Slow Internal Volume Growth in Mature Markets, but Other Trends Are Positive for Iron Mountain
Narrow-moat-rated Iron Mountain reported solid second-quarter results that were well in line with, even slightly ahead of, our expectations, supporting our long-term thesis on the firm. Revenue and EBITDA came in slightly ahead of our projections, and the firm has completed more acquisitions since the end of the March quarter. Based on this and other updates to our valuation model, we are increasing our fair value estimate for Iron Mountain to $38 per share from $37.The company's adjusted earn...
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.
We have operations in 27 countries.
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