4Foolz

Automatic Data Processing: Better Suited to Survive This Downturn than Its Competitors

Nice analysis. The only thing I would add about your compare to the 1982 unemployment numbers is that ADP at the time was a much smaller company trading at a higher multiple because of significant room for growth which it lacks now IMO. So, at that time, ADP had a lot more going for it than it does now as the company has matured.
Disc: Long ADP