Paychex Inc


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SKU: PAYX-1 Category:


Paychex had a better-than-expected quarter and has achieved the price target from our previous report. The company witnessed a strong boost in its HR outsourcing solutions and its overall Management Solutions segment revenue grew by as much as 14%. The management has been expanding its client base and also cross-selling its offerings in order to increase the overall penetration of its suite of solutions. The company’s offerings have gained momentum with the work-from-home culture becoming more and more popular among corporates as well as the gradual increase in hiring at SMB level as the economy recovers from the Covid-19 pandemic. The company does face challenges in the form of the rising cost of talent but we are reasonably optimistic about its performance. We maintain a ‘Hold’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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