Automatic Data Processing Inc

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SKU: ADP-1 Category:

Description

ADP delivered a strong start to the year with combination of growth in revenue and expansion of margin. The ES new business bookings of the company were major growth drivers and the management saw ongoing strength in its International business and its HR portfolio. The strong booking performance of ADP’s PEO led to the rise in the guidance of the company for the growth of average worksite employees. The improved booking performance, resilient retention, the robust hiring level within the client base led to the outperformance in the PEO. The ES retention for ADP remained strong as well. ADP completed the initial roll-out of its new user experience for RUN and continued with its innovation efforts. Through its DE&I offering, ADP is looking to provide solutions that drive the clients’ real positive change. Though the tax rate of the company has been high, it received advantages from the elevated pace of share repurchases which was followed by debt issuance. We maintain a ‘Hold’ rating for ADP with a revision in the target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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