Automatic Data Processing Inc

ADP: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$737.00	Zff	Rgcfsbjrm

ADP's Medium-Term Outlook Improves Amid Labor Shortages and Regulatory Change; FVE Up 7% to $216

Emma Williams

Nov 16, 2021

We’ve raised our fair value estimate for wide-moat ADP 7% to $216 per share on upgraded medium-term forecasts following the fiscal 2021 Investor Day. At current share prices, ADP is trading at about a 9% premium to our updated fair value estimate.

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