Iron Mountain Incorporated (IRM) has become a bit of a battleground stock. Bulls point toward rapid growth and a low AFFO multiple, while bears are concerned by high debt and AFFO calculations. The truth, as usual, is somewhere in the middle. This article will address some of the most debated aspects of Iron Mountain and try to provide a clean perspective on valuation, balance sheet, and growth. Let us start by examining the bear thesis, as it has clearly had quite a bit of traction with regard to IRM’s sto ...

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