PAYC shares are sharply off today, yet trade at 20x calendar year 2023 cash from operations, which we estimate at $450 million. That is a steep multiple for a company that is growing its topline at 10-15% and is likely to see growth further slow in 2024. In addition, I am not a fan of Paycom’s founder as it relates to how he compensates himself (see our previous Paycom article HERE).
