Intrinsic value of Paychex - PAYX

Previous Close

$64.04

  Intrinsic Value

$54.13

stock screener

  Rating & Target

hold

-15%

  Value-price divergence*

+10%

Previous close

$64.04

 
Intrinsic value

$54.13

 
Up/down potential

-15%

 
Rating

hold

 
Value-price divergence*

+10%

*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 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 23.3

 

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
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  3,151
  3,340
  3,537
  3,743
  3,957
  4,181
  4,415
  4,659
  4,914
  5,181
  5,460
  5,752
  6,058
  6,378
  6,713
  7,064
  7,431
  7,817
  8,221
  8,644
  9,088
  9,553
  10,042
  10,553
  11,091
  11,654
  12,245
  12,865
  13,516
  14,199
  14,915
Variable operating expenses, $m
 
  1,793
  1,895
  2,001
  2,112
  2,228
  2,349
  2,475
  2,607
  2,745
  2,889
  2,975
  3,133
  3,298
  3,471
  3,653
  3,843
  4,042
  4,251
  4,470
  4,700
  4,941
  5,193
  5,458
  5,735
  6,027
  6,332
  6,653
  6,990
  7,343
  7,713
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
  2,022
  2,129
  2,241
  2,358
  2,480
  2,608
  2,740
  2,879
  3,023
  3,174
  3,268
  3,433
  3,605
  3,786
  3,976
  4,174
  4,381
  4,599
  4,826
  5,065
  5,316
  5,577
  5,852
  6,138
  6,440
  6,756
  7,087
  7,435
  7,799
  8,181
Operating income, $m
  1,240
  1,318
  1,408
  1,501
  1,599
  1,701
  1,807
  1,919
  2,035
  2,157
  2,285
  2,485
  2,625
  2,772
  2,926
  3,088
  3,257
  3,435
  3,622
  3,817
  4,023
  4,238
  4,465
  4,702
  4,952
  5,214
  5,489
  5,778
  6,081
  6,399
  6,734
EBITDA, $m
  1,367
  1,436
  1,528
  1,625
  1,726
  1,831
  1,941
  2,057
  2,177
  2,303
  2,435
  2,574
  2,719
  2,871
  3,030
  3,197
  3,372
  3,556
  3,749
  3,951
  4,163
  4,386
  4,620
  4,866
  5,123
  5,394
  5,678
  5,977
  6,290
  6,619
  6,965
Interest expense (income), $m
  0
  0
  10
  21
  32
  44
  56
  68
  82
  95
  110
  125
  141
  157
  175
  193
  212
  232
  253
  274
  297
  321
  347
  373
  401
  430
  460
  492
  526
  561
  598
Earnings before tax, $m
  1,245
  1,318
  1,398
  1,480
  1,567
  1,657
  1,752
  1,850
  1,954
  2,062
  2,175
  2,360
  2,484
  2,615
  2,751
  2,895
  3,045
  3,203
  3,369
  3,543
  3,725
  3,917
  4,118
  4,329
  4,551
  4,784
  5,028
  5,285
  5,555
  5,838
  6,136
Tax expense, $m
  428
  356
  377
  400
  423
  447
  473
  500
  528
  557
  587
  637
  671
  706
  743
  782
  822
  865
  910
  957
  1,006
  1,058
  1,112
  1,169
  1,229
  1,292
  1,358
  1,427
  1,500
  1,576
  1,657
Net income, $m
  817
  962
  1,020
  1,081
  1,144
  1,210
  1,279
  1,351
  1,426
  1,505
  1,588
  1,723
  1,814
  1,909
  2,009
  2,113
  2,223
  2,338
  2,459
  2,586
  2,719
  2,859
  3,006
  3,160
  3,322
  3,492
  3,671
  3,858
  4,055
  4,262
  4,479

