Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered

Paycom Software Inc. (PAYC)

$321.41

-0.09 (-0.03%)

Operating Data

Year A/P	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	224.65	329.14	433.05	566.34	737.66	994.22	1,340.00	1,806.06	2,434.21
Revenue (%)
EBITDA	44.01	71.72	98.13	203.43	269.39	271.42	365.82	493.05	664.54
EBITDA (%)
EBIT	34.44	57.96	78.60	173.75	226.24	223.60	301.37	406.18	547.45
EBIT (%)
Depreciation	9.57	13.76	19.53	29.68	43.15	47.82	64.45	86.87	117.09
Depreciation (%)

Balance Sheet Data

Year A/P	2015 Projected	2016 Projected	2017 Projected	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Total Cash	50.70	60.17	46.08	45.70	133.66	154.50	208.24	280.66	378.28
Total Cash (%)
Account Receivables	2.36	1.35	1.56	3.40	9.29	7.36	9.92	13.36	18.01
Account Receivables (%)
Inventories	1.10	0.69	1.00	0.79	1.18	2.39	3.22	4.33	5.84
Inventories (%)
Accounts Payable	4.90	3.75	6.50	6.29	5.02	13.12	17.69	23.84	32.13
Accounts Payable (%)
Capital Expenditure	16.56	43.81	59.37	59.92	92.94	114.43	154.23	207.88	280.18
Capital Expenditure (%)

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

Year A/P	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	224.65	329.14	433.05	566.34	737.66	994.22	1,340.00	1,806.06	2,434.21
EBITDA	44.01	71.72	98.13	203.43	269.39	271.42	365.82	493.05	664.54
EBIT	34.44	57.96	78.60	173.75	226.24	223.60	301.37	406.18	547.45
Tax Rate	37.52%	23.41%	12.84%	21.55%	20.13%	23.09%	23.09%	23.09%	23.09%
EBIAT	21.52	44.39	68.51	136.31	180.70	171.97	231.78	312.39	421.04
Depreciation	9.57	13.76	19.53	29.68	43.15	47.82	64.45	86.87	117.09
Accounts Receivable	-	1.01	-0.21	-1.84	-5.90	1.94	-2.56	-3.45	-4.65
Inventories	-	0.41	-0.30	0.20	-0.39	-1.21	-0.83	-1.12	-1.51
Accounts Payable	-	-1.15	2.74	-0.21	-1.27	8.11	4.56	6.15	8.29
Capital Expenditure	-	-27.25	-15.56	-0.55	-33.03	-21.49	-39.80	-53.64	-72.30
UFCF	31.09	31.17	74.70	163.60	183.27	207.14	257.61	347.20	467.96
WACC
PV UFCF						207.14	228.58	273.36	326.92
SUM PV UFCF									-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.70
Free cash flow (t + 1)	469.35
Terminal Value	5,394.86
Present Value of Terminal Value	2,967.29

Intrinsic Value

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

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