Thesis
ADT Inc.'s (ADT) stock price continues to trade at roughly $6 - $6.50 per share since April 2019. At this point I mostly think that the risks and downside for ADT are priced in. Major risks include the high leverage after the IPO, slow decline in residential security and monitoring customers, and competitive threats to the residential business. On the other hand, the company has improved operational performance reducing customer attrition and time for customer revenue payback. In addition, ADT has completed several M&A deals to grow in the commercial security and