Paycom: Owner-Operated Business at Discount to Peers ADP, Paychex

Dave Sather of Sather Financial Group presented his in-depth investment thesis on Paycom Software (US: PAYC) at Wide-Moat Investing Summit 2024.

Thesis summary:

Paycom is a top “human capital management” provider. The company offers cloud-based software as a service, enabling businesses to manage everything from employee applications, resumes, on-boarding, payroll, insurance, savings/retirement, and ultimately helping employees into retirement.

The company is debt-free but suffers from both industry- and company-specific slowdowns. This creates an opportunity to own a high-quality company at an industry and market discount despite above-average growth opportunities.

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About the instructor:

Dave Sather is a CFP and the CEO of Sather Financial Group, a $1.8 billion firm managing individual accounts headquartered in Texas. Dave has degrees in business from Texas Lutheran University and Texas A&M University. Dave serves on the Board of Regents at Texas Lutheran University, chairing the Investment Committee. He developed and teaches the Bulldog Investment Company internship at Texas Lutheran University (www.BulldogInvestmentCo.com). This student managed investment fund has compounded at 15.4% per year over the last 15 years outperforming the S&P 500 by 264 percentage points. Recently, the program was recognized as the top student led business program by the Accreditation Council for Business Schools and Programs, which oversees more than 1,200 programs internationally. Dave also created and runs the Big Dog Endowment program (www.BigDogEndowment.com) , also at TLU, which teaches analytical and business skills for non-profit and philanthropic endeavors.

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