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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "presentationDate": "2017-09-01 00:00:00",
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      "text": "Given these attributes, and in order to benchmark ourselves in the broadest and most rigorous way, we have identified 4 peer sets against which to evaluate ADP's Total Shareholder Returns",
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      "text": "Comparisons to each of the peer sets indicate that our shareholders are well-served to invest their money with ADP, rather than investing in these other universes of companies (over any relevant time period)",
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      "text": "TSR Rationale: ADP is the only large-cap, global HCM provider... We are 2.3x larger than our closest pure-play HCM competitor... Our competition is fragmented... We have leading market positions... Our operations and financial attributes are more similar to a broad range of leading technology, software & services companies",
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      "text": "1. Based on ADP and Paychex market capitalization as of 9/5/2017.",
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