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
  6,901
  7,308
  7,733
  8,176
  8,638
  9,121
  9,626
  10,153
  10,704
  11,281
  11,884
  12,516
  13,177
  13,869
  14,594
  15,354
  16,150
  16,985
  17,860
  18,777
  19,738
  20,747
  21,805
  22,914
  24,078
  25,299
  26,581
  27,925
  29,336
  30,817
Adjusted assets (=assets-cash), $m
  6,511
  6,901
  7,308
  7,733
  8,176
  8,638
  9,121
  9,626
  10,153
  10,704
  11,281
  11,884
  12,516
  13,177
  13,869
  14,594
  15,354
  16,150
  16,985
  17,860
  18,777
  19,738
  20,747
  21,805
  22,914
  24,078
  25,299
  26,581
  27,925
  29,336
  30,817
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
  434
  460
  487
  514
  544
  574
  606
  639
  674
  710
  748
  787
  829
  873
  918
  966
  1,016
  1,069
  1,124
  1,181
  1,242
  1,305
  1,372
  1,442
  1,515
  1,592
  1,672
  1,757
  1,846
  1,939
Working capital, $m
  547
  237
  251
  266
  281
  297
  313
  331
  349
  368
  388
  408
  430
  453
  477
  502
  528
  555
  584
  614
  645
  678
  713
  749
  787
  827
  869
  913
  960
  1,008
  1,059
Total debt, $m
  0
  290
  595
  913
  1,245
  1,591
  1,953
  2,331
  2,726
  3,138
  3,570
  4,022
  4,495
  4,991
  5,509
  6,052
  6,621
  7,218
  7,843
  8,498
  9,185
  9,905
  10,660
  11,453
  12,284
  13,156
  14,070
  15,030
  16,037
  17,094
  18,203
Total liabilities, $m
  4,878
  5,169
  5,474
  5,792
  6,124
  6,470
  6,832
  7,210
  7,605
  8,017
  8,449
  8,901
  9,374
  9,870
  10,388
  10,931
  11,500
  12,097
  12,722
  13,377
  14,064
  14,784
  15,539
  16,332
  17,163
  18,035
  18,949
  19,909
  20,916
  21,973
  23,082
Total equity, $m
  1,955
  1,732
  1,834
  1,941
  2,052
  2,168
  2,289
  2,416
  2,548
  2,687
  2,832
  2,983
  3,141
  3,307
  3,481
  3,663
  3,854
  4,054
  4,263
  4,483
  4,713
  4,954
  5,207
  5,473
  5,751
  6,044
  6,350
  6,672
  7,009
  7,363
  7,735
Total liabilities and equity, $m
  6,833
  6,901
  7,308
  7,733
  8,176
  8,638
  9,121
  9,626
  10,153
  10,704
  11,281
  11,884
  12,515
  13,177
  13,869
  14,594
  15,354
  16,151
  16,985
  17,860
  18,777
  19,738
  20,746
  21,805
  22,914
  24,079
  25,299
  26,581
  27,925
  29,336
  30,817
Debt-to-equity ratio
  0.000
  0.170
  0.320
  0.470
  0.610
  0.730
  0.850
  0.960
  1.070
  1.170
  1.260
  1.350
  1.430
  1.510
  1.580
  1.650
  1.720
  1.780
  1.840
  1.900
  1.950
  2.000
  2.050
  2.090
  2.140
  2.180
  2.220
  2.250
  2.290
  2.320
  2.350
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
  962
  1,020
  1,081
  1,144
  1,210
  1,279
  1,351
  1,426
  1,505
  1,588
  1,723
  1,814
  1,909
  2,009
  2,113
  2,223
  2,338
  2,459
  2,586
  2,719
  2,859
  3,006
  3,160
  3,322
  3,492
  3,671
  3,858
  4,055
  4,262
  4,479
Depreciation, amort., depletion, $m
  127
  117
  120
  124
  127
  130
  134
  138
  142
  146
  150
  89
  94
  99
  104
  109
  115
  121
  127
  134
  141
  148
  155
  163
  172
  180
  190
  199
  209
  220
  231
Funds from operations, $m
  846
  1,080
  1,141
  1,204
  1,271
  1,340
  1,413
  1,489
  1,568
  1,651
  1,738
  1,812
  1,907
  2,007
  2,112
  2,223
  2,338
  2,459
  2,587
  2,720
  2,860
  3,007
  3,162
  3,324
  3,494
  3,672
  3,860
  4,057
  4,264
  4,482
  4,710
Change in working capital, $m
  -114
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
Cash from operations, $m
  960
  1,066
  1,127
  1,190
  1,256
  1,324
  1,396
  1,471
  1,550
  1,632
  1,718
  1,791
  1,886
  1,985
  2,089
  2,198
  2,312
  2,432
  2,558
  2,690
  2,829
  2,974
  3,127
  3,287
  3,456
  3,632
  3,818
  4,013
  4,218
  4,433
  4,659
Maintenance CAPEX, $m
  0
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -155
  -163
  -172
  -180
  -190
  -199
  -209
  -220
New CAPEX, $m
  -94
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
Cash from investing activities, $m
  -425
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -111
  -116
  -122
  -129
  -136
  -143
  -150
  -157
  -165
  -174
  -182
  -192
  -202
  -211
  -222
  -233
  -245
  -257
  -271
  -284
  -298
  -313
Free cash flow, $m
  535
  993
  1,050
  1,108
  1,170
  1,234
  1,301
  1,371
  1,445
  1,521
  1,602
  1,668
  1,757
  1,849
  1,946
  2,048
  2,155
  2,267
  2,384
  2,508
  2,637
  2,773
  2,916
  3,065
  3,222
  3,388
  3,561
  3,743
  3,934
  4,135
  4,346
Issuance/(repayment) of debt, $m
  0
  290
  305
  318
  332
  346
  362
  378
  395
  413
  432
  452
  473
  495
  519
  543
  569
  596
  625
  655
  687
  720
  755
  792
  831
  872
  915
  960
  1,007
  1,057
  1,109
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
  290
  305
  318
  332
  346
  362
  378
  395
  413
  432
  452
  473
  495
  519
  543
  569
  596
  625
  655
  687
  720
  755
  792
  831
  872
  915
  960
  1,007
  1,057
  1,109
Total cash flow (excl. dividends), $m
  715
  1,282
  1,354
  1,426
  1,502
  1,580
  1,663
  1,749
  1,840
  1,934
  2,034
  2,120
  2,230
  2,345
  2,465
  2,591
  2,724
  2,863
  3,009
  3,163
  3,324
  3,493
  3,671
  3,858
  4,054
  4,259
  4,476
  4,703
  4,941
  5,192
  5,455
Retained Cash Flow (-), $m
  -43
  -100
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -159
  -166
  -174
  -182
  -191
  -200
  -209
  -220
  -230
  -241
  -253
  -266
  -278
  -292
  -307
  -322
  -337
  -354
  -372
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
 
