Intrinsic value of Automatic Data Processing, Inc. - ADP

Previous Close

$166.46

  Intrinsic Value

$141.46

stock screener

  Rating & Target

hold

-15%

Previous close

$166.46

 
Intrinsic value

$141.46

 
Up/down potential

-15%

 
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 72.5

 

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
  19,312
  20,654
  22,048
  23,499
  25,008
  26,578
  28,212
  29,915
  31,690
  33,540
  35,470
  37,485
  39,588
  41,786
  44,082
  46,482
  48,993
  51,620
  54,368
  57,246
  60,259
  63,414
  66,720
  70,184
  73,815
  77,620
Variable operating expenses, $m
  11,597
  12,515
  13,469
  14,460
  15,491
  16,562
  17,675
  18,832
  20,037
  21,290
  22,515
  23,874
  25,290
  26,766
  28,307
  29,914
  31,593
  33,347
  35,179
  37,095
  39,098
  41,195
  43,388
  45,684
  48,089
  50,607
  53,246
  56,010
  58,907
  61,944
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
  11,696
  12,616
  13,573
  14,566
  15,599
  16,673
  17,788
  18,947
  20,155
  21,411
  22,638
  24,000
  25,419
  26,898
  28,441
  30,051
  31,733
  33,491
  35,326
  37,245
  39,251
  41,352
  43,548
  45,848
  48,256
  50,778
  53,421
  56,188
  59,089
  62,130
Operating income, $m
  2,736
  2,966
  3,205
  3,454
  3,713
  3,981
  4,260
  4,551
  4,853
  5,168
  5,574
  5,916
  6,271
  6,642
  7,029
  7,433
  7,855
  8,295
  8,756
  9,238
  9,741
  10,268
  10,820
  11,398
  12,003
  12,636
  13,300
  13,996
  14,725
  15,490
EBITDA, $m
  3,064
  3,314
  3,574
  3,844
  4,125
  4,417
  4,720
  5,035
  5,363
  5,705
  6,061
  6,431
  6,817
  7,220
  7,640
  8,079
  8,537
  9,016
  9,516
  10,039
  10,586
  11,158
  11,757
  12,384
  13,041
  13,729
  14,450
  15,205
  15,997
  16,827
Interest expense (income), $m
  78
  108
  261
  420
  585
  757
  935
  1,121
  1,314
  1,514
  1,723
  1,940
  2,166
  2,401
  2,646
  2,902
  3,169
  3,447
  3,738
  4,042
  4,359
  4,691
  5,038
  5,401
  5,781
  6,179
  6,595
  7,032
  7,489
  7,967
  8,469
Earnings before tax, $m
  2,628
  2,705
  2,786
  2,869
  2,956
  3,046
  3,140
  3,237
  3,339
  3,445
  3,635
  3,750
  3,870
  3,996
  4,127
  4,264
  4,407
  4,557
  4,714
  4,878
  5,050
  5,230
  5,419
  5,617
  5,824
  6,041
  6,269
  6,507
  6,758
  7,020
Tax expense, $m
  710
  730
  752
  775
  798
  822
  848
  874
  902
  930
  981
  1,012
  1,045
  1,079
  1,114
  1,151
  1,190
  1,230
  1,273
  1,317
  1,364
  1,412
  1,463
  1,516
  1,572
  1,631
  1,693
  1,757
  1,825
  1,896
Net income, $m
  1,918
  1,975
  2,033
  2,094
  2,158
  2,223
  2,292
  2,363
  2,437
  2,515
  2,653
  2,737
  2,825
  2,917
  3,013
  3,113
  3,217
  3,327
  3,441
  3,561
  3,687
  3,818
  3,956
  4,100
  4,251
  4,410
  4,576
  4,750
  4,933
  5,125

