Intrinsic value of ADT - ADT

Previous Close

$8.71

  Intrinsic Value

$37.88

stock screener

  Rating & Target

str. buy

+335%

Previous close

$8.71

 
Intrinsic value

$37.88

 
Up/down potential

+335%

 
Rating

str. buy

We calculate the intrinsic value of ADT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  46.30
  42.17
  38.45
  35.11
  32.10
  29.39
  26.95
  24.75
  22.78
  21.00
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
Revenue, $m
  6,314
  8,977
  12,429
  16,793
  22,182
  28,701
  36,436
  45,455
  55,809
  67,529
  80,630
  95,111
  110,961
  128,158
  146,674
  166,480
  187,544
  209,839
  233,339
  258,024
  283,880
  310,903
  339,093
  368,460
  399,021
  430,803
  463,839
  498,170
  533,846
  570,923
Variable operating expenses, $m
  3,348
  4,215
  5,338
  6,758
  8,513
  10,635
  13,152
  16,088
  19,458
  23,272
  26,244
  30,957
  36,116
  41,714
  47,740
  54,187
  61,043
  68,300
  75,949
  83,983
  92,399
  101,195
  110,370
  119,929
  129,876
  140,221
  150,973
  162,148
  173,760
  185,828
Fixed operating expenses, $m
  1,394
  1,425
  1,456
  1,488
  1,521
  1,554
  1,588
  1,623
  1,659
  1,696
  1,733
  1,771
  1,810
  1,850
  1,891
  1,932
  1,975
  2,018
  2,062
  2,108
  2,154
  2,202
  2,250
  2,300
  2,350
  2,402
  2,455
  2,509
  2,564
  2,620
Total operating expenses, $m
  4,742
  5,640
  6,794
  8,246
  10,034
  12,189
  14,740
  17,711
  21,117
  24,968
  27,977
  32,728
  37,926
  43,564
  49,631
  56,119
  63,018
  70,318
  78,011
  86,091
  94,553
  103,397
  112,620
  122,229
  132,226
  142,623
  153,428
  164,657
  176,324
  188,448
Operating income, $m
  1,572
  3,338
  5,635
  8,546
  12,149
  16,512
  21,695
  27,744
  34,692
  42,561
  52,653
  62,383
  73,035
  84,594
  97,043
  110,361
  124,527
  139,521
  155,328
  171,933
  189,327
  207,507
  226,473
  246,232
  266,795
  288,180
  310,411
  333,514
  357,523
  382,475
EBITDA, $m
  5,254
  8,026
  11,629
  16,191
  21,833
  28,663
  36,772
  46,232
  57,097
  69,400
  83,155
  98,363
  115,011
  133,076
  152,530
  173,340
  195,475
  218,903
  243,600
  269,543
  296,719
  325,121
  354,752
  385,620
  417,745
  451,153
  485,881
  521,971
  559,477
  598,455
Interest expense (income), $m
  0
  753
  1,215
  1,835
  2,637
  3,652
  4,905
  6,420
  8,218
  10,315
  12,722
  15,447
  18,493
  21,860
  25,545
  29,543
  33,847
  38,452
  43,349
  48,533
  53,996
  59,735
  65,746
  72,029
  78,583
  85,410
  92,515
  99,904
  107,584
  115,566
  123,860
Earnings before tax, $m
  820
  2,122
  3,800
  5,909
  8,497
  11,608
  15,275
  19,526
  24,377
  29,839
  37,206
  43,890
  51,175
  59,050
  67,500
  76,513
  86,075
  96,172
  106,795
  117,937
  129,592
  141,760
  154,444
  167,649
  181,385
  195,665
  210,507
  225,929
  241,956
  258,615
Tax expense, $m
  221
  573
  1,026
  1,595
  2,294
  3,134
  4,124
  5,272
  6,582
  8,056
  10,046
  11,850
  13,817
  15,943
  18,225
  20,659
  23,240
  25,966
  28,835
  31,843
  34,990
  38,275
  41,700
  45,265
  48,974
  52,830
  56,837
  61,001
  65,328
  69,826
Net income, $m
  598
  1,549
  2,774
  4,314
  6,203
  8,474
  11,151
  14,254
  17,795
  21,782
  27,160
  32,040
  37,358
  43,106
  49,275
  55,855
  62,834
  70,205
  77,960
  86,094
  94,602
  103,485
  112,744
  122,384
  132,411
  142,836
  153,670
  164,928
  176,628
  188,789

