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Aimee Glindmeyer. Business Model. Primarily a payroll processor Also offers 401k, health insurance, and FSA services Replaces an HR dept for small and medium sized businesses Minimal amount of capital required. Economic Moat. High customer switching costs Scalability

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Business model
Business Model

  • Primarily a payroll processor

  • Also offers 401k, health insurance, and FSA services

  • Replaces an HR dept for small and medium sized businesses

  • Minimal amount of capital required


Economic moat
Economic Moat

  • High customer switching costs

  • Scalability

  • Respected brand image


Management
Management

  • Made conservative investments prior to recession

  • CEO and chairman roles separate

  • Mandatory equity ownership requirements

    • 10% of stock held by insiders




Valuation current stock price 31 31
ValuationCurrent Stock Price: $31.31


Why we should buy
Why We Should Buy

  • Wide economic moat

  • No material risk of losing clients

  • Stability of firm

  • Able to increase prices quicker than inflation

  • Government support of small business growth


Sources
Sources

  • Bloomberg

  • Yahoo! Finance

  • Morningstar

  • Valueline

  • 10-K

  • Paychex.com


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