Intrinsic value of Automatic Data Processing - ADP

Previous Close

$148.88

  Intrinsic Value

$148.73

stock screener

  Rating & Target

hold

-0%

Previous close

$148.88

 
Intrinsic value

$148.73

 
Up/down potential

-0%

 
Rating

hold

We calculate the intrinsic value of ADP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 65.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  14,432
  15,582
  16,778
  18,020
  19,311
  20,653
  22,048
  23,498
  25,007
  26,577
  28,212
  29,915
  31,689
  33,540
  35,470
  37,484
  39,588
  41,785
  44,081
  46,482
  48,992
  51,619
  54,367
  57,245
  60,258
  63,413
  66,719
  70,183
  73,814
  77,619
Variable operating expenses, $m
  11,577
  12,475
  13,408
  14,378
  15,386
  16,433
  17,522
  18,654
  19,831
  21,057
  22,020
  23,349
  24,734
  26,178
  27,685
  29,257
  30,899
  32,614
  34,406
  36,280
  38,239
  40,289
  42,434
  44,680
  47,032
  49,495
  52,075
  54,779
  57,612
  60,583
Fixed operating expenses, $m
  99
  101
  104
  106
  108
  111
  113
  115
  118
  121
  123
  126
  129
  132
  134
  137
  140
  144
  147
  150
  153
  157
  160
  164
  167
  171
  175
  178
  182
  186
Total operating expenses, $m
  11,676
  12,576
  13,512
  14,484
  15,494
  16,544
  17,635
  18,769
  19,949
  21,178
  22,143
  23,475
  24,863
  26,310
  27,819
  29,394
  31,039
  32,758
  34,553
  36,430
  38,392
  40,446
  42,594
  44,844
  47,199
  49,666
  52,250
  54,957
  57,794
  60,769
Operating income, $m
  2,755
  3,006
  3,266
  3,536
  3,817
  4,110
  4,413
  4,729
  5,058
  5,400
  6,069
  6,440
  6,827
  7,230
  7,651
  8,090
  8,549
  9,028
  9,529
  10,052
  10,600
  11,173
  11,773
  12,401
  13,059
  13,748
  14,469
  15,226
  16,019
  16,850
EBITDA, $m
  3,317
  3,587
  3,868
  4,160
  4,463
  4,779
  5,106
  5,447
  5,802
  6,171
  6,555
  6,956
  7,373
  7,808
  8,262
  8,736
  9,231
  9,748
  10,288
  10,853
  11,444
  12,063
  12,710
  13,388
  14,097
  14,841
  15,619
  16,435
  17,291
  18,188
Interest expense (income), $m
  78
  108
  246
  402
  563
  732
  906
  1,088
  1,277
  1,473
  1,678
  1,890
  2,111
  2,342
  2,582
  2,833
  3,094
  3,367
  3,651
  3,949
  4,260
  4,585
  4,925
  5,280
  5,652
  6,042
  6,450
  6,877
  7,324
  7,793
  8,285
Earnings before tax, $m
  2,647
  2,760
  2,864
  2,973
  3,086
  3,203
  3,325
  3,452
  3,585
  3,722
  4,179
  4,329
  4,485
  4,648
  4,818
  4,996
  5,182
  5,376
  5,580
  5,793
  6,015
  6,249
  6,493
  6,749
  7,017
  7,298
  7,593
  7,902
  8,226
  8,565
Tax expense, $m
  715
  745
  773
  803
  833
  865
  898
  932
  968
  1,005
  1,128
  1,169
  1,211
  1,255
  1,301
  1,349
  1,399
  1,452
  1,507
  1,564
  1,624
  1,687
  1,753
  1,822
  1,895
  1,970
  2,050
  2,133
  2,221
  2,313
Net income, $m
  1,933
  2,015
  2,091
  2,170
  2,253
  2,338
  2,427
  2,520
  2,617
  2,717
  3,051
  3,160
  3,274
  3,393
  3,517
  3,647
  3,783
  3,925
  4,073
  4,229
  4,391
  4,561
  4,740
  4,927
  5,122
  5,328
  5,543
  5,768
  6,005
  6,253

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  40,200
  43,404
  46,734
  50,195
  53,792
  57,530
  61,415
  65,455
  69,658
  74,031
  78,585
  83,328
  88,271
  93,425
  98,801
  104,413
  110,272
  116,392
  122,789
  129,475
  136,469
  143,785
  151,441
  159,456
  167,849
  176,639
  185,847
  195,496
  205,609
  216,209
Adjusted assets (=assets-cash), $m
  40,200
  43,404
  46,734
  50,195
  53,792
  57,530
  61,415
  65,455
  69,658
  74,031
  78,585
  83,328
  88,271
  93,425
  98,801
  104,413
  110,272
  116,392
  122,789
  129,475
  136,469
  143,785
  151,441
  159,456
  167,849
  176,639
  185,847
  195,496
  205,609
  216,209
Revenue / Adjusted assets
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
Average production assets, $m
  2,338
  2,524
  2,718
  2,919
  3,128
  3,346
  3,572
  3,807
  4,051
  4,306
  4,570
  4,846
  5,134
  5,433
  5,746
  6,072
  6,413
  6,769
  7,141
  7,530
  7,937
  8,362
  8,808
  9,274
  9,762
  10,273
  10,809
  11,370
  11,958
  12,574
Working capital, $m
  -577
  -623
  -671
  -721
  -772
  -826
  -882
  -940
  -1,000
  -1,063
  -1,128
  -1,197
  -1,268
  -1,342
  -1,419
  -1,499
  -1,584
  -1,671
  -1,763
  -1,859
  -1,960
  -2,065
  -2,175
  -2,290
  -2,410
  -2,537
  -2,669
  -2,807
  -2,953
  -3,105
Total debt, $m
  4,553
  7,437
  10,434
  13,549
  16,786
  20,150
  23,647
  27,283
  31,065
  35,002
  39,100
  43,368
  47,817
  52,456
  57,295
  62,345
  67,618
  73,126
  78,883
  84,901
  91,195
  97,780
  104,670
  111,884
  119,437
  127,348
  135,636
  144,320
  153,421
  162,961
Total liabilities, $m
  36,180
  39,064
  42,061
  45,176
  48,413
  51,777
  55,274
  58,910
  62,692
  66,628
  70,726
  74,995
  79,444
  84,082
  88,921
  93,972
  99,245
  104,753
  110,510
  116,528
  122,822
  129,406
  136,297
  143,511
  151,064
  158,975
  167,263
  175,947
  185,048
  194,588
Total equity, $m
  4,020
  4,340
  4,673
  5,020
  5,379
  5,753
  6,142
  6,546
  6,966
  7,403
  7,858
  8,333
  8,827
  9,342
  9,880
  10,441
  11,027
  11,639
  12,279
  12,948
  13,647
  14,378
  15,144
  15,946
  16,785
  17,664
  18,585
  19,550
  20,561
  21,621
Total liabilities and equity, $m
  40,200
  43,404
  46,734
  50,196
  53,792
  57,530
  61,416
  65,456
  69,658
  74,031
  78,584
  83,328
  88,271
  93,424
  98,801
  104,413
  110,272
  116,392
  122,789
  129,476
  136,469
  143,784
  151,441
  159,457
  167,849
  176,639
  185,848
  195,497
  205,609
  216,209
Debt-to-equity ratio
  1.130
  1.710
  2.230
  2.700
  3.120
  3.500
  3.850
  4.170
  4.460
  4.730
  4.980
  5.200
  5.420
  5.610
  5.800
  5.970
  6.130
  6.280
  6.420
  6.560
  6.680
  6.800
  6.910
  7.020
  7.120
  7.210
  7.300
  7.380
  7.460
  7.540
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,933
  2,015
  2,091
  2,170
  2,253
  2,338
  2,427
  2,520
  2,617
  2,717
  3,051
  3,160
  3,274
  3,393
  3,517
  3,647
  3,783
  3,925
  4,073
  4,229
  4,391
  4,561
  4,740
  4,927
  5,122
  5,328
  5,543
  5,768
  6,005
  6,253
Depreciation, amort., depletion, $m
  562
  582
  602
  624
  646
  669
  693
  718
  744
  771
  486
  516
  546
  578
  611
  646
  682
  720
  760
  801
  844
  890
  937
  987
  1,038
  1,093
  1,150
  1,210
  1,272
  1,338
Funds from operations, $m
  2,494
  2,596
  2,693
  2,794
  2,898
  3,007
  3,120
  3,238
  3,361
  3,488
  3,537
  3,675
  3,820
  3,971
  4,129
  4,293
  4,465
  4,645
  4,833
  5,030
  5,236
  5,451
  5,677
  5,913
  6,161
  6,420
  6,692
  6,978
  7,277
  7,590
Change in working capital, $m
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -152
Cash from operations, $m
  2,539
  2,642
  2,741
  2,843
  2,950
  3,061
  3,176
  3,296
  3,421
  3,551
  3,602
  3,744
  3,891
  4,045
  4,206
  4,374
  4,549
