ADP dominates the payroll processing market but still has good growth prospects.
While wide-moat-rated ADP’s 2016 full-year revenue of $11.7 billion was below our expectations of $11.8 billion, earnings of $3.25 per share were basically in line with our forecast. We do not expect any material changes to our fair value estimate of $79 per share. Nevertheless, we believe ADP’s shares are overpriced by the market, trading at more than 28 times 2016 earnings, despite the firm's mediocre results.ÂManagement continues to expect total revenue to increase 7%-9% during fiscal 2017, ...
Automatic Data Processing is a provider of cloud-based human capital management (HCM) solutions to employers, providing solutions to businesses of various sizes. The company's two reportable business segments are Employer Services, which provides a range of technology-based HCM solutions, including payroll services, benefits administration, talent management, HR management, workforce management, compliance services, insurance services and retirement services; and Professional Employer Organization, which provides clients with employment administration outsourcing solutions through a relationship in which employees who work for a client are co-employed by the company and the client.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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