Intrinsic value of Paychex - PAYX

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$59.24

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of PAYX 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 21.2

 

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, %
  7.74
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  2,952
  3,153
  3,361
  3,579
  3,804
  4,040
  4,284
  4,540
  4,806
  5,083
  5,373
  5,675
  5,991
  6,321
  6,666
  7,027
  7,404
  7,799
  8,212
  8,645
  9,099
  9,573
  10,071
  10,592
  11,139
  11,712
  12,313
  12,942
  13,603
  14,296
  15,023
Variable operating expenses, $m
 
  1,764
  1,877
  1,994
  2,115
  2,242
  2,374
  2,511
  2,655
  2,804
  2,960
  3,058
  3,228
  3,405
  3,591
  3,786
  3,989
  4,202
  4,424
  4,658
  4,902
  5,158
  5,426
  5,707
  6,001
  6,310
  6,633
  6,973
  7,329
  7,702
  8,094
Fixed operating expenses, $m
 
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  199
  204
  210
  215
  220
  226
  231
  237
  243
  249
  255
  262
  268
  275
  282
  289
  296
  303
  311
  319
Total operating expenses, $m
  1,805
  1,920
  2,037
  2,158
  2,283
  2,414
  2,550
  2,692
  2,840
  2,994
  3,155
  3,257
  3,432
  3,615
  3,806
  4,006
  4,215
  4,433
  4,661
  4,901
  5,151
  5,413
  5,688
  5,975
  6,276
  6,592
  6,922
  7,269
  7,632
  8,013
  8,413
Operating income, $m
  1,147
  1,233
  1,325
  1,421
  1,521
  1,626
  1,734
  1,848
  1,966
  2,089
  2,218
  2,418
  2,559
  2,706
  2,860
  3,021
  3,190
  3,366
  3,551
  3,745
  3,948
  4,160
  4,384
  4,618
  4,863
  5,120
  5,390
  5,674
  5,971
  6,283
  6,611
EBITDA, $m
  1,262
  1,348
  1,443
  1,543
  1,646
  1,754
  1,867
  1,984
  2,106
  2,234
  2,367
  2,507
  2,652
  2,805
  2,964
  3,130
  3,305
  3,488
  3,679
  3,879
  4,089
  4,310
  4,540
  4,782
  5,036
  5,303
  5,582
  5,875
  6,183
  6,506
  6,845
Interest expense (income), $m
  0
  0
  11
  22
  34
  46
  58
  72
  85
  100
  114
  130
  146
  163
  181
  199
  219
  239
  260
  282
  306
  330
  355
  382
  410
  440
  470
  503
  536
  572
  609
Earnings before tax, $m
  1,151
  1,233
  1,314
  1,399
  1,488
  1,580
  1,676
  1,776
  1,881
  1,990
  2,104
  2,288
  2,413
  2,543
  2,679
  2,822
  2,971
  3,127
  3,291
  3,462
  3,642
  3,831
  4,028
  4,235
  4,453
  4,681
  4,920
  5,171
  5,435
  5,711
  6,002
Tax expense, $m
  394
  333
  355
  378
  402
  427
  452
  480
  508
  537
  568
  618
  651
  687
  723
  762
  802
  844
  889
  935
  983
  1,034
  1,088
  1,144
  1,202
  1,264
  1,328
  1,396
  1,467
  1,542
  1,620
Net income, $m
  757
  900
  959
  1,021
  1,086
  1,153
  1,223
  1,297
  1,373
  1,452
  1,536
  1,670
  1,761
  1,856
  1,956
  2,060
  2,169
  2,283
  2,402
  2,527
  2,659
  2,796
  2,941
  3,092
  3,251
  3,417
  3,592
  3,775
  3,967
  4,169
  4,381

