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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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Presentation Transcript
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
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