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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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  "notes": "The slide uses a bulleted list structure to frame the argument that ADP's performance is largely due to industry-wide tailwinds rather than unique operational excellence.",
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      "text": "HCM market participants have benefitted from employment growth since 2009, trends in HCM Beyond Payroll offerings, ACA demand drivers and earnings multiple expansion",
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      "text": "Businesses which participate in attractive industries should have positive long-term performance. ADP participates in an attractive industry with good secular growth; the global HCM industry has grown 6-7% per annum in recent years.",
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      "text": "ADP has benefitted from numerous tailwinds in recent years: Strong employment growth, Beyond Payroll growth, ACA benefits, and P/E Multiple expansion from ~15x to ~25x.",
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      "text": "(1) Estimated 2011-2017 CAGR. Based on Wall Street research, IDC (Payroll and HCM vendor share report) and ADP's 2015 Analyst Day presentation. (2) Jan Siegmund. Q2'2016 Earnings Call. February 3, 2016. (3) Bloomberg Best blended forward P/E multiple.",
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      "kind": "title",
      "text": "ADP's Recent TSR in Context",
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