Intrinsic value of Automatic Data Processing - ADP

Previous Close

$122.77

  Intrinsic Value

$127.74

stock screener

  Rating & Target

hold

+4%

Previous close

$122.77

 
Intrinsic value

$127.74

 
Up/down potential

+4%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.10
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  12,380
  13,073
  13,798
  14,554
  15,346
  16,174
  17,040
  17,946
  18,895
  19,888
  20,929
  22,019
  23,161
  24,359
  25,614
  26,930
  28,309
  29,756
  31,274
  32,866
  34,536
  36,288
  38,126
  40,055
  42,079
  44,203
  46,432
  48,772
  51,227
  53,805
  56,510
Variable operating expenses, $m
 
  7,337
  7,734
  8,149
  8,583
  9,036
  9,511
  10,007
  10,527
  11,072
  11,642
  12,065
  12,691
  13,347
  14,035
  14,756
  15,512
  16,305
  17,136
  18,008
  18,923
  19,883
  20,891
  21,948
  23,057
  24,220
  25,442
  26,724
  28,069
  29,482
  30,964
Fixed operating expenses, $m
 
  3,039
  3,115
  3,193
  3,273
  3,355
  3,438
  3,524
  3,613
  3,703
  3,795
  3,890
  3,988
  4,087
  4,189
  4,294
  4,402
  4,512
  4,624
  4,740
  4,858
  4,980
  5,104
  5,232
  5,363
  5,497
  5,634
  5,775
  5,920
  6,068
  6,219
Total operating expenses, $m
  9,848
  10,376
  10,849
  11,342
  11,856
  12,391
  12,949
  13,531
  14,140
  14,775
  15,437
  15,955
  16,679
  17,434
  18,224
  19,050
  19,914
  20,817
  21,760
  22,748
  23,781
  24,863
  25,995
  27,180
  28,420
  29,717
  31,076
  32,499
  33,989
  35,550
  37,183
Operating income, $m
  2,532
  2,697
  2,948
  3,212
  3,490
  3,783
  4,090
  4,414
  4,755
  5,114
  5,492
  6,064
  6,483
  6,924
  7,390
  7,880
  8,396
  8,940
  9,513
  10,117
  10,754
  11,424
  12,131
  12,875
  13,659
  14,486
  15,356
  16,273
  17,238
  18,256
  19,327
EBITDA, $m
  2,848
  3,015
  3,275
  3,547
  3,834
  4,135
  4,453
  4,786
  5,138
  5,507
  5,897
  6,307
  6,739
  7,193
  7,672
  8,177
  8,709
  9,269
  9,859
  10,480
  11,135
  11,825
  12,552
  13,318
  14,124
  14,974
  15,869
  16,811
  17,804
  18,850
  19,951
Interest expense (income), $m
  78
  78
  58
  128
  202
  279
  360
  445
  533
  625
  722
  824
  930
  1,041
  1,158
  1,281
  1,409
  1,543
  1,684
  1,832
  1,988
  2,150
  2,321
  2,500
  2,689
  2,886
  3,093
  3,310
  3,538
  3,778
  4,029
Earnings before tax, $m
  2,531
  2,619
  2,890
  3,084
  3,288
  3,503
  3,730
  3,970
  4,222
  4,488
  4,769
  5,240
  5,553
  5,883
  6,231
  6,599
  6,987
  7,397
  7,829
  8,285
  8,766
  9,274
  9,810
  10,375
  10,971
  11,600
  12,263
  12,962
  13,700
  14,478
  15,298
Tax expense, $m
  798
  707
  780
  833
  888
  946
  1,007
  1,072
  1,140
  1,212
  1,288
  1,415
  1,499
  1,588
  1,682
  1,782
  1,887
  1,997
  2,114
  2,237
  2,367
  2,504
  2,649
  2,801
  2,962
  3,132
  3,311
  3,500
  3,699
  3,909
  4,130
Net income, $m
  1,733
  1,912
  2,110
  2,251
  2,400
  2,557
  2,723
  2,898
  3,082
  3,276
  3,482
  3,825
  4,054
  4,295
  4,549
  4,817
  5,101
  5,400
  5,715
  6,048
  6,399
  6,770
  7,161
  7,574
  8,009
  8,468
  8,952
  9,463
  10,001
  10,569
  11,167

