Intrinsic value of Paychex - PAYX

Previous Close

$69.98

  Intrinsic Value

$54.35

stock screener

  Rating & Target

sell

-22%

Previous close

$69.98

 
Intrinsic value

$54.35

 
Up/down potential

-22%

 
Rating

sell

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 2017), $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 25.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  6.80
  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
  3,365
  3,588
  3,820
  4,061
  4,312
  4,573
  4,846
  5,130
  5,426
  5,735
  6,058
  6,395
  6,747
  7,115
  7,501
  7,903
  8,325
  8,766
  9,228
  9,712
  10,219
  10,750
  11,306
  11,890
  12,501
  13,143
  13,815
  14,520
  15,260
  16,036
Variable operating expenses, $m
  1,792
  1,906
  2,025
  2,148
  2,276
  2,410
  2,549
  2,694
  2,846
  3,004
  3,097
  3,270
  3,450
  3,638
  3,835
  4,041
  4,257
  4,482
  4,718
  4,966
  5,225
  5,496
  5,781
  6,079
  6,392
  6,720
  7,064
  7,424
  7,802
  8,199
Fixed operating expenses, $m
  239
  244
  250
  255
  261
  267
  273
  278
  285
  291
  297
  304
  311
  317
  324
  331
  339
  346
  354
  362
  370
  378
  386
  394
  403
  412
  421
  430
  440
  450
Total operating expenses, $m
  2,031
  2,150
  2,275
  2,403
  2,537
  2,677
  2,822
  2,972
  3,131
  3,295
  3,394
  3,574
  3,761
  3,955
  4,159
  4,372
  4,596
  4,828
  5,072
  5,328
  5,595
  5,874
  6,167
  6,473
  6,795
  7,132
  7,485
  7,854
  8,242
  8,649
Operating income, $m
  1,334
  1,438
  1,545
  1,658
  1,775
  1,897
  2,024
  2,157
  2,295
  2,440
  2,663
  2,821
  2,987
  3,160
  3,341
  3,531
  3,730
  3,938
  4,156
  4,385
  4,624
  4,876
  5,139
  5,416
  5,706
  6,011
  6,330
  6,665
  7,018
  7,387
EBITDA, $m
  1,519
  1,630
  1,746
  1,866
  1,992
  2,123
  2,259
  2,402
  2,550
  2,706
  2,868
  3,037
  3,215
  3,400
  3,595
  3,798
  4,011
  4,234
  4,468
  4,713
  4,970
  5,239
  5,521
  5,818
  6,129
  6,455
  6,797
  7,156
  7,533
  7,929
Interest expense (income), $m
  0
  0
  18
  37
  56
  76
  97
  119
  142
  166
  190
  216
  243
  271
  301
  332
  364
  398
  433
  470
  508
  549
  591
  636
  682
  731
  782
  836
  892
  951
  1,013
Earnings before tax, $m
  1,334
  1,420
  1,509
  1,602
  1,699
  1,800
  1,905
  2,015
  2,130
  2,250
  2,447
  2,578
  2,715
  2,859
  3,009
  3,167
  3,332
  3,505
  3,686
  3,876
  4,075
  4,284
  4,504
  4,734
  4,975
  5,228
  5,494
  5,774
  6,067
  6,374
Tax expense, $m
  360
  383
  407
  432
  459
  486
  514
  544
  575
  607
  661
  696
  733
  772
  813
  855
  900
  946
  995
  1,047
  1,100
  1,157
  1,216
  1,278
  1,343
  1,412
  1,483
  1,559
  1,638
  1,721
Net income, $m
  974
  1,036
  1,101
  1,169
  1,240
  1,314
  1,391
  1,471
  1,555
  1,642
  1,786
  1,882
  1,982
  2,087
  2,197
  2,312
  2,432
  2,559
  2,691
  2,830
  2,975
  3,128
  3,288
  3,456
  3,632
  3,817
  4,011
  4,215
  4,429
  4,653

