Intrinsic value of Paylocity Holding - PCTY

Previous Close

$45.05

  Intrinsic Value

$87.42

stock screener

  Rating & Target

str. buy

+94%

  Value-price divergence*

-102%

Previous close

$45.05

 
Intrinsic value

$87.42

 
Up/down potential

+94%

 
Rating

str. buy

 
Value-price divergence*

-102%

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

We calculate the intrinsic value of PCTY 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 2.2

 

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, %
  50.98
  26.80
  24.62
  22.66
  20.89
  19.30
  17.87
  16.59
  15.43
  14.38
  13.45
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
Revenue, $m
  231
  293
  365
  448
  541
  646
  761
  887
  1,024
  1,172
  1,329
  1,497
  1,674
  1,861
  2,057
  2,262
  2,477
  2,701
  2,934
  3,177
  3,429
  3,691
  3,964
  4,247
  4,542
  4,848
  5,166
  5,497
  5,842
  6,200
  6,574
Variable operating expenses, $m
 
  251
  312
  383
  463
  552
  651
  759
  876
  1,002
  1,136
  1,279
  1,430
  1,590
  1,757
  1,933
  2,116
  2,308
  2,507
  2,714
  2,930
  3,154
  3,387
  3,629
  3,880
  4,142
  4,414
  4,697
  4,991
  5,298
  5,617
Fixed operating expenses, $m
 
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
  69
  70
  72
  74
  76
  78
Total operating expenses, $m
  234
  289
  351
  423
  504
  594
  694
  803
  921
  1,048
  1,183
  1,328
  1,480
  1,641
  1,809
  1,987
  2,171
  2,364
  2,565
  2,773
  2,991
  3,216
  3,451
  3,694
  3,947
  4,211
  4,484
  4,769
  5,065
  5,374
  5,695
Operating income, $m
  -4
  4
  14
  25
  37
  52
  67
  85
  103
  124
  146
  169
  194
  220
  247
  276
  306
  337
  369
  403
  439
  475
  513
  553
  594
  637
  682
  728
  777
  827
  880
EBITDA, $m
  10
  10
  21
  33
  48
  64
  82
  101
  123
  146
  170
  197
  224
  254
  285
  317
  351
  386
  423
  461
  501
  542
  586
  630
  677
  725
  776
  828
  883
  940
  999
Interest expense (income), $m
  0
  0
  8
  20
  35
  52
  70
  91
  113
  138
  164
  192
  222
  253
  287
  322
  358
  396
  436
  478
  521
  566
  612
  661
  711
  764
  818
  875
  934
  995
  1,059
Earnings before tax, $m
  -4
  4
  6
  4
  2
  0
  -3
  -6
  -10
  -14
  -18
  -23
  -28
  -34
  -39
  -46
  -52
  -59
  -67
  -74
  -82
  -90
  -99
  -108
  -117
  -127
  -136
  -147
  -157
  -168
  -179
Tax expense, $m
  0
  1
  2
  1
  1
  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
Net income, $m
  -4
  3
  4
  3
  2
  0
  -3
  -6
  -10
  -14
  -18
  -23
  -28
  -34
  -39
  -46
  -52
  -59
  -67
  -74
  -82
  -90
  -99
  -108
  -117
  -127
  -136
  -147
  -157
  -168
  -179

