Intrinsic value of Paychex - PAYX

Previous Close

$69.01

  Intrinsic Value

$47.65

stock screener

  Rating & Target

sell

-31%

Previous close

$69.01

 
Intrinsic value

$47.65

 
Up/down potential

-31%

 
Rating

sell

*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 24.8

 

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
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  3,151
  3,274
  3,405
  3,545
  3,694
  3,852
  4,020
  4,197
  4,385
  4,583
  4,793
  5,014
  5,248
  5,494
  5,753
  6,026
  6,314
  6,617
  6,935
  7,271
  7,623
  7,994
  8,384
  8,795
  9,226
  9,679
  10,155
  10,656
  11,182
  11,734
  12,315
Variable operating expenses, $m
 
  1,759
  1,827
  1,899
  1,976
  2,058
  2,144
  2,236
  2,333
  2,436
  2,544
  2,593
  2,714
  2,841
  2,975
  3,116
  3,265
  3,422
  3,587
  3,760
  3,942
  4,134
  4,336
  4,548
  4,771
  5,005
  5,252
  5,511
  5,783
  6,068
  6,369
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
  1,988
  2,061
  2,139
  2,222
  2,310
  2,403
  2,501
  2,605
  2,714
  2,829
  2,886
  3,014
  3,148
  3,290
  3,439
  3,596
  3,761
  3,935
  4,116
  4,307
  4,509
  4,720
  4,942
  5,174
  5,418
  5,676
  5,945
  6,228
  6,524
  6,837
Operating income, $m
  1,240
  1,287
  1,344
  1,406
  1,472
  1,542
  1,617
  1,696
  1,780
  1,869
  1,963
  2,128
  2,234
  2,345
  2,463
  2,587
  2,718
  2,856
  3,001
  3,154
  3,316
  3,486
  3,664
  3,853
  4,051
  4,260
  4,480
  4,711
  4,954
  5,210
  5,479
EBITDA, $m
  1,367
  1,403
  1,463
  1,526
  1,595
  1,667
  1,744
  1,826
  1,913
  2,005
  2,103
  2,206
  2,315
  2,430
  2,552
  2,680
  2,815
  2,958
  3,108
  3,267
  3,433
  3,609
  3,794
  3,989
  4,194
  4,410
  4,637
  4,876
  5,127
  5,391
  5,669
Interest expense (income), $m
  0
  0
  7
  14
  21
  29
  38
  47
  57
  67
  77
  89
  101
  113
  127
  141
  156
  171
  188
  205
  223
  242
  262
  283
  306
  329
  353
  379
  406
  435
  465
Earnings before tax, $m
  1,245
  1,287
  1,338
  1,392
  1,451
  1,513
  1,579
  1,649
  1,723
  1,802
  1,886
  2,040
  2,133
  2,232
  2,336
  2,446
  2,562
  2,684
  2,813
  2,949
  3,092
  3,243
  3,402
  3,570
  3,746
  3,931
  4,126
  4,331
  4,547
  4,775
  5,014
Tax expense, $m
  428
  347
  361
  376
  392
  408
  426
  445
  465
  487
  509
  551
  576
  603
  631
  660
  692
  725
  760
  796
  835
  876
  919
  964
  1,011
  1,061
  1,114
  1,169
  1,228
  1,289
  1,354
Net income, $m
  817
  939
  976
  1,016
  1,059
  1,104
  1,152
  1,204
  1,258
  1,316
  1,376
  1,489
  1,557
  1,629
  1,705
  1,786
  1,870
  1,960
  2,054
  2,153
  2,258
  2,368
  2,484
  2,606
  2,734
  2,870
  3,012
  3,162
  3,320
  3,486
  3,660