  1,505
  1,252
  1,320
  1,390
  1,464
  1,541
  1,622
  1,707
  1,796
  1,889
  1,969
  2,071
  2,179
  2,291
  2,409
  2,533
  2,663
  2,800
  2,943
  3,094
  3,252
  3,418
  3,592
  3,775
  3,967
  4,169
  4,381
  4,604
  4,838
  5,084
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
  1,146
  1,149
  1,145
  1,135
  1,119
  1,096
  1,067
  1,032
  990
  935
  884
  828
  769
  707
  644
  580
  516
  453
  393
  336
  284
  235
  192
  154
  122
  94
  71
  53
  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. 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 28.2
Price to Sales 7.3
Price to Book 11.8
Price to Tangible Book
Price to Cash Flow 24
Price to Free Cash Flow 26.6
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 70.8%
Gross Margin - 3 Yr. Avg. 70.8%
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% 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 363.75 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 $23.3 billion.

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COMPANY NEWS

▶ Paychex Inc (PAYX): Financial Strength Analysis   [Oct-19-17 04:37PM  Simply Wall St.]
▶ Paychex Declares Quarterly Dividend   [07:38AM  Business Wire]
▶ Company News For Oct 4, 2017   [10:00AM  Zacks]
▶ Paychex: Cramer's Top Takeaways   [07:25AM  TheStreet.com]
▶ Paychex tops Street 1Q forecasts   [Oct-03-17 11:49PM  Associated Press]
▶ What Happened in the Stock Market Today   [05:01PM  Motley Fool]
▶ Limited Upside For Paychex   [12:42PM  Morningstar]
▶ Cramer's Stop Trading: Paychex   [09:55AM  CNBC Videos]
▶ Paychex, Inc. Reports First Quarter Results   [08:30AM  Business Wire]
▶ At $59.96, Is It Time To Buy Paychex Inc (PAYX)?   [Oct-02-17 08:53PM  Simply Wall St.]
▶ Focus on fundamentals, not calendar   [Sep-29-17 06:57PM  CNBC Videos]
▶ Equifax CEO Richard Smith is out after massive data breach   [Sep-26-17 08:47AM  Yahoo Finance]
▶ Paychex Stock Poised For A Comeback   [Aug-31-17 04:02PM  Forbes]
▶ Jim Cramer -- It's Time to Get to the Bottom of ADP   [Aug-21-17 12:37PM  TheStreet.com]
▶ Chipotle-Loving Bill Ackman Locked and Loaded to Torch ADP   [Aug-16-17 05:55PM  TheStreet.com]
▶ ETFs with exposure to Paychex, Inc. : August 7, 2017   [Aug-07-17 04:46PM  Capital Cube]
▶ 4 Stocks to Keep You Invested After Retirement   [Jul-24-17 07:34AM  Motley Fool]
▶ Paychex Elects New Board Member   [Jul-19-17 03:00PM  PR Newswire]
▶ Paychex Increases Quarterly Dividend by 9%   [07:44AM  Business Wire]
▶ 14 Wide-Moat Stocks Set to Grow Their Dividends   [Jul-12-17 06:00AM  Morningstar]
▶ Paychex tops Street 4Q forecasts   [Jun-28-17 09:55PM  Associated Press]
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.

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