Intrinsic value of Automatic Data Processing - ADP

Previous Close

$142.55

  Intrinsic Value

$111.47

stock screener

  Rating & Target

sell

-22%

Previous close

$142.55

 
Intrinsic value

$111.47

 
Up/down potential

-22%

 
Rating

sell

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 2017), $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 63.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  13,135
  13,922
  14,742
  15,597
  16,490
  17,421
  18,394
  19,411
  20,473
  21,584
  22,746
  23,962
  25,235
  26,567
  27,962
  29,424
  30,955
  32,559
  34,241
  36,004
  37,852
  39,790
  41,823
  43,955
  46,191
  48,537
  50,999
  53,581
  56,291
  59,135
Variable operating expenses, $m
  10,612
  11,233
  11,881
  12,557
  13,262
  13,998
  14,766
  15,569
  16,409
  17,286
  17,968
  18,928
  19,934
  20,986
  22,088
  23,243
  24,452
  25,720
  27,048
  28,441
  29,901
  31,432
  33,037
  34,721
  36,488
  38,341
  40,285
  42,325
  44,466
  46,712
Fixed operating expenses, $m
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  55
  57
  58
  59
  60
  62
  63
  65
  66
  67
  69
  70
  72
  74
  75
  77
Total operating expenses, $m
  10,653
  11,275
  11,924
  12,601
  13,307
  14,044
  14,813
  15,617
  16,458
  17,336
  18,019
  18,980
  19,987
  21,040
  22,143
  23,300
  24,510
  25,779
  27,108
  28,503
  29,964
  31,497
  33,103
  34,788
  36,557
  38,411
  40,357
  42,399
  44,541
  46,789
Operating income, $m
  2,482
  2,647
  2,818
  2,997
  3,183
  3,378
  3,581
  3,794
  4,016
  4,248
  4,728
  4,982
  5,248
  5,527
  5,819
  6,124
  6,445
  6,781
  7,133
  7,502
  7,888
  8,294
  8,720
  9,166
  9,635
  10,126
  10,641
  11,182
  11,750
  12,346
EBITDA, $m
  3,039
  3,223
  3,414
  3,614
  3,822
  4,039
  4,266
  4,504
  4,752
  5,011
  5,283
  5,566
  5,864
  6,175
  6,501
  6,842
  7,200
  7,575
  7,968
  8,380
  8,812
  9,265
  9,740
  10,239
  10,762
  11,310
  11,886
  12,490
  13,123
  13,789
Interest expense (income), $m
  78
  108
  217
  331
  450
  574
  703
  838
  979
  1,126
  1,280
  1,441
  1,609
  1,785
  1,969
  2,162
  2,364
  2,576
  2,798
  3,030
  3,274
  3,529
  3,797
  4,077
  4,372
  4,680
  5,004
  5,344
  5,700
  6,074
  6,467
Earnings before tax, $m
  2,374
  2,429
  2,487
  2,547
  2,610
  2,675
  2,743
  2,815
  2,890
  2,968
  3,287
  3,373
  3,463
  3,557
  3,656
  3,760
  3,869
  3,983
  4,102
  4,228
  4,360
  4,498
  4,643
  4,795
  4,954
  5,122
  5,297
  5,482
  5,676
  5,879
Tax expense, $m
  641
  656
  671
  688
  705
  722
  741
  760
  780
  801
  887
  911
  935
  960
  987
  1,015
  1,045
  1,075
  1,108
  1,142
  1,177
  1,214
  1,253
  1,295
  1,338
  1,383
  1,430
  1,480
  1,532
  1,587
Net income, $m
  1,733
  1,773
  1,815
  1,859
  1,905
  1,953
  2,003
  2,055
  2,110
  2,167
  2,399
  2,462
  2,528
  2,597
  2,669
  2,745
  2,824
  2,907
  2,995
  3,086
  3,182
  3,283
  3,389
  3,500
  3,617
  3,739
  3,867
  4,002
  4,143
  4,292

