Report
Stephen Ellis
EUR 101.80 For Business Accounts Only

Iron Mountain continues to expand internationally and is maintaining its narrow moat.

Narrow-moat Iron Mountain turned in a solid fourth quarter consistent with expectations, but with better-than-anticipated synergies related to the integration of Recall. Management attributes the latter to conservatism in its assumptions before the acquisition, which we view positively. Management continues to guide to 8%-10% revenue growth, which is ahead of our forecast, but we don't see the difference as material enough to change our $35 fair value estimate. The internal growth rate of total ...
Underlying
Iron Mountain Inc.

Iron Mountain is a holding company. Through its subsidiaries, the company stores physical records and data backup media, providing information management solutions, and providing data center space for colocation and hyperscale deployments. The company's segments are: Global Records and Information Management Business, which provides records management, data management, information governance and digital solutions, secure shredding, and consumer storage; Global Data Center Business, which provides data center facilities; and Corporate and Other Business, which provides entertainment and media that helps industry clients store, safeguard and deliver physical media of various types.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Stephen Ellis

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