How Negative Are Investors About ADT's Residential Business?

JH
John Honovich
•Aug 09, 2023
IPVM

From our report - ADT Sells Off Commercial Integration Business For $1.6 Billion - we highlighted ADT's management comment about its market valuation vs the Commercial businesses:

we we believe our stock valuation at approximately 6x EBITDA, doesn't doesn't reflect the intrinsic value of the company and we had an opportunity with a purchase price of $1.6 billion using the standalone costs. They the EBITDA multiple was 11.2X so there's an arbitrage a value unlock for ADT versus where the stock is trading today.

* ******** */* **** ****** *** Commercial ******** ** ***** *** ******** multiple ** *** ****** *** ******** (Commercial ** ~**% ** ***'* ********).

*** ** ********* *** **** ** ADT (********* ***********) ****** ** *****? I ***** *** *********** ** **** investors *** ******* ***** ******** ** the ********* ** *** ** *** residential ******. **** ***** ** *****, of ******, *** * ***** ** reasonably ******** *** **** **** **** the **** **** ***'* *********** *********** will ******* ** *** ***** ***** away *** ***** ***** *********** *****/*** without ********** *****/******* **** ** **** up *** ****.

********?

LJ
Lee Jones
•Aug 11, 2023
Support Services Group

****, *** ***** *** ********.** *********** ****** ** ***…**…*****… ********. All, *** ****, ***** ***** ** this *****. ******* ******* ********* **** sold * **** ******* (****** ******** when ********* ** ***), ***** ****** now ** ********* *** ** *** swift ******* ** *** ******. ***** 50-year-old ******** ***** ** ***** ********.*** ****-*** ** *** ********** *** a **** **** *** *** *******, including ******, *** ** *** ***** time.********** ********* *** **** ********* ** pricing **** **** *** * *******.*** ******** ********** ********** *** ********** strengths *** ********. ******* *********** ** very ***** *********, *** ***** ********** heavy ******** *********, ********** ** *** arrogance ***** ** ********** *** **********, the *** **** ** ******** ********. Management *** *** ***** ***** ** save *** ****** ***** *****, **** grow ** **** *** **** ** State **** *** ******. ** ***** it ********.*** *********** *** **** *** ********** position. *** ***** ************, ***** ***** Associations, **** **** *** ***********.*** ****** *** ****** ** *** going ****. *** **** ** ****** that ****?

Avatar
Deric Morrow
•Aug 11, 2023
In reply to Lee Jones

****'* ***** **** ***** ************ **** there ***********? ***** **** ** ********** that ****.

LJ
Lee Jones
•Aug 13, 2023
Support Services Group
In reply to Deric Morrow

* ****** **** **** **** ********…. not *** ***** ************. *** *******, we ******* *** ******** ***********, *****, and **** ***** ************. **** ** a **** *** ** ********** ***** members …** *******’* **** ************ **** ****, ***** seems ** ** ** ****** ******** with **/*** *********** *** ** *** outdated **** ***** ********* (******* ** another ****). **** ******* ***** ******* public ********** ** **/******** ********, ***** could ** ********** ********** ***** *******. Whereas ***** ******** **. ********, **** police *********** ***’* **** *** ***** Ord, *** ****** **** **** ** City ******* *** *** ***** ***** $$revenue. *********** *** ** ***** ** an “****** ******” ** *** ***** Ordinance (**** ***** ***** ** ******* 10). ** ******* **** ****** *** using *** ***** ********* *** $$******* purposes. **** **** *** ****. *** the ****** ***** ********* (*) ** you ******* ** ***** **** ******* alarm ********** *****? (*) ** ***, average **** *** ****-******** ** ********* verified *** **** *******? (*) ******* site ******** **** ** ***** *** status ** ***** ******* ** ******* (over **% *****)? **** **** ****-******** (hours ** ****) ***** ********* *** fine/fee.

Avatar
Deric Morrow
•Aug 11, 2023

**'* ***** * ***** ** ** from ********* ** **** ********** ******* providers ** **** ****** *** **** them ***. *******, *** *********** *** commercial ******** ****** *** ********** *********. From *** **** ** ************ *** skill ***** **** ** ***** ** install * ****** ** *** ******** that *********** ********* *** ***** ** like *********** *** **** *******. *** has ****** ***** * *** ** play ** **** ****-***** ******* **** their ****** ******* *** **** ********* systems **** **** ******** ****** *** renamed ** ****** *****. **** ******* have * ***, ** **** ****’* missing *** ** **** **** ** the ******, *** **** ****** ** be ******* ** **** ** ** more ** * ***** **** ******** with *****.

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