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  "documentTitle": "Automatic Data Processing (ADP) (ADP)",
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  "authorName": "William Ackman",
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      "text": "We estimate the structural potential margin of ADP's various sub-segments by analyzing the segments' underlying economic characteristics (scale, market position) and performance relative to direct and/or related competitors",
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      "text": "We then estimate the consolidated Employer Services margin by multiplying the structural margin of each sub-segment by its estimated percentage of Employer Services revenue",
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