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
  39,445
  41,808
  44,271
  46,839
  49,519
  52,317
  55,238
  58,291
  61,482
  64,818
  68,307
  71,958
  75,780
  79,781
  83,970
  88,359
  92,957
  97,776
  102,826
  108,120
  113,670
  119,491
  125,595
  131,997
  138,713
  145,758
  153,149
  160,905
  169,043
  177,582
Adjusted assets (=assets-cash), $m
  39,445
  41,808
  44,271
  46,839
  49,519
  52,317
  55,238
  58,291
  61,482
  64,818
  68,307
  71,958
  75,780
  79,781
  83,970
  88,359
  92,957
  97,776
  102,826
  108,120
  113,670
  119,491
  125,595
  131,997
  138,713
  145,758
  153,149
  160,905
  169,043
  177,582
Revenue / Adjusted assets
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
Average production assets, $m
  3,205
  3,397
  3,597
  3,806
  4,024
  4,251
  4,488
  4,736
  4,996
  5,267
  5,550
  5,847
  6,157
  6,482
  6,823
  7,179
  7,553
  7,944
  8,355
  8,785
  9,236
  9,709
  10,205
  10,725
  11,271
  11,843
  12,444
  13,074
  13,735
  14,429
Working capital, $m
  -158
  -167
  -177
  -187
  -198
  -209
  -221
  -233
  -246
  -259
  -273
  -288
  -303
  -319
  -336
  -353
  -371
  -391
  -411
  -432
  -454
  -477
  -502
  -527
  -554
  -582
  -612
  -643
  -675
  -710
Total debt, $m
  4,024
  6,134
  8,333
  10,627
  13,020
  15,518
  18,127
  20,853
  23,702
  26,682
  29,798
  33,058
  36,471
  40,044
  43,785
  47,704
  51,810
  56,113
  60,623
  65,350
  70,307
  75,505
  80,956
  86,673
  92,670
  98,961
  105,562
  112,487
  119,754
  127,380
Total liabilities, $m
  35,224
  37,334
  39,534
  41,827
  44,221
  46,719
  49,328
  52,054
  54,903
  57,882
  60,998
  64,259
  67,671
  71,244
  74,986
  78,905
  83,011
  87,314
  91,823
  96,551
  101,508
  106,705
  112,156
  117,873
  123,870
  130,162
  136,762
  143,688
  150,955
  158,581
Total equity, $m
  4,221
  4,473
  4,737
  5,012
  5,299
  5,598
  5,911
  6,237
  6,579
  6,935
  7,309
  7,700
  8,108
  8,537
  8,985
  9,454
  9,946
  10,462
  11,002
  11,569
  12,163
  12,786
  13,439
  14,124
  14,842
  15,596
  16,387
  17,217
  18,088
  19,001
Total liabilities and equity, $m
  39,445
  41,807
  44,271
  46,839
  49,520
  52,317
  55,239
  58,291
  61,482
  64,817
  68,307
  71,959
  75,779
  79,781
  83,971
  88,359
  92,957
  97,776
  102,825
  108,120
  113,671
  119,491
  125,595
  131,997
  138,712
  145,758
  153,149
  160,905
  169,043
  177,582
Debt-to-equity ratio
  0.950
  1.370
  1.760
  2.120
  2.460
  2.770
  3.070
  3.340
  3.600
  3.850
  4.080
  4.290
  4.500
  4.690
  4.870
  5.050
  5.210
  5.360
  5.510
  5.650
  5.780
  5.910
  6.020
  6.140
  6.240
  6.350
  6.440
  6.530
  6.620
  6.700
Adjusted equity ratio
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,733
  1,773
  1,815
  1,859
  1,905
  1,953
  2,003
  2,055
  2,110
  2,167
  2,399
  2,462
  2,528
  2,597
  2,669
  2,745
  2,824
  2,907
  2,995
  3,086
  3,182
  3,283
  3,389
  3,500
  3,617
  3,739
  3,867
  4,002
  4,143
  4,292
Depreciation, amort., depletion, $m
  557
  576
  596
  617
  638
  661
  685
  710
  736
  763
  555
  585
  616
  648
  682
  718
  755
  794
  835
  878
  924
  971
  1,020
  1,073
  1,127
  1,184
  1,244
  1,307
  1,374
  1,443
Funds from operations, $m
  2,290
  2,349
  2,411
  2,476
  2,543
  2,614
  2,688
  2,765
  2,845
  2,930
  2,954
  3,047
  3,144
  3,245
  3,351
  3,463
  3,579
  3,702
  3,830
  3,965
  4,106
  4,254
  4,410
  4,573
  4,744
  4,923
  5,112
  5,309
  5,517
  5,735
Change in working capital, $m
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
Cash from operations, $m
  2,299
  2,359
  2,421
  2,486
  2,554
  2,625
  2,699
  2,777
  2,858
  2,943
  2,968
  3,061
  3,159
  3,261
  3,368
  3,480
  3,598
  3,721
  3,850
  3,986
  4,128
  4,277
  4,434
  4,598
  4,770
  4,951
  5,141
  5,340
  5,549
  5,769
Maintenance CAPEX, $m
  -302
  -320
  -340
  -360
  -381
  -402
  -425
  -449
  -474
  -500
  -527
  -555
