Investor Presentaiton
TSR Benchmarking: Broader Services Landscape(1)(2)
Assumes Market Capitalization Weighting as of 7/26/17
TSR
ADP vs. Comparable TSR
(Assumes 7/26/17 Close Price)
Market
Cap ($M)
Since
(3)
Weighting
Beta
Carlos
5 Year
3 Year
1 Year
Since
Carlos
5 Year
3 Year
1 Year
ADP (7/26/17 close price as
"unaffected")
$47,384
1.0
175%
142%
57%
13%
ADP + CDK (7/27/17 intraday
price as "unaffected")
$49,896
1.0
203%
166%
73%
19%
(4)(5)
Accenture
85,317
17%
1.0
158%
145%
72%
16%
17%
(3%)
(15%)
(2%)
FIS
30,290
6%
0.9
303%
212%
68%
14%
(128%)
(70%) (11%)
(0%)
IBM
135,152
28%
1.0
(8%)
(14%)
(17%)
(7%)
183%
156%
74%
20%
Infosys
36,544
7%
0.8
28%
83%
23%
(3%)
147%
59%
34%
16%
Intuit
35,656
7%
1.2
179%
153%
72%
22%
(4%)
(11%)
(15%)
(9%)
Marsh & McLennan
41,714
9%
0.9
203%
177%
66%
23%
(28%)
(36%) (9%)
(9%)
Moodys
25,754
5%
1.3
326%
257%
52%
27%
(151%)
(115%)
5%
(14%)
Paychex
20,867
4%
1.0
146%
112%
51%
(2%)
29%
29%
6%
15%
TCS
77,702
16%
0.6
100%
104%
(2%)
7%
75%
38%
59%
6%
Market Cap Weighted
Median
Mean
$488,998
100%
116%
102%
29%
7%
59%
40%
28%
6%
1.0
158%
145%
52%
14%
17%
(3%)
5%
(0%)
1.0
159%
136%
43%
11%
16%
5%
14%
3%
Sources: Bloomberg, Capital IQ
Notes:
1. Assumes universe of comparable companies at the intersection of technology & services and is based on the coverage universe of ADP's
sellside research community and additional select comparable companies; list is filtered for ADP-like characteristics - companies presented
above have at least $20B market capitalization as of 7/26/17, capital expenditure margins of less than 5%, free cash flow margins of greater
than 10% and dividend payout ratios of greater than 30%.
2. Based on respective USD closing prices adjusted for corporate actions.
3. Betas are forward-looking and benchmarked on the S&P 500 with a weekly periodicity and 2-year lookback period.
4. Assumes ADP's 7/27/17 intraday price of $111.65 as of 12:00PM, which is the assumed ADP "unaffected" price; see Additional Materials
page 61 for additional detail.
5. See page 9 for additional detail.
Copyright 2017 ADP, LLC.
63
ADP
A more human resource."View entire presentation