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  24,859
  35,343
  48,933
  66,112
  87,332
  112,997
  143,448
  178,957
  219,720
  265,862
  317,440
  374,454
  436,854
  504,557
  577,456
  655,432
  738,364
  826,138
  918,656
  1,015,841
  1,117,640
  1,224,028
  1,335,012
  1,450,629
  1,570,949
  1,696,074
  1,826,136
  1,961,299
  2,101,756
  2,247,729
Adjusted assets (=assets-cash), $m
  24,859
  35,343
  48,933
  66,112
  87,332
  112,997
  143,448
  178,957
  219,720
  265,862
  317,440
  374,454
  436,854
  504,557
  577,456
  655,432
  738,364
  826,138
  918,656
  1,015,841
  1,117,640
  1,224,028
  1,335,012
  1,450,629
  1,570,949
  1,696,074
  1,826,136
  1,961,299
  2,101,756
  2,247,729
Revenue / Adjusted assets
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
Average production assets, $m
  23,887
  33,960
  47,019
  63,526
  83,916
  108,577
  137,837
  171,956
  211,125
  255,462
  305,023
  359,806
  419,765
  484,820
  554,867
  629,793
  709,480
  793,821
  882,720
  976,103
  1,073,920
  1,176,146
  1,282,789
  1,393,883
  1,509,497
  1,629,727
  1,754,702
  1,884,577
  2,019,540
  2,159,803
Working capital, $m
  -120
  -171
  -236
  -319
  -421
  -545
  -692
  -864
  -1,060
  -1,283
  -1,532
  -1,807
  -2,108
  -2,435
  -2,787
  -3,163
  -3,563
  -3,987
  -4,433
  -4,902
  -5,394
  -5,907
  -6,443
  -7,001
  -7,581
  -8,185
  -8,813
  -9,465
  -10,143
  -10,848
Total debt, $m
  16,425
  24,791
  35,636
  49,345
  66,279
  86,759
  111,059
  139,395
  171,924
  208,745
  249,905
  295,401
  345,197
  399,224
  457,397
  519,622
  585,801
  655,845
  729,675
  807,229
  888,464
  973,362
  1,061,927
  1,154,189
  1,250,205
  1,350,055
  1,453,844
  1,561,704
  1,673,789
  1,790,275
Total liabilities, $m
  19,838
  28,203
  39,049
  52,758
  69,691
  90,172
  114,471
  142,807
  175,336
  212,158
  253,317
  298,814
  348,610
  402,637
  460,810
  523,035
  589,214
  659,258
  733,088
  810,641
  891,876
  976,774
  1,065,339
  1,157,602
  1,253,618
  1,353,467
  1,457,257
  1,565,117
  1,677,202
  1,793,688
Total equity, $m
  5,022
  7,139
  9,884
  13,355
  17,641
  22,825
  28,976
  36,149
  44,383
  53,704
  64,123
  75,640
  88,245
  101,921
  116,646
  132,397
  149,149
  166,880
  185,569
  205,200
  225,763
  247,254
  269,672
  293,027
  317,332
  342,607
  368,880
  396,182
  424,555
  454,041
Total liabilities and equity, $m
  24,860
  35,342
  48,933
  66,113
  87,332
  112,997
  143,447
  178,956
  219,719
  265,862
  317,440
  374,454
  436,855
  504,558
  577,456
  655,432
  738,363
  826,138
  918,657
  1,015,841
  1,117,639
  1,224,028
  1,335,011
  1,450,629
  1,570,950
  1,696,074
  1,826,137
  1,961,299
  2,101,757
  2,247,729
Debt-to-equity ratio
  3.270
  3.470
  3.610
  3.690
  3.760
  3.800
  3.830
  3.860
  3.870
  3.890
  3.900
  3.910
  3.910
  3.920
  3.920
  3.920
  3.930
  3.930
  3.930
  3.930
  3.940
  3.940
  3.940
  3.940
  3.940
  3.940
  3.940
  3.940
  3.940
  3.940
Adjusted equity ratio
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202
  0.202