  -585
  -616
  -648
  -682
  -718
  -755
  -794
  -835
  -878
  -924
  -971
  -1,020
  -1,073
  -1,127
  -1,184
  -1,244
  -1,307
  -1,374
New CAPEX, $m
  -184
  -192
  -200
  -209
  -218
  -227
  -237
  -248
  -259
  -271
  -284
  -297
  -311
  -325
  -340
  -357
  -374
  -392
  -410
  -430
  -451
  -473
  -496
  -520
  -546
  -572
  -601
  -630
  -661
  -694
Cash from investing activities, $m
  -486
  -512
  -540
  -569
  -599
  -629
  -662
  -697
  -733
  -771
  -811
  -852
  -896
  -941
  -988
  -1,039
  -1,092
  -1,147
  -1,204
  -1,265
  -1,329
  -1,397
  -1,467
  -1,540
  -1,619
  -1,699
  -1,785
  -1,874
  -1,968
  -2,068
Free cash flow, $m
  1,813
  1,846
  1,881
  1,918
  1,956
  1,995
  2,037
  2,080
  2,125
  2,172
  2,158
  2,210
  2,264
  2,320
  2,379
  2,441
  2,506
  2,574
  2,646
  2,720
  2,799
  2,881
  2,967
  3,057
  3,152
  3,252
  3,356
  3,466
  3,581
  3,701
Issuance/(repayment) of debt, $m
  2,021
  2,110
  2,199
  2,294
  2,393
  2,498
  2,609
  2,726
  2,849
  2,979
  3,116
  3,260
  3,413
  3,573
  3,741
  3,919
  4,106
  4,303
  4,510
  4,728
  4,957
  5,198
  5,451
  5,717
  5,997
  6,291
  6,601
  6,926
  7,267
  7,626
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  
  2,021
  2,110
  2,199
  2,294
  2,393
  2,498
  2,609
  2,726
  2,849
  2,979
  3,116
  3,260
  3,413
  3,573
  3,741
  3,919
  4,106
  4,303
  4,510
  4,728
  4,957
  5,198
  5,451
  5,717
  5,997
  6,291
  6,601
  6,926
  7,267
  7,626
Total cash flow (excl. dividends), $m
  3,834
  3,956
  4,081
  4,211
  4,349
  4,494
  4,646
  4,806
  4,974
  5,152
  5,274
  5,470
  5,676
  5,893
  6,121
  6,361
  6,612
  6,877
  7,156
  7,448
  7,755
  8,078
  8,418
  8,775
  9,149
  9,543
  9,957
  10,391
  10,848
  11,327
Retained Cash Flow (-), $m
  -244
  -253
  -264
  -275
  -287
  -299
  -313
  -327
  -341
  -357
  -373
  -391
  -409
  -428
  -448
  -470
  -492
  -516
  -540
  -566
  -594
  -623
  -653
  -685
  -719
  -754
  -791
  -830
  -871
  -914
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
  136
  144
  153
  162
  172
  181
  192
  202
  214
  225
  237
  250
  264
  278
  292
  308
  324
  341
  358
  377
  396
  416
  438
  460
  484
  508
  534
  561
  589
  619
Cash available for distribution, $m
  3,591
  3,703
  3,817
  3,937
  4,062
  4,194
  4,333
  4,479
  4,633
  4,795
  4,901
  5,079
  5,267
  5,465
  5,673
  5,891
  6,120
  6,362
  6,615
  6,882
  7,162
  7,456
  7,765
  8,090
  8,431
  8,789
  9,166
  9,561
  9,977
  10,413
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
  3,443
  3,390
  3,322
  3,241
  3,149
  3,044
  2,928
  2,800
  2,661
  2,514
  2,327
  2,168
  2,003
  1,835
  1,665
  1,497
  1,332
  1,172
  1,019
  874
  741
  619
  509
  412
  328
  256
  197
  148
  109
  78
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 36.6
Price to Sales 5.1
Price to Book 16
Price to Tangible Book
Price to Cash Flow 29.8
Price to Free Cash Flow 38.3
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 6.1% 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 80.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 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 1.1%.

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 24.4%.

Life of production assets of 10 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 -1.2%. 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 448 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 $63.9 billion.

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COMPANY NEWS

▶ 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]
▶ ADP: Fewer jobs created in May than over the last several months   [May-30-18 02:13PM  American City Business Journals]
▶ [$$] Two More Activist Funds Build Stakes in ADP   [10:54AM  The Wall Street Journal]
▶ [$$] Two More Activist Funds Build Stakes in ADP   [May-15-18 05:35PM  The Wall Street Journal]
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