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
  42,076
  45,429
  48,915
  52,538
  56,302
  60,214
  64,281
  68,510
  72,908
  77,486
  82,252
  87,216
  92,390
  97,784
  103,412
  109,285
  115,418
  121,824
  128,518
  135,517
  142,837
  150,494
  158,508
  166,897
  175,681
  184,881
  194,520
  204,619
  215,203
  226,298
Adjusted assets (=assets-cash), $m
  42,076
  45,429
  48,915
  52,538
  56,302
  60,214
  64,281
  68,510
  72,908
  77,486
  82,252
  87,216
  92,390
  97,784
  103,412
  109,285
  115,418
  121,824
  128,518
  135,517
  142,837
  150,494
  158,508
  166,897
  175,681
  184,881
  194,520
  204,619
  215,203
  226,298
Revenue / Adjusted assets
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
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
  6,073
  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
  -823
  -888
  -956
  -1,027
  -1,101
  -1,177
  -1,257
  -1,339
  -1,425
  -1,515
  -1,608
  -1,705
  -1,806
  -1,912
  -2,022
  -2,137
  -2,257
  -2,382
  -2,513
  -2,649
  -2,793
  -2,942
  -3,099
  -3,263
  -3,435
  -3,615
  -3,803
  -4,001
  -4,207
  -4,424
Total debt, $m
  4,832
  7,776
  10,837
  14,017
  17,322
  20,757
  24,328
  28,041
  31,903
  35,922
  40,106
  44,465
  49,008
  53,744
  58,685
  63,841
  69,226
  74,850
  80,728
  86,873
  93,300
  100,023
  107,059
  114,425
  122,137
  130,215
  138,677
  147,545
  156,838
  166,579
Total liabilities, $m
  36,943
  39,887
  42,948
  46,128
  49,433
  52,868
  56,439
  60,152
  64,014
  68,033
  72,217
  76,576
  81,118
  85,855
  90,796
  95,952
  101,337
  106,961
  112,839
  118,984
  125,411
  132,134
  139,170
  146,536
  154,248
  162,326
  170,788
  179,655
  188,948
  198,690
Total equity, $m
  5,133
  5,542
  5,968
  6,410
  6,869
  7,346
  7,842
  8,358
  8,895
  9,453
  10,035
  10,640
  11,272
  11,930
  12,616
  13,333
  14,081
  14,862
  15,679
  16,533
  17,426
  18,360
  19,338
  20,361
  21,433
  22,556
  23,731
  24,964
  26,255
  27,608
Total liabilities and equity, $m
  42,076
  45,429
  48,916
  52,538
  56,302
  60,214
  64,281
  68,510
  72,909
  77,486
  82,252
  87,216
  92,390
  97,785
  103,412
  109,285
  115,418
  121,823
  128,518
  135,517
  142,837
  150,494
  158,508
  166,897
  175,681
  184,882
  194,519
  204,619
  215,203
  226,298
Debt-to-equity ratio
  0.940
  1.400
  1.820
  2.190
  2.520
  2.830
  3.100
  3.350
  3.590
  3.800
  4.000
  4.180
  4.350
  4.510
  4.650
  4.790
  4.920
  5.040
  5.150
  5.250
  5.350
  5.450
  5.540
  5.620
  5.700
  5.770
  5.840
  5.910
  5.970
  6.030
Adjusted equity ratio
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,918
  1,975
  2,033
  2,094
  2,158
  2,223
  2,292
  2,363
  2,437
  2,515
  2,653
  2,737
  2,825
  2,917
  3,013
  3,113
  3,217
  3,327
  3,441
  3,561
  3,687
  3,818
  3,956
  4,100
  4,251
  4,410
  4,576
  4,750
  4,933
  5,125
Depreciation, amort., depletion, $m
  328
  348
  369
  390
  412
  435
  459
  484
  510
  537
  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
  2,247
  2,323
  2,402
  2,484
  2,570
  2,659
  2,751
  2,848
  2,948
  3,052
  3,140
  3,253
  3,371
  3,495
  3,624
  3,759
  3,900
  4,047
  4,201
  4,362
  4,531
  4,708
  4,893
  5,087
  5,290
  5,503
  5,726
  5,960
  6,205
  6,463
Change in working capital, $m
  -63
  -66
  -68
  -71
  -74
  -76
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -217
Cash from operations, $m
  2,310
  2,388
  2,470
  2,555
  2,643
  2,735
  2,831
  2,930
  3,034
  3,142
  3,233
  3,350
  3,473
  3,600
