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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 29.3x - 32.3x | 30.8x |
| Selected Fwd P/E Multiple | 27.5x - 30.4x | 29.0x |
| Fair Value | $265.79 - $293.77 | $279.78 |
| Upside | 21.7% - 34.5% | 28.1% |
| Benchmarks | - | Full Ticker |
| Automatic Data Processing, Inc. | - | NasdaqGS:ADP |
| Insperity, Inc. | - | NYSE:NSP |
| Paychex, Inc. | - | NasdaqGS:PAYX |
| Paylocity Holding Corporation | - | NasdaqGS:PCTY |
| Paycor HCM, Inc. | - | NasdaqGS:PYCR |
| Paycom Software, Inc. | - | NYSE:PAYC |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| ADP | NSP | PAYX | PCTY | PYCR | PAYC | |||
| NasdaqGS:ADP | NYSE:NSP | NasdaqGS:PAYX | NasdaqGS:PCTY | NasdaqGS:PYCR | NYSE:PAYC | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 10.4% | -9.4% | 10.3% | 30.9% | NM- | 22.7% | ||
| 3Y CAGR | 13.0% | -9.8% | 15.5% | 42.9% | NM- | 36.8% | ||
| Latest Twelve Months | 10.6% | -46.8% | 4.8% | 32.0% | 74.4% | 47.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 18.2% | 2.7% | 29.9% | 12.1% | -17.6% | 21.1% | ||
| Prior Fiscal Year | 18.9% | 2.6% | 31.1% | 12.0% | -16.9% | 20.1% | ||
| Latest Fiscal Year | 19.5% | 1.4% | 32.0% | 14.7% | -9.0% | 26.7% | ||
| Latest Twelve Months | 19.8% | 1.4% | 32.0% | 14.8% | -3.1% | 26.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 21.6x | 18.4x | 22.6x | 33.4x | 54.0x | 20.6x | ||
| Price / LTM Sales | 6.2x | 0.5x | 10.2x | 7.0x | 5.8x | 6.5x | ||
| LTM P/E Ratio | 31.6x | 36.5x | 31.9x | 47.3x | -190.3x | 24.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -190.3x | 31.9x | 47.3x | |||||
| Historical LTM P/E Ratio | 24.4x | 71.8x | 158.5x | |||||
| Selected P/E Multiple | 29.3x | 30.8x | 32.3x | |||||
| (x) LTM Net Income | 502 | 502 | 502 | |||||
| (=) Equity Value | 14,688 | 15,461 | 16,234 | |||||
| (/) Shares Outstanding | 56.0 | 56.0 | 56.0 | |||||
| Implied Value Range | 262.35 | 276.16 | 289.96 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 262.35 | 276.16 | 289.96 | 218.48 | ||||
| Upside / (Downside) | 20.1% | 26.4% | 32.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADP | NSP | PAYX | PCTY | PYCR | PAYC | |
| Value of Common Equity | 124,311 | 3,322 | 55,570 | 10,470 | 4,079 | 12,232 | |
| (/) Shares Outstanding | 406.9 | 37.2 | 360.2 | 55.9 | 181.8 | 56.0 | |
| Implied Stock Price | 305.53 | 89.23 | 154.28 | 187.34 | 22.44 | 218.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 305.53 | 89.23 | 154.28 | 187.34 | 22.44 | 218.48 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |