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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


Paycom Software Inc.

Paycom Software Inc. (PAYC)

$321.41
-0.09 (-0.03%)

Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 224.65329.14433.05566.34737.66994.221,340.001,806.062,434.21
Revenue (%)
Operating Cash Flow 42.9898.94130.61184.80224.25283.15381.63514.37693.26
Operating Cash Flow (%)
Capital Expenditure 16.5643.8159.3759.9292.94114.43154.23207.88280.18
Capital Expenditure (%)
Free Cash Flow 59.53142.75189.98244.72317.19397.59535.87722.24973.44

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 321.41
Diluted Shares Outstanding 58.40
Cost of Debt
Tax Rate 20.13
After-tax Cost of Debt -0.96
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.72
Total Debt 30.86
Total Equity 18,768.74
Total Capital 18,799.59
Debt Weighting 0.16
Equity Weighting 99.84
Wacc

Build Up Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 224.65329.14433.05566.34737.66994.221,340.001,806.062,434.21
Operating Cash Flow 42.9898.94130.61184.80224.25283.15381.63514.37693.26
Capital Expenditure 16.5643.8159.3759.9292.94114.43154.23207.88280.18
Free Cash Flow 59.53142.75189.98244.72317.19397.59535.87722.24973.44
WACC
PV LFCF 397.59475.48568.64680.04
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.70
Free cash flow (t + 1) 486.68
Terminal Value 5,594.04
Present Value of Terminal Value 3,076.85

Intrinsic Value

Enterprise Value -
Net Debt -102.81
Equity Value -
Shares Outstanding 58.40
Equity Value Per Share -