  3,734
  3,874
  4,019
  4,172
  4,332
  4,499
  4,674
  4,857
  5,049
  5,251
  5,462
  5,683
  5,914
  6,157
  6,412
  6,680
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
  -426
  -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
  -1,270
  -1,335
  -1,403
  -1,475
  -1,549
  -1,629
  -1,711
  -1,798
  -1,888
Free cash flow, $m
  1,901
  1,953
  2,008
  2,065
  2,124
  2,185
  2,249
  2,315
  2,384
  2,456
  2,510
  2,588
  2,669
  2,754
  2,843
  2,936
  3,033
  3,134
  3,240
  3,350
  3,466
  3,588
  3,715
  3,848
  3,987
  4,133
  4,286
  4,446
  4,615
  4,791
Issuance/(repayment) of debt, $m
  2,830
  2,944
  3,061
  3,181
  3,305
  3,435
  3,571
  3,713
  3,862
  4,019
  4,184
  4,359
  4,542
  4,736
  4,941
  5,157
  5,384
  5,625
  5,878
  6,145
  6,427
  6,723
  7,036
  7,366
  7,713
  8,078
  8,462
  8,867
  9,293
  9,741
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  
  2,830
  2,944
  3,061
  3,181
  3,305
  3,435
  3,571
  3,713
  3,862
  4,019
  4,184
  4,359
  4,542
  4,736
  4,941
  5,157
  5,384
  5,625
  5,878
  6,145
  6,427
  6,723
  7,036
  7,366
  7,713
  8,078
  8,462
  8,867
  9,293
  9,741
Total cash flow (excl. dividends), $m
  4,731
  4,898
  5,068
  5,245
  5,429
  5,620
  5,819
  6,028
  6,246
  6,475
  6,694
  6,947
  7,212
  7,491
  7,784
  8,093
  8,417
  8,758
  9,118
  9,495
  9,893
  10,311
  10,751
  11,213
  11,699
  12,211
  12,748
  13,313
  13,908
  14,532
Retained Cash Flow (-), $m
  -397
  -409
  -425
  -442
  -459
  -477
  -496
  -516
  -537
  -558
  -581
  -606
  -631
  -658
  -687
  -717
  -748
  -782
  -817
  -854
  -893
  -934
  -978
  -1,023
  -1,072
  -1,122
  -1,176
  -1,232
  -1,291
  -1,354
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
  4,334
  4,489
  4,643
  4,803
  4,970
  5,143
  5,323
  5,512
  5,710
  5,917
  6,113
  6,341
  6,581
  6,833
  7,098
  7,376
  7,669
  7,977
  8,301
  8,642
  9,000
  9,377
  9,773
  10,190
  10,628
  11,088
  11,572
  12,081
  12,616
  13,179
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
  4,155
  4,109
  4,041
  3,955
  3,852
  3,732
  3,596
  3,445
  3,280
  3,102
  2,903
  2,706
  2,502
  2,294
  2,084
  1,874
  1,669
  1,469
  1,278
  1,098
  931
  778
  641
  519
  413
  323
  248
  187
  138
  99
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, Inc. (ADP)

Valuation Ratios
P/E Ratio 42.7
Price to Sales 6
Price to Book 18.6
Price to Tangible Book
Price to Cash Flow 34.8
Price to Free Cash Flow 44.8
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 $13326 million for the last fiscal year's total revenue generated by Automatic Data Processing, Inc.. The default revenue input number comes from 0001 income statement of Automatic Data Processing, Inc.. 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, Inc., 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, Inc..
    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, Inc..

Corporate tax rate of 27% is the nominal tax rate for Automatic Data Processing, Inc.. 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, Inc. 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 -5.7%. 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 - $4735.9 million for Automatic Data Processing, Inc. - 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 435.645 million for Automatic Data Processing, Inc. 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, Inc. at the current share price and the inputted number of shares is $72.5 billion.

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