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  598
  1,549
  2,774
  4,314
  6,203
  8,474
  11,151
  14,254
  17,795
  21,782
  27,160
  32,040
  37,358
  43,106
  49,275
  55,855
  62,834
  70,205
  77,960
  86,094
  94,602
  103,485
  112,744
  122,384
  132,411
  142,836
  153,670
  164,928
  176,628
  188,789
Depreciation, amort., depletion, $m
  3,681
  4,689
  5,995
  7,645
  9,684
  12,150
  15,076
  18,488
  22,405
  26,839
  30,502
  35,981
  41,977
  48,482
  55,487
  62,979
  70,948
  79,382
  88,272
  97,610
  107,392
  117,615
  128,279
  139,388
  150,950
  162,973
  175,470
  188,458
  201,954
  215,980
Funds from operations, $m
  4,280
  6,238
  8,769
  11,959
  15,887
  20,624
  26,227
  32,742
  40,200
  48,621
  57,663
  68,020
  79,334
  91,588
  104,762
  118,834
  133,782
  149,588
  166,232
  183,704
  201,994
  221,100
  241,023
  261,772
  283,361
  305,808
  329,140
  353,386
  378,582
  404,769
Change in working capital, $m
  -38
  -51
  -66
  -83
  -102
  -124
  -147
  -171
  -197
  -223
  -249
  -275
  -301
  -327
  -352
  -376
  -400
  -424
  -446
  -469
  -491
  -513
  -536
  -558
  -581
  -604
  -628
  -652
  -678
  -704
Cash from operations, $m
  4,318
  6,289
  8,834
  12,042
  15,990
  20,748
  26,374
  32,913
  40,397
  48,844
  57,911
  68,295
  79,635
  91,915
  105,114
  119,210
  134,183
  150,011
  166,679
  184,173
  202,485
  221,613
  241,559
  262,330
  283,941
  306,412
  329,768
  354,038
  379,260
  405,474
Maintenance CAPEX, $m
  -1,633
  -2,389
  -3,396
  -4,702
  -6,353
  -8,392
  -10,858
  -13,784
  -17,196
  -21,112
  -25,546
  -30,502
  -35,981
  -41,977
  -48,482
  -55,487
  -62,979
  -70,948
  -79,382
  -88,272
  -97,610
  -107,392
  -117,615
  -128,279
  -139,388
  -150,950
  -162,973
  -175,470
  -188,458
  -201,954
New CAPEX, $m
  -7,560
  -10,073
  -13,059
  -16,507
  -20,390
  -24,661
  -29,260
  -34,120
  -39,169
  -44,337
  -49,561
  -54,783
  -59,959
  -65,055
  -70,047
  -74,925
  -79,688
  -84,341
  -88,899
  -93,383
  -97,816
  -102,226
  -106,642
  -111,095
  -115,614
  -120,230
  -124,974
  -129,876
  -134,963
  -140,263
Cash from investing activities, $m
  -9,193
  -12,462
  -16,455
  -21,209
  -26,743
  -33,053
  -40,118
  -47,904
  -56,365
  -65,449
  -75,107
  -85,285
  -95,940
  -107,032
  -118,529
  -130,412
  -142,667
  -155,289
  -168,281
  -181,655
  -195,426
  -209,618
  -224,257
  -239,374
  -255,002
  -271,180
  -287,947
  -305,346
  -323,421
  -342,217
Free cash flow, $m
  -4,875
  -6,173
  -7,620
  -9,167
  -10,753
  -12,304
  -13,743
  -14,990
  -15,967
  -16,606
  -17,195
  -16,990
  -16,305
  -15,116
  -13,415
  -11,202
  -8,484
  -5,278
  -1,602
  2,518
  7,059
  11,995
  17,302
  22,957
  28,939
  35,232
  41,821
  48,693
  55,840
  63,257
Issuance/(repayment) of debt, $m
  6,256
  8,366
  10,845
  13,709
  16,934
  20,480
  24,300
  28,336
  32,529
  36,821
  41,160
  45,497
  49,795
  54,027
  58,173
  62,225
  66,179
  70,044
  73,830
  77,553
  81,235
  84,898
  88,565
  92,263
  96,016
  99,850
  103,790
  107,860
  112,085
  116,486
Issuance/(repurchase) of shares, $m
  990
  568
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  7,246
  8,934
  10,845
  13,709
  16,934
  20,480
  24,300
  28,336
  32,529
  36,821
  41,160
  45,497
  49,795
  54,027
  58,173
  62,225
  66,179
  70,044
  73,830
  77,553
  81,235
  84,898
  88,565
  92,263
  96,016
  99,850
  103,790
  107,860
  112,085
  116,486
Total cash flow (excl. dividends), $m
  2,371
  2,761
  3,225
  4,542
  6,181
  8,176
  10,557
  13,346
  16,562
  20,215
  23,964
  28,507
  33,491
  38,911
  44,758
  51,023
  57,695
  64,766
  72,227
  80,071
  88,294
  96,892
  105,867
  115,219
  124,955
  135,082
  145,610
  156,553
  167,924
  179,743
Retained Cash Flow (-), $m
  -1,589
  -2,118
  -2,745
  -3,470
  -4,286
  -5,184
  -6,151
  -7,173
  -8,234
  -9,321
  -10,419
  -11,517
  -12,605
  -13,676
  -14,726
  -15,751
  -16,752
  -17,730
  -18,689
  -19,631
  -20,563
  -21,490
  -22,419
  -23,355
  -24,305
  -25,275
  -26,273
  -27,303
  -28,372
  -29,487
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  13
  19
  27
  37
  50
  67
  86
  109
  136
  167
  203
  242
  285
  333
  384
  440
  499
  563
  630
  700
  774
  852
  933
  1,017
  1,105
  1,197
  1,292
  1,392
  1,495
  1,602
Cash available for distribution, $m
  783
  643
  479
  1,071
  1,894
  2,992
  4,405
  6,173
  8,328
  10,895
  13,545
  16,990
  20,886
  25,235
  30,032
  35,272
  40,943
  47,036
  53,539
  60,440
  67,731
  75,402
  83,448
  91,865
  100,650
  109,807
  119,338
  129,250
  139,552
  150,257
Discount rate, %
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
  709
  523
  346
  680
  1,045
  1,416
  1,767
  2,070
  2,301
  2,441
  2,422
  2,382
  2,255
  2,057
  1,811
  1,539
  1,264
  1,003
  768
  568
  406
  279
  185
  119
  73
  43
  24
  13
  7
  3
Current shareholders' claim on cash, %
  84.9
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4
  79.4

