Intrinsic value of Paychex - PAYX

Previous Close

$66.81

  Intrinsic Value

$59.57

stock screener

  Rating & Target

hold

-11%

Previous close

$66.81

 
Intrinsic value

$59.57

 
Up/down potential

-11%

 
Rating

hold

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

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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.74
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  3,151
  3,381
  3,620
  3,869
  4,127
  4,395
  4,675
  4,966
  5,269
  5,584
  5,913
  6,256
  6,614
  6,988
  7,378
  7,786
  8,212
  8,658
  9,124
  9,612
  10,122
  10,656
  11,216
  11,802
  12,416
  13,060
  13,735
  14,442
  15,183
  15,961
  16,776
Variable operating expenses, $m
 
  1,814
  1,938
  2,066
  2,200
  2,339
  2,483
  2,634
  2,790
  2,954
  3,124
  3,235
  3,421
  3,614
  3,816
  4,027
  4,247
  4,477
  4,718
  4,971
  5,235
  5,511
  5,800
  6,104
  6,421
  6,754
  7,103
  7,469
  7,852
  8,254
  8,676
Fixed operating expenses, $m
 
  229
  234
  240
  246
  252
  259
  265
  272
  278
  285
  293
  300
  307
  315
  323
  331
  339
  348
  356
  365
  375
  384
  394
  403
  413
  424
  434
  445
  456
  468
Total operating expenses, $m
  1,912
  2,043
  2,172
  2,306
  2,446
  2,591
  2,742
  2,899
  3,062
  3,232
  3,409
  3,528
  3,721
  3,921
  4,131
  4,350
  4,578
  4,816
  5,066
  5,327
  5,600
  5,886
  6,184
  6,498
  6,824
  7,167
  7,527
  7,903
  8,297
  8,710
  9,144
Operating income, $m
  1,240
  1,338
  1,448
  1,562
  1,681
  1,804
  1,933
  2,067
  2,207
  2,352
  2,504
  2,728
  2,894
  3,067
  3,247
  3,436
  3,634
  3,841
  4,058
  4,284
  4,522
  4,771
  5,032
  5,305
  5,592
  5,893
  6,208
  6,539
  6,886
  7,250
  7,632
EBITDA, $m
  1,367
  1,456
  1,570
  1,688
  1,810
  1,938
  2,071
  2,209
  2,354
  2,504
  2,661
  2,825
  2,996
  3,175
  3,362
  3,557
  3,761
  3,975
  4,199
  4,433
  4,679
  4,936
  5,205
  5,488
  5,784
  6,095
  6,421
  6,762
  7,121
  7,497
  7,892
Interest expense (income), $m
  0
  0
  12
  25
  39
  53
  67
  82
  98
  115
  132
  150
  168
  187
  208
  229
  251
  274
  298
  323
  350
  377
  406
  437
  468
  502
  537
  573
  611
  652
  694
Earnings before tax, $m
  1,245
  1,338
  1,436
  1,537
  1,642
  1,752
  1,866
  1,985
  2,108
  2,238
  2,372
  2,579
  2,726
  2,879
  3,040
  3,208
  3,383
  3,567
  3,759
  3,961
  4,172
  4,393
  4,625
  4,868
  5,123
  5,391
  5,671
  5,966
  6,274
  6,599
  6,939
Tax expense, $m
  428
  361
  388
  415
  443
  473
  504
  536
  569
  604
  641
  696
  736
  777
  821
  866
  913
  963
  1,015
  1,069
  1,126
  1,186
  1,249
  1,314
  1,383
  1,456
  1,531
  1,611
  1,694
  1,782
  1,873
Net income, $m
  817
  977
  1,048
  1,122
  1,199
  1,279
  1,362
  1,449
  1,539
  1,633
  1,732
  1,882
  1,990
  2,102
  2,219
  2,342
  2,470
  2,604
  2,744
  2,892
  3,046
  3,207
  3,376
  3,554
  3,740
  3,935
  4,140
  4,355
  4,580
  4,817
  5,065

