Paychex Inc

PAYX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$478.00	Sbbs	Zrbxjvlx

Solid Start to Paychex's Fiscal 2023 Despite Elevated Economic Uncertainty; Shares Fairly Valued

Emma Williams , Ava Gams

Sep 29, 2022

We maintain our $115 fair value estimate for wide-moat Paychex following fiscal 2023 first-quarter results that were in line with our expectations. At present, the shares trade roughly at our fair value estimate. Separately, we anticipate no change to our outlook as president and COO John B. Gibson Jr. replaces longstanding CEO Martin Mucci upon his retirement in October. Mucci will remain chair of the board.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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United States