Intrinsic value of Iron Mountain - IRM

Previous Close

$33.04

  Intrinsic Value

$39.40

stock screener

  Rating & Target

hold

+19%

Previous close

$33.04

 
Intrinsic value

$39.40

 
Up/down potential

+19%

 
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 9.5

 

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, %
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  4,296
  4,769
  5,267
  5,787
  6,331
  6,898
  7,488
  8,103
  8,742
  9,406
  10,096
  10,813
  11,558
  12,333
  13,138
  13,977
  14,849
  15,757
  16,704
  17,690
  18,719
  19,792
  20,912
  22,082
  23,304
  24,581
  25,916
  27,313
  28,775
  30,304
Variable operating expenses, $m
  2,341
  2,539
  2,747
  2,965
  3,192
  3,429
  3,675
  3,932
  4,199
  4,476
  4,217
  4,517
  4,828
  5,152
  5,488
  5,839
  6,203
  6,582
  6,978
  7,390
  7,819
  8,268
  8,736
  9,224
  9,735
  10,268
  10,826
  11,410
  12,020
  12,659
Fixed operating expenses, $m
  1,089
  1,113
  1,138
  1,163
  1,189
  1,215
  1,241
  1,269
  1,297
  1,325
  1,354
  1,384
  1,415
  1,446
  1,477
  1,510
  1,543
  1,577
  1,612
  1,647
  1,684
  1,721
  1,758
  1,797
  1,837
  1,877
  1,918
  1,961
  2,004
  2,048
Total operating expenses, $m
  3,430
  3,652
  3,885
  4,128
  4,381
  4,644
  4,916
  5,201
  5,496
  5,801
  5,571
  5,901
  6,243
  6,598
  6,965
  7,349
  7,746
  8,159
  8,590
  9,037
  9,503
  9,989
  10,494
  11,021
  11,572
  12,145
  12,744
  13,371
  14,024
  14,707
Operating income, $m
  865
  1,116
  1,382
  1,660
  1,951
  2,255
  2,572
  2,902
  3,246
  3,604
  4,524
  4,912
  5,315
  5,735
  6,173
  6,628
  7,103
  7,598
  8,114
  8,653
  9,216
  9,803
  10,418
  11,060
  11,732
  12,436
  13,172
  13,943
  14,751
  15,597
EBITDA, $m
  1,827
  2,124
  2,437
  2,766
  3,109
  3,468
  3,842
  4,232
  4,638
  5,060
  5,499
  5,956
  6,432
  6,927
  7,442
  7,978
  8,537
  9,120
  9,728
  10,362
  11,024
  11,715
  12,438
  13,193
  13,983
  14,810
  15,675
  16,581
  17,530
  18,525
Interest expense (income), $m
  0
  380
  435
  492
  553
  616
  682
  751
  823
  898
  976
  1,056
  1,140
  1,228
  1,318
  1,413
  1,511
  1,613
  1,719
  1,829
  1,945
  2,065
  2,190
  2,320
  2,457
  2,599
  2,748
  2,903
  3,066
  3,236
  3,414
Earnings before tax, $m
  484
  682
  889
  1,107
  1,335
  1,572
  1,820
  2,079
  2,348
  2,629
  3,468
  3,771
  4,088
  4,417
  4,760
  5,117
  5,490
  5,879
  6,285
  6,708
  7,151
  7,614
  8,097
  8,603
  9,133
  9,688
  10,269
  10,877
  11,515
  12,184
Tax expense, $m
  131
  184
  240
  299
  360
  425
  492
  561
  634
  710
  936
  1,018
  1,104
  1,193
  1,285
  1,382
  1,482
  1,587
  1,697
  1,811
  1,931
  2,056
  2,186
  2,323
  2,466
  2,616
  2,773
  2,937
  3,109
  3,290
Net income, $m
  353
  498
  649
  808
  974
  1,148
  1,329
  1,518
  1,714
  1,919
  2,531
  2,753
  2,984
  3,224
  3,475
  3,736
  4,008
  4,292
  4,588
  4,897
  5,220
  5,558
  5,911
  6,281
  6,667
  7,072
  7,496
  7,940
  8,406
  8,894