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  7,300
  7,783
  8,286
  8,809
  9,353
  9,920
  10,511
  11,127
  11,770
  12,441
  13,141
  13,872
  14,636
  15,435
  16,270
  17,144
  18,058
  19,015
  20,018
  21,067
  22,167
  23,319
  24,526
  25,791
  27,118
  28,509
  29,967
  31,497
  33,102
  34,785
Adjusted assets (=assets-cash), $m
  7,300
  7,783
  8,286
  8,809
  9,353
  9,920
  10,511
  11,127
  11,770
  12,441
  13,141
  13,872
  14,636
  15,435
  16,270
  17,144
  18,058
  19,015
  20,018
  21,067
  22,167
  23,319
  24,526
  25,791
  27,118
  28,509
  29,967
  31,497
  33,102
  34,785
Revenue / Adjusted assets
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
Average production assets, $m
  1,137
  1,213
  1,291
  1,373
  1,457
  1,546
  1,638
  1,734
  1,834
  1,938
  2,048
  2,161
  2,281
  2,405
  2,535
  2,671
  2,814
  2,963
  3,119
  3,283
  3,454
  3,633
  3,822
  4,019
  4,225
  4,442
  4,669
  4,908
  5,158
  5,420
Working capital, $m
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -193
  -204
  -214
  -225
  -237
  -249
  -261
  -275
  -289
Total debt, $m
  333
  678
  1,037
  1,411
  1,800
  2,204
  2,626
  3,066
  3,525
  4,004
  4,504
  5,026
  5,571
  6,142
  6,738
  7,362
  8,015
  8,698
  9,414
  10,163
  10,948
  11,771
  12,633
  13,536
  14,483
  15,477
  16,518
  17,610
  18,756
  19,958
Total liabilities, $m
  5,212
  5,557
  5,916
  6,290
  6,678
  7,083
  7,505
  7,945
  8,404
  8,883
  9,382
  9,905
  10,450
  11,020
  11,617
  12,241
  12,894
  13,577
  14,293
  15,042
  15,827
  16,649
  17,511
  18,415
  19,362
  20,355
  21,397
  22,489
  23,635
  24,836
Total equity, $m
  2,088
  2,226
  2,370
  2,519
  2,675
  2,837
  3,006
  3,182
  3,366
  3,558
  3,758
  3,967
  4,186
  4,414
  4,653
  4,903
  5,165
  5,438
  5,725
  6,025
  6,340
  6,669
  7,014
  7,376
  7,756
  8,153
  8,571
  9,008
  9,467
  9,948
Total liabilities and equity, $m
  7,300
  7,783
  8,286
  8,809
  9,353
  9,920
  10,511
  11,127
  11,770
  12,441
  13,140
  13,872
  14,636
  15,434
  16,270
  17,144
  18,059
  19,015
  20,018
  21,067
  22,167
  23,318
  24,525
  25,791
  27,118
  28,508
  29,968
  31,497
  33,102
  34,784
Debt-to-equity ratio
  0.160
  0.300
  0.440
  0.560
  0.670
  0.780
  0.870
  0.960
  1.050
  1.130
  1.200
  1.270
  1.330
  1.390
  1.450
  1.500
  1.550
  1.600
  1.640
  1.690
  1.730
  1.760
  1.800
  1.840
  1.870
  1.900
  1.930
  1.950
  1.980
  2.010
Adjusted equity ratio
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  974
  1,036
  1,101
  1,169
  1,240
  1,314
  1,391
  1,471
  1,555
  1,642
  1,786
  1,882
  1,982
  2,087
  2,197
  2,312
  2,432
  2,559
  2,691
  2,830
  2,975
  3,128
  3,288
  3,456
  3,632
  3,817
  4,011
  4,215
  4,429
  4,653
Depreciation, amort., depletion, $m
  185
  193
  201
  209
  217
  226
  235
  245
  255
  265
  205
  216
  228
  241
  254
  267
  281
  296
  312
  328
  345
  363
  382
  402
  423
  444
  467
  491
  516
  542
Funds from operations, $m
  1,159
  1,229
  1,302
  1,378
  1,457
  1,540
  1,626
  1,716
  1,810
  1,908
  1,991
  2,098
  2,210
  2,328
  2,450
  2,579
  2,714
  2,855
  3,003
  3,158
  3,320
  3,491
  3,670
  3,858
  4,054
  4,261
  4,478
  4,705
  4,944
  5,195
Change in working capital, $m
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
Cash from operations, $m
  1,163
  1,233
  1,306
  1,382
  1,462
  1,545
  1,631
  1,721
  1,815
  1,913
  1,997
  2,104
  2,217
  2,334
  2,457
  2,586
  2,721
  2,863
  3,011
  3,167
  3,330
  3,501
  3,680
  3,868
  4,065
  4,273
  4,490
  4,718
  4,958
  5,209
Maintenance CAPEX, $m
  -107
  -114
  -121
  -129
  -137
  -146
  -155
  -164
  -173
  -183
  -194
  -205
  -216
  -228
  -241
  -254
  -267
  -281
  -296
  -312
  -328
  -345
  -363
  -382
  -402
  -423
  -444
  -467
  -491
  -516
New CAPEX, $m
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -171
  -179
  -188
  -197
  -207
  -217
  -227
  -238
  -250
  -262
Cash from investing activities, $m
  -179
  -189
  -199
  -210
  -222
  -234
  -247
  -260
  -273
  -287
  -303
  -319
  -335
  -352
  -371
  -390
  -409
  -430
  -452
  -476
  -499
  -524
  -551
  -579
  -609
  -640
  -671
  -705
  -741
  -778
Free cash flow, $m
  985
  1,044
  1,107
  1,172
  1,240
  1,310
  1,384
  1,461
  1,542
  1,625
  1,694
  1,786
  1,881
  1,982
  2,087
  2,197
  2,312
  2,432
  2,559
  2,691
  2,830
  2,976
  3,128
  3,289
  3,457
  3,633
  3,818
  4,013
  4,217
  4,431
Issuance/(repayment) of debt, $m
  333
  345
  359
  373
  389
  405
  422
  440
  459
  479
  500
  522
  546
  570
  596
  624
  653
  683
  716
  749
  785
  823
  862
  904
  947
  993
  1,041
  1,092
  1,146
  1,202
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  333
  345
  359
  373
  389
  405
  422
  440
  459
  479
  500
  522
  546
  570
  596
  624
  653
  683
  716
  749
  785
  823
  862
  904
  947
  993
  1,041
  1,092
  1,146
  1,202
Total cash flow (excl. dividends), $m
  1,318
  1,389
  1,465
  1,545
  1,628
  1,715
  1,806
  1,901
  2,000
  2,104
  2,194
  2,308
  2,427
  2,552
  2,683
  2,820
  2,965
  3,116
  3,274
  3,441
  3,615
  3,798
  3,990
  4,192
  4,404
  4,626
  4,860
  5,105
  5,363
  5,633
Retained Cash Flow (-), $m
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -184
  -192
  -200
  -209
  -219
  -228
  -239
  -250
  -262
  -274
  -287
  -300
  -314
  -329
  -345
  -362
  -379
  -398
  -417
  -438
  -459
  -481
Prev. year cash balance distribution, $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 flow adjustment, $m
  35
  37
  39
  42
  45
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  83
  87
  92
  96
  102
  107
  112
  118
  124
  131
  138
  145
  152
  160
  168
Cash available for distribution, $m
  1,185
  1,251
  1,322
  1,396
  1,473
  1,553
  1,637
  1,725
  1,817
  1,912
  1,994
  2,099
  2,208
  2,324
  2,444
  2,571
  2,703
  2,842
  2,988
  3,140
  3,301
  3,469
  3,645
  3,830
  4,025
  4,229
  4,443
  4,668
  4,904
  5,151
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
  1,136
  1,145
  1,150
  1,149
  1,142
  1,127
  1,106
  1,078
  1,044
  1,003
  947
  896
  840
  780
  718
  653
  588
  523
  460
  399
  341
  288
  239
  195
  157
  123
  95
  72
  54
  39
Current shareholders' claim on cash, %
  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 30.8
Price to Sales 8
Price to Book 12.9
Price to Tangible Book
Price to Cash Flow 26.2
Price to Free Cash Flow 29
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 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 53.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $234 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 5.4% 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 1.1%.

