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  "documentTitle": "ADT Corporation (ADT)",
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  "authorName": "Keith Meister",
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  "presentationDate": "2012-10-24 00:00:00",
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      "text": "ADT is the market leader in home security monitoring in the U.S. and Canada, with approximately 6.5 million subscribers\n90% of ADT's revenues are recurring monthly service fees ($38 ARPU), with annual attrition of 13%\nHolds 25% market share, ~6x the next largest competitor\n$9.0B market cap and $11.2B TEV(1); ~$3.2B of revenue and ~$1.6B of EBITDA (~49.2% margin(2)) for the fiscal year ending 9/30/12E\nEV / '13E EBITDA of 6.5x and '13E levered 'steady-state' free cash flow yield of 10% (based on existing capital structure)(3)\n2007-2012E revenue and EBITDA CAGRs of ~9% and ~13%, respectively (including $2.0B Brinks acquisition)\nSpin-off from Tyco was completed on September 28",
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