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  "documentTitle": "ADT Corporation (ADT)",
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  "authorName": "Keith Meister",
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  "sourceTypeSlug": "activist_investor",
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  "presentationDate": "2012-10-24 00:00:00",
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      "text": "Market Penetration of Related Services",
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      "text": "Share of North American Residential & Small Business Security Market",
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      "text": "#1 market share in the highly fragmented home security industry\n25% market share and ~6x relative market share\nLarge and stably growing industry, with low penetration relative to other home services (~40% addressable market penetration)\nAttractive returns on capital, with ~14-21% unlevered IRRs on new subscribers",
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      "text": "Charts per ADT Investor Day Presentation (9/18/12) — ADT",
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      "text": "Unique Franchise Asset",
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