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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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  "presentationDate": "2017-08-17 00:00:00",
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      "text": "(1) 2018 financials based on management guidance... (2) Projected June 2021 future share price based on a one-year forward P/E multiple...",
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      "text": "ADP will be challenged to re-accelerate Employer Services top line growth; Management has guided to 2% – 3% ES growth for FY 2018. ADP's long-term EPS algorithm should drive modest margin expansion over time but will continue to leave ADP competitively exposed.",
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