"As far as safety goes, Automatic Data Processing (NYSE: ADP) is hard to beat," says Gregory Dorsey in Leeb's Income Performance Report. Here's the advisor's review.

"In our search for stocks that can not only grow in good times, but will also hold up well when the going gets rough, we find ADP. Its steady cash generation means the company has a number of options at its disposal when it comes to maximizing shareholder value.

"ADP offers services including payroll processing, human resource benefits administration products and other outsourcing services. The stock's P/E, using expected year-ahead earnings, doesn't seem so cheap at 18. But relative to the company's long-term growth rate, it's quite reasonable. In fact, the stock is trading at its lowest valuations in more than a decade.

"And ADP's balance sheet has never been stronger. Management's confidence in the company's future recently prompted them to up the stock's payout by 26%. We see good things ahead for ADP as well.

"ADP has demonstrated a record of maximizing shareholder value. For instance, the company has a history of using part of its cash flow generation to repurchase its own stock. In the first quarter the company repurchased approximately 5.8 million shares, and it's likely to continue to buy back shares in the future."

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