Precio compra Paychex

		PAYX		AÑO 0	AÑO 1	AÑO 2	AÑO 3	AÑO 4	AÑO 5	AÑO 6	AÑO 7	AÑO 8	AÑO 9	AÑO 10
Precio compra			57.00
	Ventas			3237.00	3398.85	3568.79	3747.23	3934.59	4131.32	4337.89	4554.78	4782.52	5021.65	5272.73
	Margin ebit			39.64%	39.95%	40.27%	40.59%	40.92%	41.25%	41.58%	41.91%	42.24%	42.58%	42.92%
	EBIT			1,283.00	1,357.93	1,437.23	1,521.16	1,610.00	1,704.02	1,803.54	1,908.87	2,020.34	2,138.33	2,263.21
	Capital invertido			2,043.50	2,145.68	2,252.96	2,365.61	2,483.89	2,608.08	2,738.49	2,875.41	3,019.18	3,170.14	3,328.65
	CASH FLOW OPERATIVO			54.9	57.6	60.5	63.6	66.7	70.1	73.6	77.2	81.1	85.2	89.4
	NOPAT			838.4	887.4	939.2	994.1	1052.1	1113.6	1178.6	1247.4	1320.3	1397.4	1479.0
	CAPEX Crec			12.19%	12.09%	11.99%	11.90%	11.80%	11.71%	11.62%	11.53%	11.43%	11.34%	11.25%
	% a FCF			87.81%	87.91%	88.01%	88.10%	88.20%	88.29%	88.38%	88.47%	88.57%	88.66%	88.75%
	Incremento ventas			5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
	crec			5.8%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%	5.80%
	ROIC			41.03%	41.36%	41.69%	42.02%	42.36%	42.70%	43.04%	43.38%	43.73%	44.08%	44.43%
	Change profit margin			0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%
	Expansion PE			0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.13%
	NOPAT EARNINGS			24.30	22.96	21.69	20.49	19.36	18.29	17.28	16.33	15.43	14.58	13.77
	NOPAT EARNING FINAL			24.30	24.30	24.30	24.30	24.30	24.30	24.30	24.30	24.30	24.30	27.00
	Rentabilidad			9.3%	9.55%	9.77%	10.01%	10.26%	10.52%	10.81%	11.10%	11.42%	11.76%	23.24%
									10.02%					11.84%