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
  6,764
  7,035
  7,325
  7,632
  7,959
  8,305
  8,672
  9,059
  9,470
  9,903
  10,360
  10,842
  11,350
  11,886
  12,451
  13,045
  13,671
  14,329
  15,022
  15,751
  16,517
  17,323
  18,170
  19,061
  19,998
  20,982
  22,016
  23,103
  24,244
  25,444
Adjusted assets (=assets-cash), $m
  6,511
  6,764
  7,035
  7,325
  7,632
  7,959
  8,305
  8,672
  9,059
  9,470
  9,903
  10,360
  10,842
  11,350
  11,886
  12,451
  13,045
  13,671
  14,329
  15,022
  15,751
  16,517
  17,323
  18,170
  19,061
  19,998
  20,982
  22,016
  23,103
  24,244
  25,444
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
  426
  443
  461
  480
  501
  523
  546
  570
  596
  623
  652
  682
  714
  748
  783
  821
  860
  902
  945
  991
  1,039
  1,090
  1,143
  1,199
  1,258
  1,320
  1,385
  1,454
  1,525
  1,601
Working capital, $m
  547
  232
  242
  252
  262
  273
  285
  298
  311
  325
  340
  356
  373
  390
  408
  428
  448
  470
  492
  516
  541
  568
  595
  624
  655
  687
  721
  757
  794
  833
  874
Total debt, $m
  0
  187
  391
  607
  837
  1,082
  1,341
  1,616
  1,907
  2,214
  2,538
  2,880
  3,242
  3,622
  4,024
  4,447
  4,892
  5,360
  5,853
  6,372
  6,918
  7,492
  8,096
  8,731
  9,398
  10,099
  10,836
  11,611
  12,425
  13,280
  14,179
Total liabilities, $m
  4,878
  5,066
  5,270
  5,486
  5,716
  5,961
  6,220
  6,495
  6,786
  7,093
  7,417
  7,759
  8,121
  8,501
  8,903
  9,326
  9,771
  10,239
  10,732
  11,251
  11,797
  12,371
  12,975
  13,610
  14,277
  14,978
  15,715
  16,490
  17,304
  18,159
  19,058
Total equity, $m
  1,955
  1,698
  1,766
  1,838
  1,916
  1,998
  2,085
  2,177
  2,274
  2,377
  2,486
  2,600
  2,721
  2,849
  2,983
  3,125
  3,274
  3,431
  3,597
  3,770
  3,953
  4,146
  4,348
  4,561
  4,784
  5,019
  5,266
  5,526
  5,799
  6,085
  6,386
Total liabilities and equity, $m
  6,833
  6,764
  7,036
  7,324
  7,632
  7,959
  8,305
  8,672
  9,060
  9,470
  9,903
  10,359
  10,842
  11,350
  11,886
  12,451
  13,045
  13,670
  14,329
  15,021
  15,750
  16,517
  17,323
  18,171
  19,061
  19,997
  20,981
  22,016
  23,103
  24,244
  25,444
Debt-to-equity ratio
  0.000
  0.110
  0.220
  0.330
  0.440
  0.540
  0.640
  0.740
  0.840
  0.930
  1.020
  1.110
  1.190
  1.270
  1.350
  1.420
  1.490
  1.560
  1.630
  1.690
  1.750
  1.810
  1.860
  1.910
  1.960
  2.010
  2.060
  2.100
  2.140
  2.180
  2.220
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
  939
  976
  1,016
  1,059
  1,104
  1,152
  1,204
  1,258
  1,316
  1,376
  1,489
  1,557
  1,629
  1,705
  1,786
  1,870
  1,960
  2,054
  2,153
  2,258
  2,368
  2,484
  2,606
  2,734
  2,870
  3,012
  3,162
  3,320
  3,486
  3,660
Depreciation, amort., depletion, $m
  127
  116
  118
  121
  123
  125
  128
  131
  134
  137
  140
  78
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  182
  191
Funds from operations, $m
  846
  1,056
  1,095
  1,137
  1,182
  1,230
  1,280
  1,334
  1,392
  1,452
  1,516
  1,567
  1,638
  1,714
  1,794
  1,879
  1,968
  2,062
  2,161
  2,265
  2,375
  2,491
  2,613
  2,742
  2,877
  3,019
  3,169
  3,327
  3,493
  3,667
  3,851
Change in working capital, $m
  -114
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
Cash from operations, $m
  960
  1,047
  1,086
  1,127
  1,171
  1,218
  1,268
  1,322
  1,378
  1,438
  1,501
  1,551
  1,622
  1,697
  1,776
  1,859
  1,948
  2,040
  2,138
  2,242
  2,350
  2,465
  2,586
  2,713
  2,847
  2,987
  3,135
  3,291
  3,455
  3,628
  3,809
Maintenance CAPEX, $m
  0
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -182
New CAPEX, $m
  -94
  -17
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
Cash from investing activities, $m
  -425
  -66
  -68
  -71
  -74
  -78
  -82
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -130
  -137
  -143
  -151
  -159
  -166
  -175
  -183
  -192
  -202
  -212
  -222
  -233
  -245
  -257
Free cash flow, $m
  535
  982
  1,018
  1,056
  1,097
  1,141
  1,187
  1,236
  1,289
  1,344
  1,403
  1,448
  1,514
  1,584
  1,657
  1,735
  1,817
  1,903
  1,995
  2,091
  2,192
  2,299
  2,411
  2,530
  2,654
  2,786
  2,924
  3,069
  3,222
  3,383
  3,552
Issuance/(repayment) of debt, $m
  0
  187
  203
  217
  230
  245
  259
  275
  291
  307
  324
  342
  361
  381
  401
  423
  445
  469
  493
  519
  546
  574
  604
  635
  667
  701
  737
  775
  814
  855
  899
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
  187
  203
  217
  230
  245
  259
  275
  291
  307
  324
  342
  361
  381
  401
  423
  445
  469
  493
  519
  546
  574
  604
  635
  667
  701
  737
  775
  814
  855
  899
Total cash flow (excl. dividends), $m
  715
  1,169
  1,221
  1,273
  1,327
  1,385
  1,446
  1,511
  1,579
  1,652
  1,728
  1,790
  1,875
  1,964
  2,058
  2,158
  2,262
  2,372
  2,488
  2,610
  2,738
  2,873
  3,015
  3,164
  3,322
  3,487
  3,661
  3,844
  4,036
  4,238
  4,451
Retained Cash Flow (-), $m
  -43
  -66
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -134
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -224
  -235
  -247
  -260
  -273
  -287
  -301
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
 
  1,426
  1,153
  1,200
  1,250
  1,303
  1,359
  1,419
  1,482
  1,549
  1,619
  1,676
  1,754
  1,837
  1,924
  2,016
  2,113
  2,215
  2,322
  2,436
  2,555
  2,681
  2,813
  2,952
  3,098
  3,252
  3,414
  3,584
  3,763
  3,952
  4,150
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
 
  1,367
  1,055
  1,044
  1,029
  1,010
  987
  959
  926
  890
  849
  796
  748
  698
  646
  592
  537
  482
  428
  375
  325
  277
  233
  193
  158
  127
  100
  77
  58
  43
  31
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 30.4
Price to Sales 7.9
Price to Book 12.7
Price to Tangible Book
Price to Cash Flow 25.8
Price to Free Cash Flow 28.6
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 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 3.9% 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 358.994 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 $24.8 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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