In short: Second-best performer at +64.7%. It had been the second-most undervalued name on the forward-PE screen a week earlier — 12.2 against a 43.8 five-year average, 72.1% under — and also appeared on the earnings-growth and all-three-methods lists. A worked example of a screen finding something just before it moves; no commentary here.
In short: Margins do the work. Q2 revenue +10% Y/Y to $531M (an $18M beat) with adjusted EPS $2.78 ($0.40 beat), adjusted EBITDA $235M and margin expanding 320 bps to 44.2%; net income +20% to $107M. The improvement was broad-based rather than one product launch — Paycom keeps leaning into automation with Project Arc, its largest platform overhaul to date, while July's Asset Management product extends the platform into tracking employee devices and equipment (neither contributed much to Q2). Capital return is doing a lot of the EPS work: $346M repurchased in Q2 and nearly 11 million shares for $1.4B across the first half, cutting shares outstanding by roughly 20%, with FY26 free cash flow now expected above $650M. FY26 revenue guidance raised to $2.197–$2.212B and adjusted EBITDA to $1.007–$1.022B, taking the midpoint margin from ~44% to ~46%. "Automation, tighter spending, and aggressive buybacks are converting modest growth into substantial EPS and free cash flow expansion. The next step is proving newer products can reaccelerate the top line rather than relying primarily on efficiency." A disclosed author holding.
In short: Named as a SaaSpocalypse casualty: −19% in a month, and the most directly exposed to the stated trigger — Claude Cowork automating "legal, sales, and marketing" work. Ten days earlier it topped the forward-PE undervaluation screen at 16.8x against a 43.8x five-year average (61.6% under). No stance is taken on it in either issue.
Paycom sells payroll and HR software to American businesses. It is named here as one of four casualties of the same one-month derating — down 19% — and it is the one most directly in the line of fire, since the trigger was a tool that automates exactly the kind of routine office work HR software supports.
Worth putting the two February issues side by side. Ten days earlier, Paycom topped the forward-PE screen as the single most undervalued name in the whole watchlist relative to its own history — 16.8 times forward earnings against a five-year average of 43.8. Slegers never takes a position on it either way. It sits in the archive as the clearest illustration of the month's pattern: a business the model says is extraordinarily cheap, priced that way by a fear the newsletter argues is mistaken elsewhere, and left alone.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.