Intrinsic value of Iron Mountain Incorporated - IRM

Previous Close

$31.73

  Intrinsic Value

$29.78

stock screener

  Rating & Target

hold

-6%

Previous close

$31.73

 
Intrinsic value

$29.78

 
Up/down potential

-6%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as IRM.

We calculate the intrinsic value of IRM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  4,526
  4,838
  5,162
  5,499
  5,850
  6,215
  6,595
  6,991
  7,404
  7,834
  8,283
  8,752
  9,242
  9,753
  10,288
  10,846
  11,431
  12,042
  12,683
  13,353
  14,054
  14,789
  15,559
  16,366
  17,212
  18,099
  19,028
  20,003
  21,025
  22,097
Variable operating expenses, $m
  2,574
  2,710
  2,852
  2,999
  3,153
  3,312
  3,479
  3,652
  3,832
  4,020
  3,622
  3,827
  4,041
  4,265
  4,498
  4,743
  4,998
  5,266
  5,545
  5,838
  6,145
  6,467
  6,803
  7,156
  7,526
  7,914
  8,320
  8,746
  9,193
  9,662
Fixed operating expenses, $m
  1,014
  1,036
  1,059
  1,082
  1,106
  1,130
  1,155
  1,181
  1,207
  1,233
  1,260
  1,288
  1,316
  1,345
  1,375
  1,405
  1,436
  1,468
  1,500
  1,533
  1,567
  1,601
  1,636
  1,672
  1,709
  1,747
  1,785
  1,824
  1,865
  1,906
Total operating expenses, $m
  3,588
  3,746
  3,911
  4,081
  4,259
  4,442
  4,634
  4,833
  5,039
  5,253
  4,882
  5,115
  5,357
  5,610
  5,873
  6,148
  6,434
  6,734
  7,045
  7,371
  7,712
  8,068
  8,439
  8,828
  9,235
  9,661
  10,105
  10,570
  11,058
  11,568
Operating income, $m
  938
  1,092
  1,251
  1,418
  1,591
  1,772
  1,961
  2,159
  2,365
  2,581
  3,401
  3,637
  3,884
  4,143
  4,414
  4,699
  4,997
  5,309
  5,637
  5,981
  6,342
  6,722
  7,120
  7,538
  7,977
  8,438
  8,923
  9,432
  9,967
  10,529
EBITDA, $m
  2,029
  2,217
  2,412
  2,615
  2,827
  3,048
  3,279
  3,520
  3,771
  4,034
  4,309
  4,596
  4,897
  5,212
  5,542
  5,887
  6,249
  6,629
  7,027
  7,445
  7,883
  8,342
  8,825
  9,331
  9,863
  10,422
  11,008
  11,624
  12,271
  12,951
Interest expense (income), $m
  0
  440
  477
  517
  558
  601
  646
  692
  740
  791
  843
  898
  955
  1,015
  1,077
  1,142
  1,210
  1,281
  1,356
  1,433
  1,515
  1,600
  1,689
  1,783
  1,881
  1,983
  2,091
  2,204
  2,322
  2,446
  2,576
Earnings before tax, $m
  499
  614
  734
  860
  990
  1,127
  1,269
  1,418
  1,574
  1,737
  2,503
  2,682
  2,870
  3,066
  3,272
  3,489
  3,715
  3,954
  4,204
  4,466
  4,742
  5,032
  5,337
  5,657
  5,994
  6,347
  6,719
  7,110
  7,521
  7,953
Tax expense, $m
  135
  166
  198
  232
  267
  304
  343
  383
  425
  469
  676
  724
  775
  828
  884
  942
  1,003
  1,067
  1,135
  1,206
  1,280
  1,359
  1,441
  1,527
  1,618
  1,714
  1,814
  1,920
  2,031
  2,147
Net income, $m
  364
  449
  536
  627
  723
  822
  927
  1,035
  1,149
  1,268
  1,827
  1,958
  2,095
  2,238
  2,389
  2,547
  2,712
  2,886
  3,069
  3,261
  3,462
  3,674
  3,896
  4,130
  4,375
  4,633
  4,905
  5,190
  5,490
  5,806

