DDM Analysis: ADP

Valuation Snapshot

Stable Growth	$1,711.26 - $2,016.16	$1,889.44
Multi-Stage	$363.19 - $397.51	$380.03
Blended Fair Value	$1,134.74
Current Price	$293.50
Upside	286.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.28%	9.97%	5.88	5.35	4.67	4.07	3.86	3.60	3.17	2.61	2.44	2.31
YoY Growth	-	-	9.89%	14.68%	14.74%	5.30%	7.14%	13.73%	21.56%	6.88%	5.47%	1.72%
Dividend Yield	-	-	2.00%	1.93%	1.94%	1.80%	1.93%	2.58%	1.96%	1.73%	2.23%	2.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,136.30
(-) Cash Dividends Paid (M)	2,453.00
(=) Cash Retained (M)	1,683.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	827.26	517.04	310.22
Cash Retained (M)	1,683.30	1,683.30	1,683.30
(-) Cash Required (M)	-827.26	-517.04	-310.22
(=) Excess Retained (M)	856.04	1,166.26	1,373.08
(/) Shares Outstanding (M)	408.01	408.01	408.01
(=) Excess Retained per Share	2.10	2.86	3.37
LTM Dividend per Share	6.01	6.01	6.01
(+) Excess Retained per Share	2.10	2.86	3.37
(=) Adjusted Dividend	8.11	8.87	9.38
WACC / Discount Rate	5.92%	5.92%	5.92%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,711.26	$1,889.44	$2,016.16
Upside / Downside	483.05%	543.76%	586.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,136.30	4,405.16	4,691.49	4,996.44	5,321.21	5,667.09	5,837.10
Payout Ratio	59.30%	65.44%	71.58%	77.72%	83.86%	90.00%	92.50%
Projected Dividends (M)	2,453.00	2,882.88	3,358.29	3,883.32	4,462.41	5,100.38	5,399.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.92%	5.92%	5.92%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,696.20	2,721.76	2,747.32
Year 2 PV (M)	2,937.44	2,993.39	3,049.87
Year 3 PV (M)	3,176.72	3,267.91	3,360.83
Year 4 PV (M)	3,414.06	3,545.35	3,680.40
Year 5 PV (M)	3,649.46	3,825.73	4,008.75
PV of Terminal Value (M)	132,311.67	138,702.37	145,337.66
Equity Value (M)	148,185.55	155,056.52	162,184.82
Shares Outstanding (M)	408.01	408.01	408.01
Fair Value	$363.19	$380.03	$397.51
Upside / Downside	23.75%	29.48%	35.44%

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Automatic Data Processing, Inc. (ADP)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener