2019 Performance Review
ADP Share Price Performance Since Inception
ADP's share price including dividends increased 28% year-to-date in 2019
through our last share sale on July 31, 2019
ADP share price performance from 5/10/2017 to 7/31/2019
Share price
$170
$160
6/12/18: ADP hosts Analyst Day;
increases long-term financial
targets. Outlines path to ~$7 in
earnings for FY 2021
3/7/2019: ADP announces
appointment of a new CFO
$167
$150
PSCM pivots to
$140
constructive
engagement with
ADP management
$130
$120
ADP Proxy Contest
$110
$100
$90
May-2017
Sep-2017
Dec-2017
Apr-2018
3/1/18: ADP announces
voluntary early
retirement program
1/30/2019: Reports FQ2 2019
earnings. ADP's Business
Transformation begins to
materialize in financial results.
Employer Services margins
expand 440bps
Aug-2018
Dec-2018
Apr-2019
Note: The performance of ADP's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
56
$105*
Jul-2019View entire presentation