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,678
  13,552
  14,460
  15,404
  16,386
  17,409
  18,474
  19,583
  20,739
  21,945
  23,203
  24,516
  25,887
  27,319
  28,817
  30,382
  32,019
  33,732
  35,525
  37,402
  39,368
  41,427
  43,584
  45,844
  48,213
  50,697
  53,300
  56,030
  58,893
  61,896
Adjusted assets (=assets-cash), $m
  12,678
  13,552
  14,460
  15,404
  16,386
  17,409
  18,474
  19,583
  20,739
  21,945
  23,203
  24,516
  25,887
  27,319
  28,817
  30,382
  32,019
  33,732
  35,525
  37,402
  39,368
  41,427
  43,584
  45,844
  48,213
  50,697
  53,300
  56,030
  58,893
  61,896
Revenue / Adjusted assets
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
Average production assets, $m
  7,291
  7,794
  8,316
  8,859
  9,424
  10,012
  10,625
  11,263
  11,928
  12,621
  13,344
  14,100
  14,888
  15,712
  16,573
  17,474
  18,415
  19,400
  20,432
  21,511
  22,642
  23,826
  25,066
  26,366
  27,729
  29,157
  30,654
  32,225
  33,871
  35,598
Working capital, $m
  -312
  -334
  -356
  -379
  -404
  -429
  -455
  -482
  -511
  -541
  -572
  -604
  -638
  -673
  -710
  -748
  -789
  -831
  -875
  -921
  -970
  -1,020
  -1,074
  -1,129
  -1,188
  -1,249
  -1,313
  -1,380
  -1,451
  -1,525
Total debt, $m
  8,837
  9,572
  10,335
  11,129
  11,956
  12,816
  13,711
  14,644
  15,616
  16,630
  17,688
  18,792
  19,946
  21,150
  22,410
  23,726
  25,103
  26,544
  28,052
  29,630
  31,283
  33,015
  34,829
  36,730
  38,722
  40,811
  43,000
  45,296
  47,704
  50,230
Total liabilities, $m
  10,662
  11,397
  12,161
  12,955
  13,781
  14,641
  15,536
  16,469
  17,442
  18,455
  19,513
  20,618
  21,771
  22,976
  24,235
  25,551
  26,928
  28,369
  29,877
  31,455
  33,109
  34,840
  36,654
  38,555
  40,547
  42,636
  44,825
  47,122
  49,529
  52,055
Total equity, $m
  2,016
  2,155
  2,299
  2,449
  2,605
  2,768
  2,937
  3,114
  3,298
  3,489
  3,689
  3,898
  4,116
  4,344
  4,582
  4,831
  5,091
  5,363
  5,649
  5,947
  6,260
  6,587
  6,930
  7,289
  7,666
  8,061
  8,475
  8,909
  9,364
  9,842
Total liabilities and equity, $m
  12,678
  13,552
  14,460
  15,404
  16,386
  17,409
  18,473
  19,583
  20,740
  21,944
  23,202
  24,516
  25,887
  27,320
  28,817
  30,382
  32,019
  33,732
  35,526
  37,402
  39,369
  41,427
  43,584
  45,844
  48,213
  50,697
  53,300
  56,031
  58,893
  61,897
Debt-to-equity ratio
  4.380
  4.440
  4.500
  4.540
  4.590
  4.630
  4.670
  4.700
  4.740
  4.770
  4.790
  4.820
  4.850
  4.870
  4.890
  4.910
  4.930
  4.950
  4.970
  4.980
  5.000
  5.010
  5.030
  5.040
  5.050
  5.060
  5.070
  5.080
  5.090
  5.100
Adjusted equity ratio
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  364
  449
  536
  627
  723
  822
  927
  1,035
  1,149
  1,268
  1,827
  1,958
  2,095
  2,238
  2,389
  2,547
  2,712
  2,886
  3,069
  3,261
  3,462
  3,674
  3,896
  4,130
  4,375
  4,633
  4,905
  5,190
  5,490
  5,806
Depreciation, amort., depletion, $m
  1,091
  1,125
  1,161
  1,197
  1,236
  1,276
  1,318
  1,361
  1,406
  1,453
  908
  959
  1,013
  1,069
  1,127
  1,189
  1,253
  1,320
  1,390
  1,463
  1,540
  1,621
  1,705
  1,794
  1,886
  1,983
  2,085
  2,192
  2,304
  2,422
Funds from operations, $m
  1,455
  1,573
  1,697
  1,825
  1,959
  2,098
  2,244
  2,396
  2,555
  2,722
  2,735
  2,917
  3,108
  3,307
  3,516
  3,735
  3,965
  4,206
  4,459
  4,724
  5,002
  5,294
  5,601
  5,923
  6,262
  6,617
  6,990
  7,382
  7,795
  8,228