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  352
  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
  6,441
  6,500
  6,931
  7,378
  7,844
  8,329
  8,834
  9,360
  9,909
  10,481
  11,078
  11,702
  12,353
  13,033
  13,744
  14,488
  15,266
  16,081
  16,933
  17,825
  18,760
  19,739
  20,765
  21,840
  22,967
  24,148
  25,387
  26,685
  28,048
  29,476
  30,975
Adjusted assets (=assets-cash), $m
  6,089
  6,500
  6,931
  7,378
  7,844
  8,329
  8,834
  9,360
  9,909
  10,481
  11,078
  11,702
  12,353
  13,033
  13,744
  14,488
  15,266
  16,081
  16,933
  17,825
  18,760
  19,739
  20,765
  21,840
  22,967
  24,148
  25,387
  26,685
  28,048
  29,476
  30,975
Revenue / Adjusted assets
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
Average production assets, $m
  404
  432
  461
  490
  521
  553
  587
  622
  658
  696
  736
  778
  821
  866
  913
  963
  1,014
  1,068
  1,125
  1,184
  1,247
  1,312
  1,380
  1,451
  1,526
  1,605
  1,687
  1,773
  1,864
  1,959
  2,058
Working capital, $m
  498
  154
  165
  175
  186
  198
  210
  222
  235
  249
  263
  278
  294
  310
  327
  344
  363
  382
  402
  424
  446
  469
  493
  519
  546
  574
  603
  634
  667
  701
  736
Total debt, $m
  0
  307
  628
  961
  1,307
  1,668
  2,043
  2,435
  2,843
  3,269
  3,713
  4,177
  4,661
  5,168
  5,697
  6,250
  6,829
  7,435
  8,069
  8,733
  9,428
  10,157
  10,920
  11,720
  12,558
  13,437
  14,359
  15,325
  16,338
  17,402
  18,517
Total liabilities, $m
  4,529
  4,836
  5,157
  5,490
  5,836
  6,197
  6,572
  6,964
  7,372
  7,798
  8,242
  8,706
  9,190
  9,697
  10,226
  10,779
  11,358
  11,964
  12,598
  13,262
  13,957
  14,686
  15,449
  16,249
  17,087
  17,966
  18,888
  19,854
  20,867
  21,931
  23,046
Total equity, $m
  1,912
  1,664
  1,774
  1,889
  2,008
  2,132
  2,261
  2,396
  2,537
  2,683
  2,836
  2,996
  3,162
  3,336
  3,519
  3,709
  3,908
  4,117
  4,335
  4,563
  4,803
  5,053
  5,316
  5,591
  5,879
  6,182
  6,499
  6,831
  7,180
  7,546
  7,930
Total liabilities and equity, $m
  6,441
  6,500
  6,931
  7,379
  7,844
  8,329
  8,833
  9,360
  9,909
  10,481
  11,078
  11,702
  12,352
  13,033
  13,745
  14,488
  15,266
  16,081
  16,933
  17,825
  18,760
  19,739
  20,765
  21,840
  22,966
  24,148
  25,387
  26,685
  28,047
  29,477
  30,976
Debt-to-equity ratio
  0.000
  0.180
  0.350
  0.510
  0.650
  0.780
  0.900
  1.020
  1.120
  1.220
  1.310
  1.390
  1.470
  1.550
  1.620
  1.690
  1.750
  1.810
  1.860
  1.910
  1.960
  2.010
  2.050
  2.100
  2.140
  2.170
  2.210
  2.240
  2.280
  2.310
  2.340
Adjusted equity ratio
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  757
  900
  959
  1,021
  1,086
  1,153
  1,223
  1,297
  1,373
  1,452
  1,536
  1,670
  1,761
  1,856
  1,956
  2,060
  2,169
  2,283
  2,402
  2,527
  2,659
  2,796
  2,941
  3,092
  3,251
  3,417
  3,592
  3,775
  3,967
  4,169
  4,381
Depreciation, amort., depletion, $m
  115
  115
  118
  121
  125
  129
  132
  136
  141
  145
  149
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  157
  165
  173
  182
  192
  201
  212
  223
  234
Funds from operations, $m
  1,045
  1,015
  1,077
  1,143
  1,211
  1,282
  1,356
  1,433
  1,513
  1,597
  1,685
  1,759
  1,855
  1,955
  2,060
  2,169
  2,284
  2,404
  2,530
  2,662
  2,800
  2,945
  3,097
  3,257
  3,424
  3,599
  3,783
  3,976
  4,179
  4,392
  4,615
Change in working capital, $m
  27
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  36
Cash from operations, $m
  1,018
  1,024
  1,067
  1,132
  1,200
  1,270
  1,344
  1,420
  1,500
  1,584
  1,671
  1,744
  1,839
  1,939
  2,043
  2,152
  2,265
  2,385
  2,510
  2,641
  2,778
  2,922
  3,073
  3,231
  3,397
  3,571
  3,754
  3,946
  4,147
  4,358
  4,579
Maintenance CAPEX, $m
  0
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -192
  -201
  -212
  -223
New CAPEX, $m
  -98
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
Cash from investing activities, $m
  -63
  -74
  -78
  -82
  -87
  -91
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -217
  -228
  -240
  -251
  -264
  -278
  -292
  -307
  -323
Free cash flow, $m
  955
  950
  990
  1,050
  1,113
  1,179
  1,247
  1,319
  1,393
  1,471
  1,552
  1,619
  1,708
  1,800
  1,897
  1,998
  2,104
  2,215
  2,332
  2,454
  2,581
  2,715
  2,856
  3,003
  3,157
  3,319
  3,489
  3,668
  3,855
  4,051
  4,257
Issuance/(repayment) of debt, $m
  0
  307
  320
  333
  347
  361
  376
  391
  408
  426
  444
  464
  484
  506
  529
  553
  579
  606
  634
  664
  695
  728
  763
  800
  838
  879
  922
  966
  1,013
  1,063
  1,115
Issuance/(repurchase) of shares, $m
  -108
  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 from financing (excl. dividends), $m  
  -387
  307
  320
  333
  347
  361
  376
  391
  408
  426
  444
  464
  484
  506
  529
  553
  579
  606
  634
  664
  695
  728
  763
  800
  838
  879
  922
  966
  1,013
  1,063
  1,115
Total cash flow (excl. dividends), $m
  568
  1,257
  1,310
  1,383
  1,460
  1,540
  1,623
  1,710
  1,801
  1,897
  1,996
  2,083
  2,192
  2,306
  2,426
  2,552
  2,683
  2,821
  2,966
  3,118
  3,277
  3,444
  3,619
  3,803
  3,996
  4,198
  4,411
  4,634
  4,868
  5,114
  5,372
Retained Cash Flow (-), $m
  -126
  -104
  -110
  -115
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -251
  -263
  -275
  -288
  -302
  -317
  -333
  -349
  -366
  -384
Prev. year cash balance distribution, $m
 
