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Intrinsic value of Automatic Data Processing, Inc. (ADP)

Previous Close$208.64
Intrinsic Value
Upside potential
Previous Close
$208.64

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
88,401

Based on fiscal year data as of 2021-06-30 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %2.8NaN
Revenue, $15005NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m11680NaN
Operating income, $m3325NaN
EBITDA, $m3836NaN
Interest expense (income), $mNaN
Earnings before tax, $m3362NaN
Tax expense, $m763NaN
Net income, $m2599NaN

BALANCE SHEET

Cash and short-term investments, $m2586NaN
Total assets, $m48773NaN
Adjusted assets (=assets-cash), $m46187NaN
Average production assets, $m4710NaN
Working capital, $m2647NaN
Total debt, $m3446NaN
Total liabilities, $m43103NaN
Total equity, $m5670NaN
Debt-to-equity ratio0.608NaN
Adjusted equity ratio0.069NaN

CASH FLOW

Net income, $m2599NaN
Depreciation, amort., depletion, $m511NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m3093NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-160NaN
Free cash flow, $m3253NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m2647
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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