FINANCIAL RATIOS  of  ADT (ADT)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ADT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADT stock intrinsic value calculation we used $4316 million for the last fiscal year's total revenue generated by ADT. The default revenue input number comes from 2017 income statement of ADT. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADT stock valuation model: a) initial revenue growth rate of 46.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.4%, whose default value for ADT is calculated based on our internal credit rating of ADT, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ADT.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADT stock the variable cost ratio is equal to 62.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1364 million in the base year in the intrinsic value calculation for ADT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.4% for ADT.

Corporate tax rate of 27% is the nominal tax rate for ADT. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADT stock is equal to 0.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ADT are equal to 378.3%.

Life of production assets of 10 years is the average useful life of capital assets used in ADT operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADT is equal to -1.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3433 million for ADT - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 641 million for ADT is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ADT at the current share price and the inputted number of shares is $5.6 billion.

COMPANY NEWS

▶ 3 Top Stocks Under $10   [Aug-13-18 04:15PM  Motley Fool]
▶ ADT: 2Q Earnings Snapshot   [Aug-08-18 07:14PM  Associated Press]
▶ ADT Reports Second Quarter 2018 Results   [04:05PM  GlobeNewswire]
▶ ADT, Inc. to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ ADT acquires Triad internet security firm Secure Designs Inc.   [06:30AM  American City Business Journals]
▶ Former Chewy.com, Amazon exec joins ADT   [Jul-31-18 07:21AM  American City Business Journals]
▶ ADT Names Jochen Koedijk as New Chief Marketing Officer   [Jul-30-18 02:45PM  GlobeNewswire]
▶ ADT Inc. Sets Date for 2018 Annual Meeting of Stockholders   [Jun-28-18 04:30PM  GlobeNewswire]
▶ ADT headquarters campus acquired for $42M   [10:12AM  American City Business Journals]
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