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Paycom Software: Profitable Growth, Large TAM, And A Good Product

Mar. 01, 2023 5:40 PM ETPaycom Software, Inc. (PAYC)11 Comments
Normad Capital profile picture
Normad Capital


  • PAYC is a disruptive company that is replacing established players in the payroll market and has a superior platform compared to existing solutions.
  • The company's recent 4Q22 results were promising, with strong revenue growth, impressive EBITDA margins, and guidance for continued growth.
  • Beti continues to gain traction and drive customer satisfaction and retention, and the company is seeing progress in attracting larger clients.

Mid adult smiling Latin businessman in office, using credit card to pay online

Drazen_/E+ via Getty Images


I believe Paycom Software (NYSE:PAYC) is a long after the 4Q22 results. In my opinion, PAYC is a disruptive company that is replacing established players in the enormous payroll market. PAYC competes across a wide range

This article was written by

Normad Capital profile picture
Both a full-time investor and a full-time operations manager. I've learned about investing over the years by reading and researching businesses that, in my opinion, have a significant competitive advantage that can sustainably produce returns above its cost of capital.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (11)

With someone aware of the situation, customer service is horrific. Do your own research but be cautious.
@Rock Chalk I also found this issue when I started to research the company. This should be an easy thing to fix and I wonder why they dont do it as this is an issue for their reputation and customer retention. Other than that, I really like the company and I am considering to start a small position.
@Pizzitaxi Because changing payroll vendors is painful and employers aren't eager to do it again 6 or 12 months later.
@Rock Chalk Can you help understand where you are getting the issues with customer service? Everything I see makes it look like they have above average customer service - the industry isn't known for this.

That Paycom is a Quality Business is clear without a doubt.

However, an article without any discussion about passt, current or future valuation has almost no value at all.

Long PAYC.
@Telefonzelle If you want a price target, go to WSJ and look at however many analysts ratings there are.
@Rock Chalk I do not need a price target at all. But a few words regarding current and past valuation would be useful in such an article. Everybody has his own Investment Rules, but a great Company has Not be a great Investment at all times.

Furthermore I do Not Care About Analyst Targets. Some Comments regarding concerns are a good starting Point for own further Research.
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