ADP's new competitors will cause more noise than actual disturbance.
Wide-moat Automatic Data Processing’s first quarter largely met our expectations. We do not anticipate any material changes to our fair value estimate of $82 per share. ADP grew top-line revenue by 0.6% sequentially, but year-over-year growth exceed 7%. However, we were surprised that ADP decided to sell its COBRA and CHSA business to WageWorks for $235 million. Given this divestiture, ADP now expects to grow revenue from 7% to 8%. Previously, the company had anticipated growth of 7% to 9%. In a...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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