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  "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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  "pageNumber": 43,
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  "notes": "This slide is part of an activist investor presentation (Corvex Management) justifying why the company should prioritize growth investment over immediate cash flow.",
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      "text": "ADT should borrow at 3% and invest / re-invest in itself at ~14-21% returns as much as it can",
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      "text": "A DCF is the best way to value ADT in our opinion. EBITDA – CapEx or FCF yield at a point in time is not a thoughtful cash flow valuation methodology. Equity investors should welcome growth investment by businesses with attractive returns on capital.",
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      "kind": "title",
      "text": "Limited FCF After Growth Capex",
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