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  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2012-10-24 00:00:00",
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      "kind": "callout",
      "text": "Furthermore, lowering Company's cost of capital by increasing leverage creates immediate equity value",
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      "text": "ADT is the right asset for today's economic and interest rate environment. Equity can be thought of as a stable stream of cash flows from the Company's existing subscriber base, plus a differentiated platform for ongoing growth investment with attractive returns on capital. The value of ADT's existing subscriber base has never been higher given the current ultra-low interest rate environment. Furthermore, lowering Company's cost of capital by increasing leverage creates immediate equity value. In addition, we believe ADT is currently under-earning with \"Pulse\" (significantly higher ARPU product) at less than 3% of its subscriber base compared to a take rate of 39% for new internally generated subs last quarter. Recovery in new household formation, which appears to be taking hold, should also lift overall market growth.",
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      "kind": "title",
      "text": "The Right Asset for Today",
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