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  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
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  "presentationDate": "2012-10-24 00:00:00",
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  "notes": "The table compares three financial scenarios (Base, Upside, Downside) across various metrics including Target Price, EBITDA, Debt, and P/E ratios.",
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      "text": "Target Price: $55.00",
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      "text": "ADT represents an attractive risk-adjusted return investment with multiple ways to win and strong downside protection. Our Base Case assumes: 6.0% and 7.0% recurring revenue growth in FY13 and FY14, respectively; ~200bps of margin expansion over FY13 and FY14; debt proceeds from step-up in leverage to 3.0x, leveraging ongoing EBITDA growth (Δ in EBITDA x3), and FCF after growth capex used to buy back stock",
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