Paychex Inc

PAYX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$822.00	Zkl	Ydqcqcfdc

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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