  352
  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
 
  1,505
  1,200
  1,269
  1,341
  1,416
  1,494
  1,576
  1,661
  1,750
  1,843
  1,923
  2,025
  2,132
  2,244
  2,361
  2,484
  2,613
  2,748
  2,889
  3,038
  3,193
  3,356
  3,528
  3,707
  3,896
  4,094
  4,301
  4,519
  4,748
  4,989
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
 
  1,443
  1,098
  1,104
  1,104
  1,097
  1,084
  1,064
  1,038
  1,005
  966
  913
  864
  811
  753
  693
  631
  569
  506
  445
  386
  330
  278
  231
  189
  152
  119
  92
  70
  52
  38
Current shareholders' claim on cash, %
  100
  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
  100.0

Paychex, Inc. provides payroll, human resource, insurance, and benefits outsourcing solutions for small to medium-sized businesses in the United States and Germany. The company offers payroll processing services that include payroll tax administration services; employee payment services; and regulatory compliance services, such as new-hire reporting and garnishment processing. It also provides human resource outsourcing services, such as Paychex HR solutions comprising payroll, employer compliance, human resource and employee benefits administration, risk management outsourcing, and the on-site availability of a professionally trained human resource representative; and retirement services administration, including plan implementation, ongoing compliance with government regulations, employee and employer reporting, participant and employer online access, electronic funds transfer, and other administrative services. In addition, the company offers insurance services for property and casualty coverage, such as workers’ compensation, business-owner policies, commercial auto, and health and benefits coverage, including health, dental, vision, and life; cloud-based human resource administration software products for employee benefits management and administration, and time and attendance solutions; and other human resource services and products, such as employee handbooks, management manuals, and personnel and required regulatory forms. Further, it provides various accounting and financial services to small- to medium-sized businesses, which include purchasing of accounts receivable as a means of providing funding to clients in the temporary staffing industry; a cloud-based accounting service; payment processing services; payment distribution services; and a small-business loan resource center. Paychex, Inc. markets its products and services through direct sales force. The company was founded in 1979 and is headquartered in Rochester, New York.