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 33.8%.

Life of production assets of 10 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 -1.8%. 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 - $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 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 $25.2 billion.

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COMPANY NEWS

▶ Paychex Declares Quarterly Dividend   [Jul-12-18 07:45AM  Business Wire]
▶ Arizona, Phoenix lead in small-business wage growth   [Jul-04-18 07:00PM  American City Business Journals]
▶ Paychex's Timely Acquisitions Bolster Revenue Growth   [Jun-28-18 11:45AM  Motley Fool]
▶ Paychex Shares Lower on Q4 Earnings Miss   [11:28AM  InvestorPlace]
▶ Paychex: Fiscal 4Q Earnings Snapshot   [08:47AM  Associated Press]
▶ Paychex, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Cramer's game plan on Trump's trade talk   [05:28PM  CNBC Videos]
▶ Study: HR Sharpens Focus on Engagement, Company Culture   [Jun-18-18 10:07AM  PR Newswire]
▶ At $65.96, Is Paychex Inc (NASDAQ:PAYX) A Buy?   [Jun-01-18 12:02PM  Simply Wall St.]
▶ 20 High-Dividend Stocks With Too Much Cash to Count   [May-18-18 02:50PM  InvestorPlace]
▶ ADP Job Data, Q1 Earnings In Focus   [May-01-18 10:47AM  Zacks]
▶ Paychex Expands Board, Elects New Member   [Apr-30-18 11:51AM  PR Newswire]
▶ Paychex Increases Quarterly Dividend by 12%   [08:51AM  Business Wire]
▶ ADP Vs. Paychex: Bank Of America Picks A Winner   [Apr-17-18 02:27PM  Benzinga]
▶ Volatility Remains With Us   [Apr-03-18 10:35AM  Zacks]
▶ Paychex, Inc. Reports Q3 Revenue Beat   [11:21AM  InvestorPlace]
▶ Paychex, Inc. Reports Third Quarter Results   [08:30AM  Business Wire]
▶ Paychex, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Be prepared for more White House chaos   [Mar-23-18 06:48PM  CNBC Videos]
▶ Paychex Wins StevieĀ® Award for Customer Service   [Mar-20-18 11:02AM  PR Newswire]
▶ Should You Sell Paychex Inc (NASDAQ:PAYX) At This PE Ratio?   [Mar-13-18 10:22AM  Simply Wall St.]
▶ Paychex Acquires Lessor Group   [Mar-01-18 09:00AM  PR Newswire]
▶ Top Dividend Paying Stocks   [Feb-23-18 08:02AM  Simply Wall St.]
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