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Paycom Software: International Opportunity Expands TAM And Growth Runway

Jun. 21, 2023 12:24 PM ETPaycom Software, Inc. (PAYC)2 Comments
Normad Capital profile picture
Normad Capital


  • PAYC demonstrated strong financial results in 1Q23 and increased revenue guidance for FY23.
  • The introduction of PAYC's global HCM product expands the TAM by 50%, with potential for significant long-term growth.
  • Key risk is the normalizing interest rates.

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I reiterate my long thesis for Paycom (NYSE:PAYC), where I believe PAYC is a disruptive company displacing incumbents in the vast payroll industry. At its core, I think the reason why PAYC wins is due to its single

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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.

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Comments (2)

Please also consider these risks (especially the one of higher unemployment rate):
Indeed, it seems the situation today (high interest rates, low unemployment rate) greatly benefits them, but honestly, how long could that still go?
cdgingrich profile picture
PAYC = Best In Class
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