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Ascent Capital: Rich Valuation To Peers And Recent M&A, While Competitive Threats Loom
- Ascent Capital trades at rich multiples to its peers and recent M&A in the security space.
- Ascent faces increasing competition and upward pressure on the multiple it pays to acquire contracts.
- Based on EV/RMR (Recurring Monthly Revenue) multiple of 50x, still at a significant premium to ADT’s 38x, Ascent would be valued at $52 a share – implying 25%+ downside.
- Market Neutral Strategy: Long ADT, Short ASCMA.
- Let Oil-Dri Absorb Your Cash
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