Back to ADP Overview
NMS · Valuation Lab
ADP
Automatic Data Processing, Inc.
Last$270.09
Market cap107.4B
EV/EBITDA17.0x
Intrinsic value
$300.86
MoS +10.2% · Fairly Valued
Assuming 24.3% FCF margin and 6.8% Y1–5 growth.
Upside to price
EV (DCF)120.9B
Terminal share61%
Expected IV$315.58
Probability weights
Projected free cash flows
Stage FCF path with present values · terminal 61% of EV
PV of stage FCFs47.7B
PV of terminal value73.2B
Enterprise value120.9B
Net cash / (debt)-1.2B
Equity value119.7B
Intrinsic value / share$300.86
| Year | Revenue | FCF | PV | DF |
|---|---|---|---|---|
| Y1 | 23.4B | 5.7B | 5.3B | 92.5% |
| Y2 | 25B | 6.1B | 5.2B | 85.5% |
| Y3 | 26.7B | 6.5B | 5.1B | 79.1% |
| Y4 | 28.6B | 6.9B | 5.1B | 73.2% |
| Y5 | 30.5B | 7.4B | 5B | 67.7% |
| Y6 | 31.5B | 7.7B | 4.8B | 62.6% |
| Y7 | 32.6B | 7.9B | 4.6B | 57.9% |
| Y8 | 33.7B | 8.2B | 4.4B | 53.5% |
| Y9 | 34.9B | 8.5B | 4.2B | 49.5% |
| Y10 | 36B | 8.8B | 4B | 45.8% |
| Terminal | — | — | 73.2B | — |
Educational DCF model only — not financial advice. Terminal value and assumptions dominate results; verify filings and run your own diligence.