Paychex Inc

PAYX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$217.00	Fkmh	Ynzsqjhbm

Paychex Earnings: Regulatory Tailwinds Offset Moderating Employment Growth and Higher Attrition

Emma Williams

Jun 30, 2023

Amid uncertain economic conditions, wide-moat Paychex reported sound fourth-quarter and fiscal 2023 results, with both top line growth and profitability broadly in line with our expectations. Following the result, we maintain our longer-term forecasts and $120 fair value estimate. At current prices, Paychex shares are fairly valued, in our view.

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