Business Services Software

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Business Services Software

Valuation Method and Risk Statement

Investing in the technology sector entails above-average risk given low sales visibility, rapid

pace of innovation and technological change, intense competition, frequent M&A, and low

barriers to entry in many markets.

Everforth Inc:

Our price target is based on 1-year multiple on our FY27 estimates, rolled forward by Cost of

Equity to derive our 12-month price target. Risks to our Sell rating and price target include:

sustainability of low unemployment claims, or broad-based multiple expansion within

staffers. Risks include macro environment, staffing availability and cost, limited visibility of

demand, competitive end markets, ability to source and/or integrate acquisitions,

government-related revenue, and conglomerate impact.

Paycom Software Inc:

Paycom, price target based on 2027E EV/Sales vs. three-year range/average of 4.0x-

26.7x/14.9x. Risks to our Buy rating include pace of macro, competition [incumbent SaaS],

growth initiative traction, and potential float income contraction. Growth would be curtailed

by a slowdown in employment given Paycom’s employee-based PEPM pricing model and the

general HCM market’s exposure to macroeconomic conditions. Additionally, larger HCM

providers could become more competitive down market and constrain Paycom’s growth.

Robert Half Inc.:

Price target is based on a multiple of 2026 EPS. Multiple is fair, in our view, as macro

uncertainty potentially fuels even further downward consensus estimate revisions coupled

with risks of staffing disintermediation at low end. Risks: Protiviti strength/public sector

tailwind, improving macro environment. Our 1-year multiple is based on our FY26 estimates,

rolled forward by Cost of Equity to derive our 12-month price target.