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  323
  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
  6,834
  6,986
  7,479
  7,993
  8,526
  9,081
  9,659
  10,260
  10,886
  11,538
  12,217
  12,926
  13,666
  14,438
  15,244
  16,087
  16,967
  17,888
  18,851
  19,859
  20,913
  22,017
  23,174
  24,385
  25,654
  26,983
  28,377
  29,838
  31,370
  32,976
  34,661
Adjusted assets (=assets-cash), $m
  6,511
  6,986
  7,479
  7,993
  8,526
  9,081
  9,659
  10,260
  10,886
  11,538
  12,217
  12,926
  13,666
  14,438
  15,244
  16,087
  16,967
  17,888
  18,851
  19,859
  20,913
  22,017
  23,174
  24,385
  25,654
  26,983
  28,377
  29,838
  31,370
  32,976
  34,661
Revenue / Adjusted assets
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
Average production assets, $m
  409
  440
  471
  503
  536
  571
  608
  646
  685
  726
  769
  813
  860
  908
  959
  1,012
  1,068
  1,126
  1,186
  1,249
  1,316
  1,385
  1,458
  1,534
  1,614
  1,698
  1,785
  1,877
  1,974
  2,075
  2,181
Working capital, $m
  547
  240
  257
  275
  293
  312
  332
  353
  374
  396
  420
  444
  470
  496
  524
  553
  583
  615
  648
  682
  719
  757
  796
  838
  882
  927
  975
  1,025
  1,078
  1,133
  1,191
Total debt, $m
  0
  353
  723
  1,108
  1,507
  1,923
  2,355
  2,806
  3,274
  3,763
  4,272
  4,803
  5,357
  5,935
  6,539
  7,170
  7,829
  8,519
  9,240
  9,995
  10,785
  11,612
  12,478
  13,385
  14,336
  15,332
  16,375
  17,470
  18,617
  19,820
  21,082
Total liabilities, $m
  4,878
  5,232
  5,602
  5,987
  6,386
  6,802
  7,234
  7,685
  8,153
  8,642
  9,151
  9,682
  10,236
  10,814
  11,418
  12,049
  12,708
  13,398
  14,119
  14,874
  15,664
  16,491
  17,357
  18,264
  19,215
  20,211
  21,254
  22,349
  23,496
  24,699
  25,961
Total equity, $m
  1,955
  1,753
  1,877
  2,006
  2,140
  2,279
  2,424
  2,575
  2,732
  2,896
  3,067
  3,245
  3,430
  3,624
  3,826
  4,038
  4,259
  4,490
  4,732
  4,984
  5,249
  5,526
  5,817
  6,121
  6,439
  6,773
  7,123
  7,489
  7,874
  8,277
  8,700
Total liabilities and equity, $m
  6,833
  6,985
  7,479
  7,993
  8,526
  9,081
  9,658
  10,260
  10,885
  11,538
  12,218
  12,927
  13,666
  14,438
  15,244
  16,087
  16,967
  17,888
  18,851
  19,858
  20,913
  22,017
  23,174
  24,385
  25,654
  26,984
  28,377
  29,838
  31,370
  32,976
  34,661
Debt-to-equity ratio
  0.000
  0.200
  0.390
  0.550
  0.700
  0.840
  0.970
  1.090
  1.200
  1.300
  1.390
  1.480
  1.560
  1.640
  1.710
  1.780
  1.840
  1.900
  1.950
  2.010
  2.050
  2.100
  2.150
  2.190
  2.230
  2.260
  2.300
  2.330
  2.360
  2.390
  2.420
Adjusted equity ratio
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  817
  977
  1,048
  1,122
  1,199
  1,279
  1,362
  1,449
  1,539
  1,633
  1,732
  1,882
  1,990
  2,102
  2,219
  2,342