FINANCIAL RATIOS  of  Paychex (PAYX)

Valuation Ratios
P/E Ratio 28.2
Price to Sales 7.2
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow 21
Price to Free Cash Flow 23.2
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.9
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.7%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 40.9%
Ret/ On T. Cap. - 3 Yr. Avg. 38.1%
Return On Equity 40.9%
Return On Equity - 3 Yr. Avg. 38.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 71%
Gross Margin - 3 Yr. Avg. 70.8%
EBITDA Margin 42.9%
EBITDA Margin - 3 Yr. Avg. 43%
Operating Margin 38.9%
Oper. Margin - 3 Yr. Avg. 38.8%
Pre-Tax Margin 39%
Pre-Tax Margin - 3 Yr. Avg. 39%
Net Profit Margin 25.6%
Net Profit Margin - 3 Yr. Avg. 25.1%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 35.7%
Payout Ratio 80.2%

PAYX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAYX stock intrinsic value calculation we used $2952 million for the last fiscal year's total revenue generated by Paychex. The default revenue input number comes from 2016 income statement of Paychex. 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 PAYX stock valuation model: a) initial revenue growth rate of 6.8% 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 PAYX is calculated based on our internal credit rating of Paychex, 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 Paychex.
    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 PAYX stock the variable cost ratio is equal to 56.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $152 million in the base year in the intrinsic value calculation for PAYX 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 3.5% for Paychex.

Corporate tax rate of 27% is the nominal tax rate for Paychex. 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 PAYX 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 PAYX are equal to 13.7%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Paychex 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 PAYX is equal to 4.9%. 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 - $1912 million for Paychex - 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 358.223 million for Paychex 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 Paychex at the current share price and the inputted number of shares is $21.2 billion.


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COMPANY NEWS

▶ Cramer's Stop Trading: Paychex   [09:55AM  CNBC Videos]
▶ Paychex, Inc. Value Analysis (NASDAQ:PAYX) : May 30, 2017   [May-30-17 01:09PM  Capital Cube]
▶ Paychex Honored with Two Stevie(R) Awards   [May-25-17 01:30PM  Marketwired]
▶ 7 Quotes That Reveal Paycom Software's Growth Secrets   [May-24-17 07:43PM  Motley Fool]
▶ Paychex Declares Quarterly Dividend   [Apr-28-17 08:43AM  Business Wire]
▶ ETFs with exposure to Paychex, Inc. : April 20, 2017   [Apr-20-17 02:25PM  Capital Cube]
▶ Paychex beats 3Q profit forecasts   [08:40AM  Associated Press]
▶ Paychex, Inc. Reports Third Quarter Results   [08:30AM  Business Wire]
▶ The Staggering Cost of a Quarter-Point Interest-Rate Hike   [Mar-21-17 08:21AM  at Motley Fool]
▶ Forbes: Eight of the worlds billionaires call Tampa Bay home   [Mar-20-17 02:15PM  at bizjournals.com]
▶ These 12 Stocks Could Double Under Trump   [Jan-28-17 08:43AM  at Forbes]
▶ Paychex Expands Board of Directors, Appoints New Member   [Jan-13-17 09:11AM  Marketwired]
▶ Paychex Declares Quarterly Dividend   [08:31AM  Business Wire]
▶ 5 Dividend Stocks to Buy in January   [08:22AM  at Motley Fool]
▶ Best Investing Ideas For 2017   [Dec-28-16 11:02AM  at Forbes]
▶ [$$] McDonald's Pipeline Will Drive Sales Pickup   [Dec-24-16 12:05AM  at Barrons.com]
Stock chart of PAYX Financial statements of PAYX Annual reports of PAYX
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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