  4,733
  4,925
  5,126
  5,336
  5,556
  5,787
  6,028
  6,281
  6,547
  6,825
  7,116
  7,422
  7,743
Maintenance CAPEX, $m
  -230
  -249
  -269
  -289
  -311
  -333
  -356
  -380
  -405
  -431
  -458
  -486
  -516
  -546
  -578
  -611
  -646
  -682
  -720
  -760
  -801
  -844
  -890
  -937
  -987
  -1,038
  -1,093
  -1,150
  -1,210
  -1,272
New CAPEX, $m
  -178
  -186
  -194
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -265
  -276
  -287
  -300
  -313
  -326
  -341
  -356
  -372
  -389
  -407
  -425
  -445
  -466
  -488
  -511
  -536
  -561
  -588
  -616
Cash from investing activities, $m
  -408
  -435
  -463
  -490
  -520
  -550
  -582
  -615
  -649
  -685
  -723
  -762
  -803
  -846
  -891
  -937
  -987
  -1,038
  -1,092
  -1,149
  -1,208
  -1,269
  -1,335
  -1,403
  -1,475
  -1,549
  -1,629
  -1,711
  -1,798
  -1,888
Free cash flow, $m
  2,130
  2,207
  2,279
  2,353
  2,430
  2,511
  2,594
  2,681
  2,772
  2,866
  2,879
  2,981
  3,088
  3,199
  3,315
  3,436
  3,562
  3,695
  3,833
  3,977
  4,128
  4,286
  4,452
  4,625
  4,807
  4,997
  5,196
  5,405
  5,624
  5,854
Issuance/(repayment) of debt, $m
  2,551
  2,884
  2,997
  3,115
  3,237
  3,364
  3,497
  3,636
  3,782
  3,936
  4,098
  4,269
  4,449
  4,639
  4,839
  5,050
  5,273
  5,508
  5,757
  6,018
  6,294
  6,585
  6,891
  7,213
  7,553
  7,911
  8,288
  8,684
  9,101
  9,540
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,551
  2,884
  2,997
  3,115
  3,237
  3,364
  3,497
  3,636
  3,782
  3,936
  4,098
  4,269
  4,449
  4,639
  4,839
  5,050
  5,273
  5,508
  5,757
  6,018
  6,294
  6,585
  6,891
  7,213
  7,553
  7,911
  8,288
  8,684
  9,101
  9,540
Total cash flow (excl. dividends), $m
  4,681
  5,091
  5,276
  5,468
  5,667
  5,875
  6,091
  6,317
  6,554
  6,802
  6,977
  7,250
  7,537
  7,838
  8,154
  8,486
  8,836
  9,203
  9,589
  9,995
  10,422
  10,871
  11,343
  11,839
  12,360
  12,908
  13,484
  14,089
  14,726
  15,394
Retained Cash Flow (-), $m
  -560
  -320
  -333
  -346
  -360
  -374
  -389
  -404
  -420
  -437
  -455
  -474
  -494
  -515
  -538
  -561
  -586
  -612
  -640
  -669
  -699
  -732
  -766
  -801
  -839
  -879
  -921
  -965
  -1,011
  -1,060
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  4,121
  4,770
  4,943
  5,122
  5,308
  5,501
  5,703
  5,913
  6,134
  6,365
  6,522
  6,776
  7,042
  7,322
  7,616
  7,925
  8,250
  8,591
  8,950
  9,327
  9,723
  10,139
  10,577
  11,037
  11,521
  12,029
  12,563
  13,124
  13,714
  14,334
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  3,951
  4,367
  4,302
  4,217
  4,114
  3,992
  3,853
  3,696
  3,523
  3,337
  3,097
  2,892
  2,678
  2,458
  2,236
  2,014
  1,795
  1,582
  1,378
  1,185
  1,006
  841
  693
  562
  448
  351
  270
  203
  150
  108
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Automatic Data Processing, Inc. (ADP) is a provider of human capital management (HCM) solutions to employers, offering solutions to businesses of various sizes. The Company also provides business process outsourcing solutions. Its segments include Employer Services and Professional Employer Organization (PEO) Services. The Employer Services segment offers a range of human resources (HR) business process outsourcing and technology-enabled HCM solutions. These offerings include payroll services, benefits administration, talent management, HR management, time and attendance management, insurance services, retirement services, and tax and compliance services. ADP TotalSource, ADP's PEO business, offers small and mid-sized businesses a HR outsourcing solution through a co-employment model. As a PEO, ADP TotalSource provides HR management services while the client continues to direct the day-to-day job-related duties of the employees.