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  87
  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
  1,391
  1,655
  2,062
  2,530
  3,058
  3,648
  4,300
  5,014
  5,787
  6,619
  7,509
  8,456
  9,457
  10,512
  11,620
  12,781
  13,993
  15,258
  16,576
  17,947
  19,373
  20,855
  22,395
  23,996
  25,659
  27,389
  29,187
  31,057
  33,004
  35,030
  37,142
Adjusted assets (=assets-cash), $m
  1,304
  1,655
  2,062
  2,530
  3,058
  3,648
  4,300
  5,014
  5,787
  6,619
  7,509
  8,456
  9,457
  10,512
  11,620
  12,781
  13,993
  15,258
  16,576
  17,947
  19,373
  20,855
  22,395
  23,996
  25,659
  27,389
  29,187
  31,057
  33,004
  35,030
  37,142
Revenue / Adjusted assets
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
Average production assets, $m
  42
  53
  66
  81
  99
  118
  139
  162
  186
  213
  242
  272
  305
  339
  374
  412
  451
  492
  534
  578
  624
  672
  721
  773
  827
  882
  940
  1,000
  1,063
  1,128
  1,196
Working capital, $m
  69
  -23
  -28
  -35
  -42
  -50
  -59
  -69
  -80
  -91
  -104
  -117
  -131
  -145
  -160
  -176
  -193
  -211
  -229
  -248
  -267
  -288
  -309
  -331
  -354
  -378
  -403
  -429
  -456
  -484
  -513
Total debt, $m
  0
  218
  585
  1,006
  1,481
  2,012
  2,599
  3,241
  3,937
  4,686
  5,488
  6,339
  7,240
  8,190
  9,187
  10,232
  11,323
  12,462
  13,647
  14,882
  16,165
  17,499
  18,885
  20,325
  21,823
  23,379
  24,997
  26,680
  28,432
  30,256
  32,157
Total liabilities, $m
  1,271
  1,489
  1,856
  2,277
  2,752
  3,283
  3,870
  4,512
  5,208
  5,957
  6,759
  7,610
  8,511
  9,461
  10,458
  11,503
  12,594
  13,733
  14,918
  16,153
  17,436
  18,770
  20,156
  21,596
  23,094
  24,650
  26,268
  27,951
  29,703
  31,527
  33,428
Total equity, $m
  120
  165
  206
  253
  306
  365
  430
  501
  579
  662
  751
  846
  946
  1,051
  1,162
  1,278
  1,399
  1,526
  1,658
  1,795
  1,937
  2,086
  2,240
  2,400
  2,566
  2,739
  2,919
  3,106
  3,300
  3,503
  3,714
Total liabilities and equity, $m
  1,391
  1,654
  2,062
  2,530
  3,058
  3,648
  4,300
  5,013
  5,787
  6,619
  7,510
  8,456
  9,457
  10,512
  11,620
  12,781
  13,993
  15,259
  16,576
  17,948
  19,373
  20,856
  22,396
  23,996
  25,660
  27,389
  29,187
  31,057
  33,003
  35,030
  37,142
Debt-to-equity ratio
  0.000
  1.320
  2.840
  3.980
  4.840
  5.520
  6.040
  6.460
  6.800
  7.080
  7.310
  7.500
  7.660
  7.790
  7.910
  8.010
  8.090
  8.170
  8.230
  8.290
  8.340
  8.390
  8.430
  8.470
  8.500
  8.540
  8.560
  8.590
  8.610
  8.640
  8.660
Adjusted equity ratio
  0.025
  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
  -4
  3
  4
  3
  2
  0
  -3
  -6
  -10
  -14
  -18
  -23
  -28
  -34
  -39
  -46
  -52
  -59
  -67
  -74
  -82
  -90
  -99
  -108
  -117
  -127
  -136
  -147
  -157
  -168
  -179
Depreciation, amort., depletion, $m
  14
  6
  7
  9
  10
  12
  14
  17
  19
  22
  25
  27
  30
  34
  37
  41
  45
  49
  53
  58
  62
  67
  72
  77
  83
  88
  94
  100
  106
  113
  120
Funds from operations, $m
  37
  9
  12
  12
  12
  12
  11
  10
  9
  8
  6
  5
  3
  0
  -2
  -5
  -7
  -10
  -13
  -16
  -20
  -23
  -27
  -31
  -34
  -38
  -42
  -47
  -51
  -55
  -60
Change in working capital, $m
  4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
Cash from operations, $m
  33
  14
  17
  18
  19
  20
  20
  20
  20
  19
  19
  18
  16
  15
  13
  11
  9
  7
  5
  2
  0
  -3
  -6
  -8
  -11
  -14
  -18
  -21
  -24
  -27
  -31
Maintenance CAPEX, $m
  0
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -24
  -27
  -30
  -34
  -37
  -41
  -45
  -49
  -53
  -58
  -62
  -67
  -72
  -77
  -83
  -88
  -94
  -100
  -106
  -113
New CAPEX, $m
  -24
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
Cash from investing activities, $m
  -673
  -15
  -18
  -22
  -25
  -29
  -33
  -37
  -41
  -46
  -50
  -54
  -59
  -64
  -70
  -74
  -80
  -86
  -91
  -97
  -104
  -110
  -117
  -124
  -131
  -139
  -146
  -154
  -163
  -171
  -181
Free cash flow, $m
  -640
  -2
  -1
  -3
  -6
  -9
  -12
  -17
  -21
  -26
  -31
  -37
  -43
  -50
  -56
  -63
  -71
  -79
  -87
  -95
  -104
  -113
  -122
  -132
  -142
  -153
  -164
  -175
  -187
  -199
  -211
Issuance/(repayment) of debt, $m
  0
  218
  367
  421
  476
  531
  587
  642
  696
  749
  801
  852
  901
  950
  997
  1,044
  1,091
  1,138
  1,186
  1,234
  1,283
  1,334
  1,386
  1,441
  1,497
  1,556
  1,618
  1,683
  1,752
  1,824
  1,900
Issuance/(repurchase) of shares, $m
  0
  129
  36
  44
  51
  59
  68
  78
  87
  97
  107
  117
  128
  139
  150
  162
  174
  186
  198
  211
  225
  239
  253
  268
  283
  299
  316
  334
  352
  371
  391
Cash from financing (excl. dividends), $m  
  646
  347
  403
  465
  527
  590
  655
  720
  783
  846
  908
  969
  1,029
  1,089
  1,147
  1,206
  1,265
  1,324
  1,384
  1,445
  1,508
  1,573
  1,639
  1,709
  1,780
  1,855
  1,934
  2,017
  2,104
  2,195
  2,291
Total cash flow (excl. dividends), $m
  5
  346
  402
  461
  521
  582
  643
  703
  762
  820
  877
  932
  986
  1,039
  1,091
  1,143
  1,194
  1,246
  1,298
  1,350
  1,404
  1,460
  1,517
  1,576
  1,638
  1,703
  1,771
  1,842
  1,917
  1,996
  2,079
Retained Cash Flow (-), $m
  -12
  -132
  -41
  -47
  -53
  -59
  -68
  -78
  -87
  -97
  -107
  -117
  -128
  -139
  -150
  -162
  -174
  -186
  -198
  -211
  -225
  -239
  -253
  -268
  -283
  -299
  -316
  -334
  -352
  -371
  -391
Prev. year cash balance distribution, $m
 
