| Intrinsic Valuation of: PAYX | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 5 | Market Cap | $33B | |||||
| 2021 | - | - (-) | P/E Ratio | 20 | Total Asset | $17B | |||||
| 2022 | $1B | - (-) | Net Income | $2B | Total Debt | $5B | |||||
| 2023 | $2B | 7.4% (-1.1%) | EBITDA | $2B | Total Liab | $12B | |||||
| 2024 | $2B | 11.1% (5.4%) | Opr Margin | 39.62 | Debt/Equity | 1.10 | |||||
| 2025 | $2B | -1.6% (-6.7%) | PreTax Margin | 37.73 | BV/Share | -7 | |||||
| 5Y Average FCF | $2B | 6.2% (-0.8%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.17% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (6.2%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $41 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $39B | Net Worth/Share | $12 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $33B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $85 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $5B | WACC | 6.5% | 102 | 112 | 124 | 140 | 161 | |||
| Equity Value | $30B | 7.4% | 85 | 92 | 99 | 109 | 121 | ||||
| Shares Outstanding | 358,290,881 | 8.3% | 72 | 77 | 82 | 89 | 97 | ||||
| 9.3% | 63 | 66 | 70 | 75 | 80 | ||||||
| DCF Intrinsic Value | $85 | 10.2% | 55 | 58 | 61 | 64 | 68 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||