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  "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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  "pageNumber": 29,
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  "notes": "The table demonstrates the sensitivity of share price to Net Debt/EBITDA ratios, illustrating the 'equity shrink' effect.",
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      "text": "As shown below, changing the Company's cost of capital by borrowing at today's ultra-low interest rates and using debt proceeds to repurchase ADT's stock results in a significant increase in equity value",
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      "text": "Ongoing equity shrink combined with financial outperformance leads to significant long-term value creation. A discounted cash flow analysis is the most appropriate way to value ADT in our opinion. As shown below, changing the Company's cost of capital by borrowing at today's ultra-low interest rates and using debt proceeds to repurchase ADT's stock results in a significant increase in equity value",
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      "text": "Net Debt / EBITDA: $92.34",
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      "text": "Note: DCF valuation assumes 7.0% discount rate (equity cost of capital) and exit in year 5 at 7.0% equity steady-state free cash flow yield. Analysis assumes interest rate increases with higher leverage. % Change to Current based on ADT Share Price of $38.10, closing price on October 23, 2012.",
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      "text": "ADT Discounted Cash Flow Valuation table showing share price and cumulative % change in shares across Net Debt/EBITDA ratios from 1.5x to 4.0x.",
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      "text": "Power of Levered Share Repurchases",
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