FINANCIAL RATIOS  of  Automatic Data Processing (ADP)

Valuation Ratios
P/E Ratio 38.2
Price to Sales 5.4
Price to Book 16.7
Price to Tangible Book
Price to Cash Flow 31.2
Price to Free Cash Flow 40
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22%
Cap. Spend. - 3 Yr. Gr. Rate 9.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.9
LT Debt to Equity 50.3%
Total Debt to Equity 50.3%
Interest Coverage 33
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 27.8%
Ret/ On T. Cap. - 3 Yr. Avg. 25.2%
Return On Equity 41%
Return On Equity - 3 Yr. Avg. 32.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 48.2%
Gross Margin - 3 Yr. Avg. 48.4%
EBITDA Margin 23.6%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 19.3%
Pre-Tax Margin 20.4%
Pre-Tax Margin - 3 Yr. Avg. 19.5%
Net Profit Margin 14%
Net Profit Margin - 3 Yr. Avg. 13.4%
Effective Tax Rate 31.5%
Eff/ Tax Rate - 3 Yr. Avg. 32.7%
Payout Ratio 57.4%

ADP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADP stock intrinsic value calculation we used $13325.8 million for the last fiscal year's total revenue generated by Automatic Data Processing. The default revenue input number comes from 0001 income statement of Automatic Data Processing. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADP stock valuation model: a) initial revenue growth rate of 8.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ADP is calculated based on our internal credit rating of Automatic Data Processing, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Automatic Data Processing.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADP stock the variable cost ratio is equal to 80.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $97 million in the base year in the intrinsic value calculation for ADP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Automatic Data Processing.

Corporate tax rate of 27% is the nominal tax rate for Automatic Data Processing. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADP stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ADP are equal to 16.2%.

Life of production assets of 9.4 years is the average useful life of capital assets used in Automatic Data Processing operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADP is equal to -4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3459.6 million for Automatic Data Processing - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 440.522 million for Automatic Data Processing is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Automatic Data Processing at the current share price and the inputted number of shares is $65.6 billion.

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COMPANY NEWS

▶ How Ceridian Stands Out In A Crowded HCM Market Versus Workday, ADP   [Sep-19-18 08:00AM  Investor's Business Daily]
▶ IBD Stock Of The Day: Ceridian Aims To Make Work Life A Better Place   [Sep-13-18 02:55PM  Investor's Business Daily]
▶ ADP's Push to Create a More Diverse Workforce   [Sep-11-18 03:53PM  Bloomberg Video]
▶ U.S. Created 201K New Jobs In August   [Sep-07-18 10:39AM  Zacks]
▶ Initial Claims Touch Record Lows   [Sep-06-18 10:46AM  Zacks]
▶ Initial Jobless Claims Rise Slightly   [Aug-30-18 10:24AM  Zacks]
▶ Bill Ackman's Top-Performing Stocks   [Aug-24-18 04:34PM  GuruFocus.com]
▶ NYSE Trader: Still time to buy tech stocks   [Aug-17-18 02:48PM  Yahoo Finance Video]
▶ Ackman cuts his stake in ADP   [12:07PM  American City Business Journals]
▶ Bill Ackman's Pershing Square cuts stake in ADP   [Aug-14-18 05:16PM  MarketWatch]
▶ These Five 95+ Composite Rating Stocks Are Just Below Buy Points   [Aug-13-18 04:05PM  Investor's Business Daily]
▶ 6 Dividend Stocks Outpacing The S&P 500   [Aug-10-18 12:20PM  Investopedia]
▶ ADP Declares Regular Quarterly Dividend   [Aug-02-18 02:28PM  GlobeNewswire]
▶ Who are ADP's Main Competitors?   [10:53AM  Investopedia]
▶ ADP: Fiscal 4Q Earnings Snapshot   [07:19AM  Associated Press]
▶ [$$] How to make a living in the cult of meritocracy   [Jul-09-18 03:17AM  Financial Times]
▶ Jobs Data Misses The Mark   [Jul-05-18 10:02AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for June 28th   [Jun-28-18 09:30AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for June 26th   [Jun-26-18 09:25AM  Zacks]
▶ [$$] Macron targets SMEs in latest economic reform drive   [Jun-18-18 03:32AM  Financial Times]
▶ [$$] ADP CFO Jan Siegmund Plans to Leave Company   [Jun-12-18 08:13PM  The Wall Street Journal]
▶ [$$] ADP CFO Jan Siegmund Plans to Leave Company   [06:51PM  The Wall Street Journal]
▶ 6 Dividend Aristocrats to Buy as Trump Irks G7   [Jun-11-18 08:00AM  Zacks]
▶ Initial Claims Fall, PCE Remained Steady   [May-31-18 10:26AM  Zacks]

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