Change in working capital, $m
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
Cash from operations, $m
  1,476
  1,595
  1,719
  1,848
  1,983
  2,124
  2,270
  2,424
  2,584
  2,751
  2,766
  2,949
  3,141
  3,342
  3,553
  3,774
  4,005
  4,248
  4,503
  4,770
  5,051
  5,345
  5,654
  5,979
  6,320
  6,678
  7,054
  7,450
  7,865
  8,302
Maintenance CAPEX, $m
  -463
  -496
  -530
  -566
  -603
  -641
  -681
  -723
  -766
  -811
  -859
  -908
  -959
  -1,013
  -1,069
  -1,127
  -1,189
  -1,253
  -1,320
  -1,390
  -1,463
  -1,540
  -1,621
  -1,705
  -1,794
  -1,886
  -1,983
  -2,085
  -2,192
  -2,304
New CAPEX, $m
  -483
  -502
  -522
  -543
  -565
  -588
  -612
  -638
  -665
  -693
  -723
  -755
  -789
  -824
  -861
  -900
  -942
  -985
  -1,031
  -1,080
  -1,130
  -1,184
  -1,241
  -1,300
  -1,362
  -1,428
  -1,497
  -1,570
  -1,647
  -1,727
Cash from investing activities, $m
  -946
  -998
  -1,052
  -1,109
  -1,168
  -1,229
  -1,293
  -1,361
  -1,431
  -1,504
  -1,582
  -1,663
  -1,748
  -1,837
  -1,930
  -2,027
  -2,131
  -2,238
  -2,351
  -2,470
  -2,593
  -2,724
  -2,862
  -3,005
  -3,156
  -3,314
  -3,480
  -3,655
  -3,839
  -4,031
Free cash flow, $m
  529
  597
  667
  739
  815
  894
  977
  1,063
  1,153
  1,247
  1,184
  1,286
  1,394
  1,506
  1,623
  1,746
  1,875
  2,010
  2,152
  2,301
  2,457
  2,621
  2,793
  2,974
  3,164
  3,364
  3,574
  3,794
  4,026
  4,270
Issuance/(repayment) of debt, $m
  694
  735
  764
  794
  826
  860
  895
  933
  972
  1,014
  1,058
  1,104
  1,153
  1,205
  1,259
  1,317
  1,377
  1,441
  1,508
  1,579
  1,653
  1,732
  1,814
  1,901
  1,992
  2,088
  2,190
  2,296
  2,408
  2,525
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  694
  735
  764
  794
  826
  860
  895
  933
  972
  1,014
  1,058
  1,104
  1,153
  1,205
  1,259
  1,317
  1,377
  1,441
  1,508
  1,579
  1,653
  1,732
  1,814
  1,901
  1,992
  2,088
  2,190
  2,296
  2,408
  2,525
Total cash flow (excl. dividends), $m
  1,223
  1,331
  1,430
  1,534
  1,642
  1,754
  1,872
  1,996
  2,125
  2,261
  2,242
  2,391
  2,547
  2,710
  2,882
  3,063
  3,252
  3,451
  3,660
  3,879
  4,110
  4,352
  4,607
  4,875
  5,156
  5,452
  5,763
  6,090
  6,434
  6,796
Retained Cash Flow (-), $m
  -132
  -139
  -144
  -150
  -156
  -163
  -169
  -176
  -184
  -192
  -200
  -209
  -218
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -313
  -327
  -343
  -359
  -377
  -395
  -414
  -434
  -455
  -477
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,092
  1,192
  1,286
  1,383
  1,485
  1,592
  1,703
  1,819
  1,941
  2,069
  2,042
  2,182
  2,329
  2,483
  2,644
  2,814
  2,992
  3,178
  3,375
  3,581
  3,797
  4,025
  4,264
  4,515
  4,779
  5,057
  5,349
  5,656
  5,979
  6,318
Discount rate, %
  11.50
  12.08
  12.68
  13.31
  13.98
  14.68
  15.41
  16.18
  16.99
  17.84
  18.73
  19.67
  20.65
  21.68
  22.77
  23.91
  25.10
  26.36
  27.68
  29.06
  30.51
  32.04
  33.64
  35.32
  37.09
  38.94
  40.89
  42.93
  45.08
  47.34
PV of cash for distribution, $m
  979
  949
  899
  839
  772
  700
  624
  548
  473
  401
  309
  253
  203
  159
  122
  91
  66
  47
  33
  22
  14
  9