  2,470
  2,604
  2,744
  2,892
  3,046
  3,207
  3,376
  3,554
  3,740
  3,935
  4,140
  4,355
  4,580
  4,817
  5,065
Depreciation, amort., depletion, $m
  127
  118
  122
  126
  130
  134
  138
  143
  147
  152
  157
  97
  102
  108
  114
  120
  127
  134
  141
  149
  157
  165
  174
  183
  192
  202
  213
  224
  235
  247
  260
Funds from operations, $m
  846
  1,095
  1,170
  1,247
  1,328
  1,412
  1,500
  1,591
  1,686
  1,786
  1,889
  1,979
  2,092
  2,210
  2,333
  2,462
  2,597
  2,738
  2,886
  3,040
  3,202
  3,372
  3,550
  3,737
  3,932
  4,137
  4,353
  4,578
  4,815
  5,064
  5,325
Change in working capital, $m
  -114
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
Cash from operations, $m
  960
  1,079
  1,153
  1,230
  1,310
  1,393
  1,480
  1,571
  1,665
  1,763
  1,866
  1,955
  2,067
  2,183
  2,306
  2,433
  2,567
  2,706
  2,853
  3,006
  3,166
  3,334
  3,510
  3,695
  3,889
  4,092
  4,305
  4,528
  4,763
  5,009
  5,267
Maintenance CAPEX, $m
  0
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -82
  -86
  -92
  -97
  -102
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -224
  -235
  -247
New CAPEX, $m
  -94
  -31
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
Cash from investing activities, $m
  -425
  -80
  -83
  -88
  -94
  -99
  -104
  -110
  -116
  -123
  -129
  -137
  -144
  -151
  -159
  -167
  -175
  -185
  -195
  -204
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -305
  -320
  -336
  -353
Free cash flow, $m
  535
  999
  1,069
  1,141
  1,216
  1,295
  1,376
  1,460
  1,549
  1,641
  1,736
  1,819
  1,923
  2,033
  2,147
  2,266
  2,391
  2,521
  2,658
  2,801
  2,951
  3,108
  3,273
  3,445
  3,626
  3,816
  4,015
  4,224
  4,443
  4,673
  4,914
Issuance/(repayment) of debt, $m
  0
  353
  370
  384
  400
  416
  432
  450
  469
  488
  509
  531
  554
  578
  604
  631
  660
  690
  721
  755
  790
  827
  866
  907
  950
  996
  1,044
  1,094
  1,147
  1,203
  1,262
Issuance/(repurchase) of shares, $m
  -166
  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  
  179
  353
  370
  384
  400
  416
  432
  450
  469
  488
  509
  531
  554
  578
  604
  631
  660
  690
  721
  755
  790
  827
  866
  907
  950
  996
  1,044
  1,094
  1,147
  1,203
  1,262
Total cash flow (excl. dividends), $m
  715
  1,353
  1,439
  1,526
  1,616
  1,710
  1,808
  1,911
  2,017
  2,129
  2,246
  2,350
  2,477
  2,611
  2,751
  2,897
  3,050
  3,211
  3,379
  3,556
  3,741
  3,935
  4,139
  4,352
  4,577
  4,812
  5,059
  5,318
  5,590
  5,876
  6,176
Retained Cash Flow (-), $m
  -43
  -121
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -186
  -194
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -277
  -290
  -304
  -319
  -334
  -350
  -367
  -384
  -403
  -423
Prev. year cash balance distribution, $m
 
