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  "docSlug": "b11f53a9759d",
  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-24 00:00:00",
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  "notes": "The slide compares two methodologies for calculating free cash flow: one excluding price increases (AFFO) and one including them (bond methodology).",
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      "text": "We refer to calculation with no credit for ongoing price increases as AFFO methodology (i.e., free cash flow will continue to grow by level of price increases), and calculation which adds back for price increases as bond methodology (i.e., true fixed income yield).",
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      "text": "Equity Yield: 12.6%",
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      "text": "We refer to calculation with no credit for ongoing price increases as AFFO methodology (i.e., free cash flow will continue to grow by level of price increases), and calculation which adds back for price increases as bond methodology (i.e., true fixed income yield)",
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      "text": "Note: Interest expense increases to 4.5% from current 3.0% YTM. Debt proceeds in this example paid out directly to shareholders (buyback would result in higher values).",
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      "text": "Steady-State Free Cash Flow Illustration",
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