1. What is your assessment of ADI's corporate performance? How well have ADI's managers done?

2. What is the (DCF or Abnormal Earnings valuation) intrinsic value estimate for ADI's shares? How sensitive are your valuations to your key assumptions? (e.g., terminal growth, cost of capital, revenue growth, etc.)

3. Using a multiples approach, based on 2018 earnings and your best estimate of the warranted price-to-earnings multiple for ADI, what is the implied intrinsic value for ADI? How do they compare to your DCF or AEV-based estimates?

4. Given your analysis, would you sell the holdings in ADI? Would you wait and watch? Or would you buy more? Justify your answer.