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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "FYE 2022 EPS can increase from $5.90 under the status quo to $8.70, a ~47% improvement",
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      "text": "ADP’s value can increase to $221 – $255 per share, at 24x – 28x earnings, (including dividends) by June 2021, a total return of 101% – 132% in less than four years",
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      "text": "All of the above can be achieved with no changes in the credit rating, capital structure, dividend policy, or client funds investment strategy",
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