenses, $m
 
  334
  428
  539
  668
  815
  981
  1,165
  1,369
  1,591
  1,831
  2,084
  2,359
  2,652
  2,961
  3,286
  3,628
  3,985
  4,359
  4,748
  5,153
  5,575
  6,014
  6,470
  6,943
  7,436
  7,947
  8,479
  9,032
  9,608
  10,207
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
  349
  444
  555
  685
  832
  998
  1,183
  1,387
  1,610
  1,850
  2,104
  2,379
  2,673
  2,982
  3,308
  3,650
  4,008
  4,382
  4,772
  5,178
  5,600
  6,040
  6,496
  6,970
  7,464
  7,976
  8,508
  9,062
  9,639
  10,238
Operating income, $m
  58
  82
  111
  145
  185
  230
  282
  339
  402
  471
  545
  630
  716
  807
  903
  1,004
  1,110
  1,221
  1,337
  1,457
  1,583
  1,714
  1,850
  1,992
  2,139
  2,292
  2,451
  2,616
  2,788
  2,967
  3,153
EBITDA, $m
  72
  98
  131
  169
  213
  263
  320
  383
  453
  530
  612
  701
  796
  896
  1,003
  1,115
  1,232
  1,355
  1,484
  1,618
  1,758
  1,903
  2,054
  2,211
  2,374
  2,544
  2,720
  2,903
  3,094
  3,292
  3,498
Interest expense (income), $m
  1
  1
  10
  22
  37
  54
  73
  95
  119
  146
  175
  207
  241
  277
  315
  356
  399
  444
  491
  540
  591
  645
  700
  758
  818
  880
  945
  1,012
  1,082
  1,155
  1,231
Earnings before tax, $m
  57
  81
  101
  123
  148
  177
  209
  244
  283
  325
  370
  424
  475
  530
  587
  647
  711
  777
  846
  917
  992
  1,070
  1,150
  1,234
  1,321
  1,412
  1,506
  1,604
  1,706
  1,812
  1,922
Tax expense, $m
  13
  22
  27
  33
  40
  48
  56
  66
  76
  88
  100
  114
  128
  143
  159
  175
  192
  210
  228
  248
  268
  289
  311
  333
  357
  381
  407
  433
  461
  489
  519
Net income, $m
  44
  59
  74
  90
  108
  129
  152
  178
  206
  237
  270
  309
  347
  387
  429
  473
  519
  567
  617
  670
  724
  781
  840
  901
  965
  1,031
  1,099
  1,171
  1,245
  1,323
  1,403

