Paychex Inc


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SKU: PAYX Category:


Paychex has delivered yet another good result, demonstrating a growing client base and increased penetration of its suite of solutions, especially HR outsourcing, time and attendance, and retirement services. The work-from-home environment and the reduced number of on-site employees did have a negative impact on the top-line as well as the profitability, the management has approached the changing business environment with flexible and innovative solutions for its clientele which has helped the company in weathering the COVID-19 storm. Paychex caters to small and medium sized businesses with a relatively low headcount which is why it was bound to witness COVID-19 headwinds. While the situation is definitely improving for the company, we are maintaining our ‘Hold’ rating on the stock 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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