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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of Paycom Software, Inc. (PAYC)

Previous Close$276.79
Intrinsic Value$483.45
Upside potential  +75%
Previous Close
$276.79
Intrinsic Value
$483.45
Potential        
+75%

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
16,057

Based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %25.6NaN
Revenue, $1056NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m802NaN
Operating income, $m254NaN
EBITDA, $m321NaN
Interest expense (income), $mNaN
Earnings before tax, $m256NaN
Tax expense, $m60NaN
Net income, $m196NaN

BALANCE SHEET

Cash and short-term investments, $m1813NaN
Total assets, $m3215NaN
Adjusted assets (=assets-cash), $m1402NaN
Average production assets, $m427NaN
Working capital, $m185NaN
Total debt, $m60NaN
Total liabilities, $m2321NaN
Total equity, $m894NaN
Debt-to-equity ratio0.067NaN
Adjusted equity ratio-0.646NaN

CASH FLOW

Net income, $m196NaN
Depreciation, amort., depletion, $m67NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m319NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-121NaN
Free cash flow, $m440NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m185
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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