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
  1,336
  1,718
  2,169
  2,692
  3,289
  3,962
  4,712
  5,538
  6,439
  7,415
  8,463
  9,582
  10,770
  12,026
  13,348
  14,736
  16,188
  17,704
  19,286
  20,933
  22,646
  24,428
  26,279
  28,204
  30,203
  32,281
  34,442
  36,689
  39,026
  41,459
Adjusted assets (=assets-cash), $m
  1,019
  1,336
  1,718
  2,169
  2,692
  3,289
  3,962
  4,712
  5,538
  6,439
  7,415
  8,463
  9,582
  10,770
  12,026
  13,348
  14,736
  16,188
  17,704
  19,286
  20,933
  22,646
  24,428
  26,279
  28,204
  30,203
  32,281
  34,442
  36,689
  39,026
  41,459
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
  106
  136
  172
  213
  260
  314
  373
  438
  510
  587
  670
  758
  852
  952
  1,056
  1,166
  1,281
  1,401
  1,526
  1,657
  1,792
  1,933
  2,080
  2,232
  2,390
  2,555
  2,726
  2,903
  3,088
  3,281
Working capital, $m
  27
  -42
  -54
  -68
  -84
  -103
  -124
  -148
  -174
  -202
  -232
  -265
  -300
  -337
  -377
  -418
  -462
  -507
  -555
  -604
  -656
  -710
  -765
  -823
  -884
  -946
  -1,011
  -1,079
  -1,149
  -1,223
  -1,299
Total debt, $m
  30
  271
  614
  1,020
  1,490
  2,028
  2,634
  3,309
  4,052
  4,863
  5,741
  6,685
  7,692
  8,761
  9,891
  11,081
  12,330
  13,637
  15,002
  16,425
  17,907
  19,450
  21,053
  22,719
  24,451
  26,251
  28,121
  30,066
  32,088
  34,192
  36,381
Total liabilities, $m
  962
  1,203
  1,546
  1,952
  2,422
  2,960
  3,566
  4,241
  4,984
  5,795
  6,673
  7,617
  8,624
  9,693
  10,823
  12,013
  13,262
  14,569
  15,934
  17,357
  18,839
  20,382
  21,985
  23,651
  25,383
  27,183
  29,053
  30,998
  33,020
  35,124
  37,313
Total equity, $m
  117
  134
  172
  217
  269
  329
  396
  471
  554
  644
  741
  846
  958
  1,077
  1,203
  1,335
  1,474
  1,619
  1,770
  1,929
  2,093
  2,265
  2,443
  2,628
  2,820
  3,020
  3,228
  3,444
  3,669
  3,903
  4,146
Total liabilities and equity, $m
  1,079
  1,337
  1,718
  2,169
  2,691
  3,289
  3,962
  4,712
  5,538
  6,439
  7,414
  8,463
  9,582
  10,770
  12,026
  13,348
  14,736
  16,188
  17,704
  19,286
  20,932
  22,647
  24,428
  26,279
  28,203
  30,203
  32,281
  34,442
  36,689
  39,027
  41,459
Debt-to-equity ratio
  0.256
  2.030
  3.580
  4.700
  5.540
  6.170
  6.650
  7.020
  7.320
  7.550
  7.740
  7.900
  8.030
  8.130
  8.230
  8.300
  8.370
  8.420
  8.470
  8.520
  8.550
  8.590
  8.620
  8.650
  8.670
  8.690
  8.710
  8.730
  8.750
  8.760
  8.780
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
  59
  74
  90
  108
  129
  152
  178
  206
  237
  270
  309
  347
  387
  429
  473
  519
  567
  617
  670
  724
  781
  840
  901
  965
  1,031
  1,099
  1,171
  1,245
  1,323
  1,403
Depreciation, amort., depletion, $m
  14
  16
  20
  23
  28
  33
  38
  44
  51
  59
  67
  70
  80
  90
  100
  111
  123
  135
  147
  161
  174
  189
  203
  219
  235
  252
  269
  287
  306
  325
  345
Funds from operations, $m
  120
  75
  93
  113
  136
  162
  191
  223
  258
  296
  337
  380
  427
  476
  529
  584
  642
  702
  765
  830
  899
  969
  1,043
  1,120
  1,199
  1,282
  1,368
  1,458
  1,551
  1,648
  1,749
Change in working capital, $m
  21
  -10
  -12
  -14
  -16
  -19
  -21
  -23
  -26
  -28
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
Cash from operations, $m
  99
  85
  105
  127
  152
  180
  212
  246
  284
  324
  368
  413
  462
  514
  568
  625
  685
  747
  812
  880
  950
  1,023
  1,099
  1,178
  1,260
  1,345
  1,433
  1,525
  1,621
  1,721
  1,825
Maintenance CAPEX, $m
  0
  -8
  -11
  -14
  -18
  -22
  -27
  -33
  -39
  -46
  -54
  -62
  -70
  -80
  -90
  -100
  -111
  -123
  -135
  -147
  -161
  -174
  -189
  -203
  -219
  -235
  -252
  -269
  -287
  -306
  -325
New CAPEX, $m
  -44
  -25
  -30
  -36
  -41
  -47
  -53
  -59
  -65
  -71
  -77
  -83
  -89
  -94
  -99
  -105
  -110
  -115
  -120
  -125
  -130
  -136
  -141
  -147
  -152
  -158
  -164
  -171
  -178
  -185
  -193
Cash from investing activities, $m
  -205
  -33
  -41
  -50
  -59
  -69
  -80
  -92
  -104
  -117
  -131
  -145
  -159
  -174
  -189
  -205
  -221
  -238
  -255
  -272
  -291
  -310
  -330
  -350
  -371
  -393
  -416
  -440
  -465
  -491
  -518
Free cash flow, $m
  -106
  52
  64
  77
  93
  111
  131
  154
  179
  207
  237
  268
  303
  340
  379
  420
  464
  510
  557
  607
  659
  713
  769
  828
  889
  952
  1,017
  1,086
  1,157
  1,230
  1,307
Issuance/(repayment) of debt, $m
  4
  242
  344
  406
  470
  538
  606
  675
  743
  811
  878
  943
  1,007
  1,069
  1,130
  1,190
  1,249
  1,307
  1,365
  1,423
  1,482
  1,542
  1,603
  1,666
  1,732
  1,800
  1,870
  1,944
  2,022
  2,104
  2,190
Issuance/(repurchase) of shares, $m
  -36
  16
  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
  258
  344
  406
  470
  538
  606
  675
  743
  811
  878
  943
  1,007
  1,069
  1,130
  1,190
  1,249
  1,307
  1,365
  1,423
  1,482
  1,542
  1,603
  1,666
  1,732
  1,800
  1,870
  1,944
  2,022
  2,104
  2,190
Total cash flow (excl. dividends), $m
  9
  310
  408
  483
  563
  648
  737
  829
  922
  1,018
  1,115
  1,211
  1,310
  1,409
  1,509
  1,610
  1,713
  1,817
  1,922
  2,031
  2,141
  2,255
  2,373
  2,494
  2,620
  2,751
  2,888
  3,030
  3,179
  3,334
  3,497
Retained Cash Flow (-), $m
  -19
  -76
  -38
  -45
  -52
  -60
  -67
  -75
  -83
  -90
  -98
  -105
  -112
  -119
  -126
  -132
  -139
  -145
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -243
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
 
  293
  370
  438
  511
  588
  670
  754
  840
  928
  1,017
  1,106
  1,198
  1,290
  1,384
  1,478
  1,574
  1,671
  1,771
  1,872
  1,977
  2,084
  2,195
  2,309
  2,428
  2,551
  2,680
  2,814
  2,954
  3,100
  3,253
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
 
  281
  338
  381
  421
  456
  486
  509
  525
  533
  533
  525
  511
  491
  465
  434
  400
  364
  326
  288
  251
  216
  182
  151
  124
  99
  78
  60
  46
  34
  24
Current shareholders' claim on cash, %
  100
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2
  97.2

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 120.3
Price to Sales 16.1
Price to Book 45.2
Price to Tangible Book
Price to Cash Flow 53.5
Price to Free Cash Flow 96.2
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 31.2% 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 59.505 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 $5.5 billion.

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COMPANY NEWS

▶ Stocks Up, Paycom Breaks Out; Time To Buy This Bitcoin ETF Again?   [Jan-12-18 01:36PM  Investor's Business Daily]
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▶ Paycom Software Sees Composite Rating Climb To 96   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Bob Stoops to Announce the Paycom Jim Thorpe Award Winner   [Dec-06-17 01:06PM  Business Wire]
▶ Why Paycom Software Is in a League of Its Own   [Dec-03-17 12:00PM  Motley Fool]
▶ 10 A-Rated Tech Stocks to Grow Your Returns   [Dec-01-17 02:03PM  InvestorPlace]
▶ 5 Monster Stocks in the Making to Buy for 2018   [Nov-24-17 08:02AM  Motley Fool]
▶ Paycom Software Processes Another Beat   [Nov-01-17 02:13PM  Motley Fool]
▶ Paycom tops Street 3Q forecasts   [04:55PM  Associated Press]
▶ Paycom Software Earnings Top Estimates, Revenue Outlook Light   [04:37PM  Investor's Business Daily]
▶ Has Paycom Software's Growth Just Begun?   [Oct-28-17 12:46PM  Motley Fool]
▶ 3 Growth Stocks to Dive Into   [07:13AM  Motley Fool]
▶ Paycom to Participate in Upcoming Investor Conferences   [Oct-25-17 09:15AM  Business Wire]
▶ 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]
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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