Moat Category Capital-Light Compounder	Fair Value Estimate –	Price  $83.73	Enterprise Value $30.2bn
Moat Type Switching Costs, Cost Adv-Scale	Economic Moat Wide	Stewardship Rating Standard	Market Cap $30.1bn

What does it do

Paychex Inc competes in the payroll outsourcing industry. It is the second-largest player in terms of revenue and focuses on providing this service to small and midsize businesses. Paychex was created from the consolidation of 17 payroll processors in 1979 and services about 650,000 clients. The firm has almost 13,000 employees and is based in Rochester, New York.

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