Summary: Automatic Data Processing Inc. Sep 11

Standard & Poors, September 2011

Abstract
The ratings on Roseland, N.J.-based Automatic Data Processing Inc. (ADP) reflect its very strong cash flows and balance sheet, consistent revenue and earnings growth, strong market position, and low technology and economic cycle risks. The company's potential challenges in integrating acquisitions in a highly competitive market offset those strengths. ADP is the dominant independent provider of payroll services, and holds the auto-dealer services leadership position in the U.S. Revenues for the fiscal year ended June 2011 were $9.9 billion, up 11%--6% organic--year on year, and the company expects them to grow 7%-9% in fiscal 2012. Although ADP participates in highly competitive markets, it has significant recurring revenue streams and a sizable installed customer base, while its business model includes significant...

Companies mentioned in this report are: Automatic Data Processing Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Automatic Data Processing Inc.

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