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,784
  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
  37,180
  36,315
  38,326
  40,429
  42,627
  44,927
  47,332
  49,850
  52,485
  55,245
  58,136
  61,164
  64,337
  67,663
  71,150
  74,805
  78,637
  82,657
  86,872
  91,294
  95,933
  100,799
  105,906
  111,263
  116,886
  122,786
  128,978
  135,477
  142,298
  149,458
  156,973
Adjusted assets (=assets-cash), $m
  34,396
  36,315
  38,326
  40,429
  42,627
  44,927
  47,332
  49,850
  52,485
  55,245
  58,136
  61,164
  64,337
  67,663
  71,150
  74,805
  78,637
  82,657
  86,872
  91,294
  95,933
  100,799
  105,906
  111,263
  116,886
  122,786
  128,978
  135,477
  142,298
  149,458
  156,973
Revenue / Adjusted assets
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
Average production assets, $m
  1,309
  1,386
  1,463
  1,543
  1,627
  1,714
  1,806
  1,902
  2,003
  2,108
  2,218
  2,334
  2,455
  2,582
  2,715
  2,855
  3,001
  3,154
  3,315
  3,484
  3,661
  3,847
  4,041
  4,246
  4,460
  4,686
  4,922
  5,170
  5,430
  5,703
  5,990
Working capital, $m
  2,843
  65
  69
  73
  77
  81
  85
  90
  94
  99
  105
  110
  116
  122
  128
  135
  142
  149
  156
  164
  173
  181
  191
  200
  210
  221
  232
  244
  256
  269
  283
Total debt, $m
  2,002
  1,482
  3,293
  5,185
  7,164
  9,233
  11,398
  13,664
  16,036
  18,519
  21,121
  23,847
  26,703
  29,696
  32,834
  36,123
  39,573
  43,190
  46,984
  50,964
  55,139
  59,518
  64,114
  68,936
  73,996
  79,306
  84,879
  90,728
  96,867
  103,311
  110,075
Total liabilities, $m
  33,203
  32,683
  34,494
  36,386
  38,365
  40,434
  42,599
  44,865
  47,237
  49,720
  52,322
  55,048
  57,904
  60,897
  64,035
  67,324
  70,774
  74,391
  78,185
  82,165
  86,340
  90,719
  95,315
  100,137
  105,197
  110,507
  116,080
  121,929
  128,068
  134,512
  141,276
Total equity, $m
  3,977
  3,631
  3,833
  4,043
  4,263
  4,493
  4,733
  4,985
  5,249
  5,524
  5,814
  6,116
  6,434
  6,766
  7,115
  7,480
  7,864
  8,266
  8,687
  9,129
  9,593
  10,080
  10,591
  11,126
  11,689
  12,279
  12,898
  13,548
  14,230
  14,946
  15,697
Total liabilities and equity, $m
  37,180
  36,314
  38,327
  40,429
  42,628
  44,927
  47,332
  49,850
  52,486
  55,244
  58,136
  61,164
  64,338
  67,663
  71,150
  74,804
  78,638
  82,657
  86,872
  91,294
  95,933
  100,799
  105,906
  111,263
  116,886
  122,786
  128,978
  135,477
  142,298
  149,458
  156,973
Debt-to-equity ratio
  0.503
  0.410
  0.860
  1.280
  1.680
  2.060
  2.410
  2.740
  3.060
  3.350
  3.630
  3.900
  4.150
  4.390
  4.610
  4.830
  5.030
  5.230
  5.410
  5.580
  5.750
  5.900
  6.050
  6.200
  6.330
  6.460
  6.580
  6.700
  6.810
  6.910
  7.010
Adjusted equity ratio
  0.035
  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
  1,733
  1,912
  2,110
  2,251
  2,400
  2,557
  2,723
  2,898
  3,082
  3,276
  3,482
  3,825
  4,054
  4,295
  4,549
  4,817
  5,101
  5,400
  5,715
  6,048
  6,399
  6,770
  7,161
  7,574
  8,009
  8,468
  8,952
  9,463
  10,001
  10,569
  11,167
Depreciation, amort., depletion, $m
  316
  318
  326
  335
  344
  353
  362
  372
  383
  394
  405
  243
  256
  269
  283
  297
  313
  329
  345
  363
  381
  401
  421
  442
  465
  488
  513
  539
  566
  594
  624
Funds from operations, $m
  2,028
  2,230
  2,436
  2,586
  2,744
  2,910
  3,085
  3,270
  3,465
  3,670
  3,887
  4,068
  4,309
  4,564
  4,832
  5,115
  5,413
  5,728
  6,061
  6,411
  6,781
  7,171
  7,582
  8,016
  8,473
  8,956
  9,465
  10,001
  10,567
  11,163
  11,791
Change in working capital, $m
  -98
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
Cash from operations, $m
  2,126
  2,227
  2,433
  2,582
  2,740
  2,906
  3,081
  3,266
  3,460
  3,665
  3,882
  4,063
  4,304
  4,558
  4,826
  5,108
  5,406
  5,721
  6,053
  6,403
  6,772
  7,162
  7,573
  8,006
  8,463
  8,945
  9,453
  9,989
  10,554
  11,150
  11,778
Maintenance CAPEX, $m
  0
  -136
  -144
  -152
  -161
  -169
  -179
  -188
  -198
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -297
  -313
  -329
  -345
  -363
  -381
  -401
  -421
  -442
  -465
  -488
  -513
  -539
  -566
  -594
New CAPEX, $m
  -471
  -77
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -195
  -204
  -215
  -225
  -236
  -248
  -260
  -273
  -287
Cash from investing activities, $m
  5,730
  -213
  -221
  -232
  -245
  -257
  -271
  -284
  -299
  -314
  -330
  -347
  -364
  -383
  -402
  -422
  -443
  -466
  -490
  -514
  -540
  -567
  -596
  -625
  -657
  -690
  -724
  -761
  -799
  -839
  -881
Free cash flow, $m
  7,856
  2,013
  2,212
  2,350
  2,495
  2,649
  2,811
  2,981
  3,161
  3,351
  3,552
  3,716
  3,939
  4,175
  4,424
  4,686
  4,963
  5,255
  5,563
  5,889
  6,232
  6,595
  6,977
  7,381
  7,806
  8,255
  8,729
  9,229
  9,756
  10,311
  10,897
Issuance/(repayment) of debt, $m
  -2
  -520
  1,811
  1,892
  1,978
  2,069
  2,165
  2,266
  2,372
  2,484
  2,602
  2,726
  2,856
  2,993
  3,138
  3,290
  3,449
  3,617
  3,794
  3,980
  4,175
  4,380
  4,596
  4,822
  5,060
  5,310
  5,573
  5,849
  6,139
  6,444
  6,764
Issuance/(repurchase) of shares, $m
  -1,260
  527
  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  
  -7,287
  7
  1,811
  1,892
  1,978
  2,069
  2,165
  2,266
  2,372
  2,484
  2,602
  2,726
  2,856
  2,993
  3,138
  3,290
  3,449
  3,617
  3,794
  3,980
  4,175
  4,380
  4,596
  4,822
  5,060
  5,310
  5,573
  5,849
  6,139
  6,444
  6,764
Total cash flow (excl. dividends), $m
  584
  2,021
  4,022
  4,242
  4,474
  4,718
  4,976
  5,247
  5,533
  5,835
  6,153
  6,442
  6,795
  7,168
  7,561
  7,976
  8,412
  8,872
  9,357
  9,869
  10,407
  10,975
  11,573
  12,203
  12,867
  13,566
  14,302
  15,078
  15,895
  16,755
  17,661
Retained Cash Flow (-), $m
  505
  -2,438
  -201
  -210
  -220
  -230
  -241
  -252
  -264
  -276
  -289
  -303
  -317
  -333
  -349
  -366
  -383
  -402
  -422
  -442
  -464
  -487
  -511
  -536
  -562
  -590
  -619
  -650
  -682
  -716
  -752
Prev. year cash balance distribution, $m
 
