Iron Mountain's Latest Results Are in Line With Our Expectations; Maintaining FVE
Narrow-moat rated Iron Mountain's second-quarter results were largely in line with our long-term thesis on the firm, and we are maintaining our fair value estimate of $40 per share. While the company’s latest results in both current top-line and adjusted EBITDA run rate growth suggest Iron Mountain may fall underneath its current short-term guidance, we believe medium-term results will still largely meet our current projections. Our current higher valuation ahead of the market price mostly stems...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.
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.
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