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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Paycom Software Inc.

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 224.65329.14433.05566.34737.66994.221,340.001,806.062,434.21
Revenue (%)
EBITDA 44.0171.7298.13203.43269.39271.42365.82493.05664.54
EBITDA (%)
EBIT 34.4457.9678.60173.75226.24223.60301.37406.18547.45
EBIT (%)
Depreciation 9.5713.7619.5329.6843.1547.8264.4586.87117.09
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 50.7060.1746.0845.70133.66154.50208.24280.66378.28
Total Cash (%)
Account Receivables 2.361.351.563.409.297.369.9213.3618.01
Account Receivables (%)
Inventories 1.100.691.000.791.182.393.224.335.84
Inventories (%)
Accounts Payable 4.903.756.506.295.0213.1217.6923.8432.13
Accounts Payable (%)
Capital Expenditure 16.5643.8159.3759.9292.94114.43154.23207.88280.18
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 224.65329.14433.05566.34737.66994.221,340.001,806.062,434.21
EBITDA 44.0171.7298.13203.43269.39271.42365.82493.05664.54
EBIT 34.4457.9678.60173.75226.24223.60301.37406.18547.45
Tax Rate 37.52%23.41%12.84%21.55%20.13%23.09%23.09%23.09%23.09%
EBIAT 21.5244.3968.51136.31180.70171.97231.78312.39421.04
Depreciation 9.5713.7619.5329.6843.1547.8264.4586.87117.09
Accounts Receivable -1.01-0.21-1.84-5.901.94-2.56-3.45-4.65
Inventories -0.41-0.300.20-0.39-1.21-0.83-1.12-1.51
Accounts Payable --1.152.74-0.21-1.278.114.566.158.29
Capital Expenditure --27.25-15.56-0.55-33.03-21.49-39.80-53.64-72.30
UFCF 31.0931.1774.70163.60183.27207.14257.61347.20467.96
WACC
PV UFCF 207.14228.58273.36326.92
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 -