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  "docSlug": "b11f53a9759d",
  "documentTitle": "ADT Corporation (ADT)",
  "authorId": "11_Corvex",
  "authorName": "Keith Meister",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-10-24 00:00:00",
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  "nDataPoints": 3,
  "notes": "This is an activist investor presentation slide (Corvex Management LP) advocating for capital structure optimization.",
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      "text": "There is a massive opportunity to lower ADT's overall cost of capital by prudently increasing leverage that the Company is currently ignoring",
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      "text": "Leverage for home security peers and cable companies is generally 2-5x EBITDA in the public markets (and, not surprisingly, often higher in the private markets)",
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      "text": "Company's existing 5-year debt literally trades at ~1.7% yield to maturity and the Company's entire debt structure trades at a blended 2.96% yield to maturity",
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      "text": "ADT capital structure should have been an important consideration in Tyco spin-off rationale",
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      "text": "ADT's defensive business, predictable, contract-based revenue stream, and high free cash flow conversion create opportunity for significant leveraging of its balance sheet",
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      "text": "yield to maturity: 2.96%",
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