Strong Fundamentals Drive Iron Mountain’s Medium-Term Guidance Upward
Iron Mountain reported excellent fourth-quarter results and even raised certain aspects of its long-term guidance, supporting our long-term thesis on the firm. While we may adjust our medium-term assumptions, as management has revised its guidance in favor of more aggressive targets, we will maintain our $40 fair value estimate and narrow moat rating for now. Not surprisingly, the higher-margin storage business continues to drive growth for the firm, at 62% of total revenue but 81% of adjusted g...
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