Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

CBIZ: Stable Recurring 15+% Free-Cash-Flow Yield

CBIZ Inc. (NYSE:CBZ) provides business and financial services to firms and individuals under four segments: financial services, employee services, medical management professionals, and national practices. If you take a look at its list of subsidiaries, you get a pretty good picture of what CBIZ business does:

Lots of tax and financial services, employee services, and while it is not as obvious from the subsidiary names, CBIZ also provides many compliance services (for a full list of services see footnote 2). Due to the company's large small business client base, the company also releases an index called the "CBIZ Small Business Employment Index" which covers 3,500 companies with 350 or fewer employees.

Basically, we are dealing with...

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