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Iron Mountain Incorporated, together with its subsidiaries, provides storage and information management services in North America, Europe, Latin America, and the Asia Pacific. It operates through North American Records and Information Management Business, North American Data Management Business, Western European Business, and Other International Business segments. The company provides storage and information management services for physical records and other media, such as microfilm and microfiche, master audio and videotapes, film, X-rays, and blueprints, including healthcare information services, vital records services, and service and courier operations, as well as the collection, handling, disposal of sensitive documents for corporate customers. It also offers information destruction services primarily consist of physical secure shredding operations; document management solutions to develop, implement, and support storage and information management solutions for the complete lifecycle of its customers' information; fulfillment services; technology escrow services that protect and manage source code; and professional consulting services, as well as sells resultant waste paper to third-party recyclers. In addition, the company is involved in the storage and rotation of backup computer media operations, including records management, data protection and recovery, server and computer backup services, and digital content repository systems to house, distribute, and archive key media assets, as well as for storage, safeguarding, and electronic or physical delivery of physical media primarily for the entertainment and media industry clients. It serves commercial, legal, banking, healthcare, accounting, insurance, entertainment, and government organizations. Iron Mountain Incorporated was founded in 1951 and is headquartered in Boston, Massachusetts.

FINANCIAL RATIOS  of  Iron Mountain Incorporated (IRM)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

IRM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRM stock intrinsic value calculation we used $4226 million for the last fiscal year's total revenue generated by Iron Mountain Incorporated. The default revenue input number comes from 0001 income statement of Iron Mountain Incorporated. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IRM stock valuation model: a) initial revenue growth rate of 7.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.5%, whose default value for IRM is calculated based on our internal credit rating of Iron Mountain Incorporated, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Iron Mountain Incorporated.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IRM stock the variable cost ratio is equal to 57.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $992 million in the base year in the intrinsic value calculation for IRM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Iron Mountain Incorporated.

Corporate tax rate of 27% is the nominal tax rate for Iron Mountain Incorporated. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IRM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IRM are equal to 161.1%.

Life of production assets of 14.7 years is the average useful life of capital assets used in Iron Mountain Incorporated operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IRM is equal to -6.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1884.18 million for Iron Mountain Incorporated - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 286.287 million for Iron Mountain Incorporated is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Iron Mountain Incorporated at the current share price and the inputted number of shares is $9.1 billion.

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