  87
  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
 
  301
  361
  414
  468
  523
  574
  625
  675
  723
  770
  815
  858
  900
  941
  981
  1,021
  1,060
  1,099
  1,139
  1,179
  1,221
  1,264
  1,308
  1,355
  1,403
  1,455
  1,508
  1,565
  1,625
  1,689
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
 
  288
  331
  360
  386
  405
  417
  422
  422
  415
  403
  387
  366
  342
  316
  288
  259
  231
  202
  175
  150
  126
  105
  86
  69
  55
  42
  32
  24
  18
  13
Current shareholders' claim on cash, %
  100
  71.8
  70.3
  68.8
  67.5
  66.2
  65.0
  63.8
  62.7
  61.7
  60.7
  59.8
  58.9
  58.0
  57.2
  56.4
  55.7
  54.9
  54.2
  53.5
  52.9
  52.2
  51.6
  51.0
  50.4
  49.8
  49.2
  48.7
  48.1
  47.6
  47.1

Paylocity Holding Corporation provides cloud-based payroll and human capital management (HCM) software solutions for medium-sized organizations in the United States. It offers Paylocity Web Pay for enterprise-grade payroll processing and administration; Paylocity HR for employee record management and HR compliance and reporting; Paylocity Affordable Care Act Enhanced, which provides compliance and reporting for the Affordable Care Act; Paylocity Impressions, a social media feature designed to integrate peer-to-peer collaboration and recognition into the company’s solution; and Performance Management for employee performance appraisal process and performance review. The company also provides Self-Service HR Portals, which are designed to enable employees and managers secure and real-time access to critical payroll and HR information; Paylocity Web Onboarding that delivers an approach new hire onboarding and events management; Paylocity Recruiting, an applicant tracking tool that automates candidate sourcing; and Paylocity Web Time, a time and attendance solution. In addition, it offers Paylocity Web Benefits and Paylocity Enterprise Benefits, which are benefit management solutions that integrate with insurance carrier systems to provide automated administrative processes and allow users to choose benefit elections and make life event changes online, summarize benefit elections, and perform other benefit-related tasks, as well as enable premium reconciliation, management of voluntary benefits, and reporting. Paylocity Holding Corporation was founded in 1997 and is headquartered in Arlington Heights, Illinois.