  2,784
  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
 
  2,366
  3,821
  4,032
  4,254
  4,488
  4,735
  4,995
  5,270
  5,559
  5,864
  6,139
  6,478
  6,836
  7,213
  7,610
  8,029
  8,471
  8,936
  9,426
  9,943
  10,488
  11,062
  11,667
  12,304
  12,976
  13,683
  14,428
  15,212
  16,039
  16,909
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
 
  2,269
  3,498
  3,509
  3,503
  3,479
  3,436
  3,375
  3,294
  3,193
  3,074
  2,915
  2,764
  2,599
  2,421
  2,234
  2,040
  1,843
  1,646
  1,451
  1,264
  1,085
  918
  765
  627
  505
  399
  310
  235
  175
  127
Current shareholders' claim on cash, %
  100
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8

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 31.5
Price to Sales 4.4
Price to Book 13.7
Price to Tangible Book
Price to Cash Flow 25.7
Price to Free Cash Flow 33
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 $12380 million for the last fiscal year's total revenue generated by Automatic Data Processing. The default revenue input number comes from 2017 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 5.6% 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 56.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2965 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 3.9% 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 10.6%.

Life of production assets of 9.6 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 0.5%. 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 - $3977 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 443.98 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 $54.5 billion.

RELATED COMPANIES Price Int.Val. Rating
PAYX Paychex 69.70 59.57  hold
TNET TriNet Group 43.36 17.87  str.sell
EFX Equifax 125.00 74.14  sell
INTU Intuit 168.67 146.15  hold
NSP Insperity 60.65 66.60  hold
BBSI Barrett Busine 70.83 131.29  str.buy
CBZ CBIZ Inc 16.65 20.39  buy

COMPANY NEWS

▶ On heels of shaking Ackman campaign, ADP purchases N.Y.C. startup   [Jan-22-18 04:30PM  American City Business Journals]
▶ ADP Declares Regular Quarterly Dividend   [Jan-16-18 01:59PM  GlobeNewswire]
▶ 3 of the Best Trades for the Week   [10:38AM  InvestorPlace]
▶ ADP Stock Could Have More Room to Rally   [Jan-11-18 04:20PM  Investopedia]
▶ Elizabeth Warren's bill would thrash Equifax for another data breach   [Jan-10-18 10:53AM  Yahoo Finance Video]
▶ What Were Pershing Squares Top Holdings in 3Q17?   [Jan-09-18 10:36AM  Market Realist]
▶ Non-Farm Payroll Disappoints   [10:25AM  Zacks]
▶ Bests and Bloopers From the Year in Deals   [Dec-29-17 01:12AM  The Wall Street Journal]
▶ Bests and Bloopers From the Year in Deals   [Dec-28-17 12:42PM  The Wall Street Journal]
▶ Is The Street Underestimating ADP? Goldman Upgrades   [Dec-11-17 02:16PM  Benzinga]
▶ Goldman: buy ADP   [01:40PM  CNBC Videos]
▶ Uber paid 20-year-old $10K to keep data breach secret: Reuters   [Dec-07-17 11:05AM  Yahoo Finance Video]
▶ More Private Sector Jobs For Americans   [Dec-06-17 10:16AM  Zacks]
▶ Jobs Data To Look For   [10:44AM  Zacks]
▶ 4 Stocks Billionaire Bill Ackman Is Buying and Selling   [Nov-19-17 12:15PM  Motley Fool]
▶ 3 Stocks Billionaires Own   [Nov-17-17 09:04AM  Motley Fool]
▶ ADP: Is Ackman's Loss a Win?   [01:35PM  Barrons.com]
▶ A Look At ADP After The Proxy Battle   [12:56PM  Benzinga]
▶ Ackman: I'll Be Back Next Year If ADP Doesn't Perform   [Nov-12-17 10:00AM  TheStreet.com]
▶ ADP: A Sore Winner?   [10:03AM  Barrons.com]
Financial statements of ADP
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.