  323
  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
 
  1,554
  1,315
  1,397
  1,482
  1,571
  1,663
  1,760
  1,860
  1,965
  2,075
  2,172
  2,292
  2,417
  2,548
  2,685
  2,829
  2,980
  3,138
  3,303
  3,476
  3,658
  3,848
  4,048
  4,258
  4,478
  4,709
  4,951
  5,206
  5,473
  5,753
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
 
  1,490
  1,204
  1,216
  1,220
  1,218
  1,207
  1,189
  1,163
  1,129
  1,088
  1,031
  978
  919
  855
  788
  719
  648
  578
  509
  442
  378
  319
  265
  217
  174
  137
  106
  81
  60
  43
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. is a provider of integrated human capital management (HCM) solutions for payroll, human resource (HR), retirement and insurance services for small- to medium-sized businesses in the United States. The Company also has operations in Germany. The Company offers services, including Payroll processing, Human Resource Services, and Accounting and Financial Services. As of May 31, 2016, the Company serviced approximately 605,000 payroll clients. It offers a portfolio of HCM services and products that allows its clients to meet their payroll and HR needs. Its payroll-related ancillary services and human resource service (HRS) offerings often leverage the information gathered in the base payroll processing service, allowing it to provide outsourcing services covering the HCM spectrum. The Company, through its HCM software-as-a-service platform, Paychex Flex, provides an integrated product suite that covers the employee life cycle from recruiting and hiring to retirement.

FINANCIAL RATIOS  of  Paychex (PAYX)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 7.6
Price to Book 12.3
Price to Tangible Book
Price to Cash Flow 25
Price to Free Cash Flow 27.7
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.3%
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 12.3%
Ret/ On Assets - 3 Yr. Avg. 11.5%
Return On Total Capital 42.3%
Ret/ On T. Cap. - 3 Yr. Avg. 40.4%
Return On Equity 42.3%
Return On Equity - 3 Yr. Avg. 40.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 23.5%
EBITDA Margin 43.5%
EBITDA Margin - 3 Yr. Avg. 43%
Operating Margin 39.3%
Oper. Margin - 3 Yr. Avg. 38.9%
Pre-Tax Margin 39.5%
Pre-Tax Margin - 3 Yr. Avg. 39.1%
Net Profit Margin 25.9%
Net Profit Margin - 3 Yr. Avg. 25.4%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 81%

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 $3151 million for the last fiscal year's total revenue generated by Paychex. The default revenue input number comes from 2017 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 7.3% 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 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 53.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $223 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%.

Life of production assets of 8.4 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 7.1%. 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 - $1955 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 360.311 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 $24.1 billion.

RELATED COMPANIES Price Int.Val. Rating
ADP Automatic Data 116.18 127.74  hold
EFX Equifax 117.46 74.14  sell
NSP Insperity 63.05 66.60  hold
TNET TriNet Group 41.66 17.87  str.sell
CBZ CBIZ Inc 17.85 20.39  buy
INTU Intuit 171.69 146.15  hold
BBSI Barrett Busine 67.68 131.29  str.buy

COMPANY NEWS

▶ Paychex denies report about merger talks with M&T Bank   [Jan-24-18 09:38AM  American City Business Journals]
▶ Paychex Declares Quarterly Dividend   [08:30AM  Business Wire]
▶ What's Next Ahead of Q4 Earnings Season?   [Jan-02-18 10:14AM  Zacks]
▶ Expect Paychex to Reinvest More   [Dec-26-17 05:25PM  Morningstar]
▶ Paychex meets 2Q profit forecasts   [08:41AM  Associated Press]
▶ Paychex, Inc. Reports Second Quarter Results   [08:30AM  Business Wire]
▶ Stealth Growth Stock In Buy Zone To Report: Investing Action Plan   [Dec-20-17 04:22PM  Investor's Business Daily]
▶ Top Rated NYSE Dividend Stocks   [Nov-03-17 09:02AM  Simply Wall St.]
▶ Paychex CEO: Small biz hiring slows slightly   [Oct-31-17 08:33AM  CNBC Videos]
▶ 5 Stocks To Watch For The Week Of October 30   [Oct-27-17 01:01PM  Benzinga]
▶ ETFs with exposure to Paychex, Inc. : October 23, 2017   [Oct-23-17 10:56AM  Capital Cube]
▶ Rodriguez: Ackmans proxy contest is a distraction   [04:23PM  Yahoo Finance Video]
▶ Paychex Inc (PAYX): Financial Strength Analysis   [Oct-19-17 04:37PM  Simply Wall St.]
▶ Paychex Declares Quarterly Dividend   [07:38AM  Business Wire]
Financial statements 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.