FINANCIAL RATIOS  of  Paylocity Holding (PCTY)

Valuation Ratios
P/E Ratio -575.9
Price to Sales 10
Price to Book 19.2
Price to Tangible Book
Price to Cash Flow 69.8
Price to Free Cash Flow 255.9
Growth Rates
Sales Growth Rate 51%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 84.6%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.4%
Ret/ On Assets - 3 Yr. Avg. -1.4%
Return On Total Capital -3.5%
Ret/ On T. Cap. - 3 Yr. Avg. -10.4%
Return On Equity -3.5%
Return On Equity - 3 Yr. Avg. -10.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 57.6%
Gross Margin - 3 Yr. Avg. 53.6%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin -1.3%
Oper. Margin - 3 Yr. Avg. -5.6%
Pre-Tax Margin -1.7%
Pre-Tax Margin - 3 Yr. Avg. -5.8%
Net Profit Margin -1.7%
Net Profit Margin - 3 Yr. Avg. -5.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

PCTY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PCTY stock intrinsic value calculation we used $231 million for the last fiscal year's total revenue generated by Paylocity Holding. The default revenue input number comes from 2016 income statement of Paylocity Holding. 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 PCTY stock valuation model: a) initial revenue growth rate of 26.8% 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 PCTY is calculated based on our internal credit rating of Paylocity Holding, 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 Paylocity Holding.
    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 PCTY stock the variable cost ratio is equal to 85.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $37 million in the base year in the intrinsic value calculation for PCTY 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 Paylocity Holding.

Corporate tax rate of 27% is the nominal tax rate for Paylocity Holding. 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 PCTY 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 PCTY are equal to 18.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Paylocity Holding 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 PCTY is equal to -7.8%. 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 - $120 million for Paylocity Holding - 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 49.917 million for Paylocity Holding 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 Paylocity Holding at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Paylocity reports 4Q loss   [Aug-10-17 10:15PM  Associated Press]
▶ Paylocity Introduces HR Compliance Dashboard   [Jul-11-17 04:05PM  GlobeNewswire]
▶ Can Cloud-Based Software Stock With 121% Growth Re-Enter Buy Zone?   [Jul-03-17 01:13PM  Investor's Business Daily]
▶ 3 Cloud Stocks To Buy Right Now   [Jun-12-17 06:43PM  Zacks]
▶ Stocks Hold Record Highs; Amazon.com Nears Major Milestone   [May-25-17 03:00PM  Investor's Business Daily]
▶ Paylocity to Attend Upcoming Investor Conferences   [May-22-17 04:30PM  GlobeNewswire]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-17-17 11:10AM  Investor's Business Daily]
▶ 3 Small Cap-Growth Stocks You Can Buy Now   [08:02AM  Motley Fool]
▶ Will New Buy Point Pay Off For This Tech IPO?   [May-16-17 11:30AM  Investor's Business Daily]
▶ Why Paylocity Shares Popped Today   [May-05-17 05:32PM  Motley Fool]
▶ Paylocity tops Street 3Q forecasts   [05:03AM  Associated Press]
▶ Paylocity to Attend Upcoming Investor Conferences   [Feb-21-17 04:05PM  GlobeNewswire]
▶ Paylocity reports 2Q loss   [Feb-02-17 06:14PM  Associated Press]
▶ Paylocity to Attend the Needham Growth Conference   [Jan-03-17 04:05PM  GlobeNewswire]
▶ Do Hedge Funds Love Sterling Bancorp (STL)?   [Dec-08-16 05:47PM  at Insider Monkey]
▶ Paylocity reports 1Q loss   [05:51PM  AP]
Stock chart of PCTY Financial statements of PCTY
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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