I have taken a new position in my portfolio. I personally find it very interesting.

It is a service provider of payroll accounting, so that companies can outsource their HR departments, for example. The business model is similar to that of $ADP (+0.28%) but ADP is much too expensive for me at the moment. Paychex is the smaller company, growing reasonably and currently just under 2.5% dividend with a dividend growth rate of around 9% over the last 10 years.

Paychex is not really cheap either but I am convinced of the quality. The ROCE of about 40% is also impressive.