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
  12,238
  13,588
  15,005
  16,488
  18,037
  19,652
  21,335
  23,085
  24,905
  26,797
  28,763
  30,806
  32,929
  35,136
  37,431
  39,819
  42,305
  44,892
  47,589
  50,399
  53,329
  56,387
  59,578
  62,911
  66,392
  70,031
  73,836
  77,816
  81,979
  86,337
Adjusted assets (=assets-cash), $m
  12,238
  13,588
  15,005
  16,488
  18,037
  19,652
  21,335
  23,085
  24,905
  26,797
  28,763
  30,806
  32,929
  35,136
  37,431
  39,819
  42,305
  44,892
  47,589
  50,399
  53,329
  56,387
  59,578
  62,911
  66,392
  70,031
  73,836
  77,816
  81,979
  86,337
Revenue / Adjusted assets
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
Average production assets, $m
  6,598
  7,326
  8,089
  8,889
  9,724
  10,595
  11,502
  12,446
  13,427
  14,447
  15,507
  16,608
  17,753
  18,943
  20,181
  21,468
  22,808
  24,203
  25,657
  27,172
  28,752
  30,400
  32,121
  33,917
  35,795
  37,756
  39,808
  41,953
  44,198
  46,547
Working capital, $m
  -176
  -196
  -216
  -237
  -260
  -283
  -307
  -332
  -358
  -386
  -414
  -443
  -474
  -506
  -539
  -573
  -609
  -646
  -685
  -725
  -767
  -811
  -857
  -905
  -955
  -1,008
  -1,063
  -1,120
  -1,180
  -1,242
Total debt, $m
  8,049
  9,116
  10,237
  11,410
  12,635
  13,913
  15,244
  16,629
  18,068
  19,565
  21,120
  22,735
  24,415
  26,161
  27,976
  29,865
  31,831
  33,878
  36,011
  38,234
  40,552
  42,970
  45,494
  48,131
  50,885
  53,763
  56,773
  59,920
  63,214
  66,661
Total liabilities, $m
  9,680
  10,748
  11,869
  13,042
  14,267
  15,545
  16,876
  18,260
  19,700
  21,196
  22,751
  24,367
  26,047
  27,793
  29,608
  31,497
  33,463
  35,510
  37,643
  39,865
  42,183
  44,602
  47,126
  49,762
  52,516
  55,395
  58,404
  61,552
  64,845
  68,292
Total equity, $m
  2,558
  2,840
  3,136
  3,446
  3,770
  4,107
  4,459
  4,825
  5,205
  5,601
  6,011
  6,438
  6,882
  7,343
  7,823
  8,322
  8,842
  9,383
  9,946
  10,533
  11,146
  11,785
  12,452
  13,148
  13,876
  14,637
  15,432
  16,263
  17,134
  18,044
Total liabilities and equity, $m
  12,238
  13,588
  15,005
  16,488
  18,037
  19,652
  21,335
  23,085
  24,905
  26,797
  28,762
  30,805
  32,929
  35,136
  37,431
  39,819
  42,305
  44,893
  47,589
  50,398
  53,329
  56,387
  59,578
  62,910
  66,392
  70,032
  73,836
  77,815
  81,979
  86,336
Debt-to-equity ratio
  3.150
  3.210
  3.260
  3.310
  3.350
  3.390
  3.420
  3.450
  3.470
  3.490
  3.510
  3.530
  3.550
  3.560
  3.580
  3.590
  3.600
  3.610
  3.620
  3.630
  3.640
  3.650
  3.650
  3.660
  3.670
  3.670
  3.680
  3.680
  3.690
  3.690
Adjusted equity ratio
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  353
  498
  649
  808
  974
  1,148
  1,329
  1,518
  1,714
  1,919
  2,531
  2,753
  2,984
  3,224
  3,475
  3,736
  4,008
  4,292
  4,588
  4,897
  5,220
  5,558
  5,911
  6,281
  6,667
  7,072
  7,496
  7,940
  8,406
  8,894
Depreciation, amort., depletion, $m
  962
  1,008
  1,056
  1,106
  1,159
  1,213
  1,270
  1,330
  1,392
  1,456
  975
  1,045
  1,117
  1,191
  1,269
  1,350
  1,434
  1,522
  1,614
  1,709
  1,808
  1,912
  2,020
  2,133
  2,251
  2,375
  2,504
  2,639
  2,780
  2,928
Funds from operations, $m
  1,316
  1,506
  1,705
  1,914
  2,133
  2,361
  2,599
  2,848
  3,106
  3,375
  3,507
  3,798
  4,100
  4,416
  4,744
  5,086
  5,442
  5,814
  6,201
  6,606
  7,028
  7,470
  7,931
  8,414
  8,918
  9,447
  10,000
  10,579
  11,186
  11,822
Change in working capital, $m
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
Cash from operations, $m
  1,334
  1,525
  1,725
  1,935
  2,155
  2,384
  2,624
  2,873
  3,132
  3,402
  3,535
  3,827
  4,131
  4,447
  4,777
  5,120
  5,478
  5,851
  6,240
  6,646
  7,071
  7,514
  7,977
  8,462
  8,969
  9,499
  10,054
  10,636
  11,246
  11,884
Maintenance CAPEX, $m
  -372
  -415
  -461
  -509
  -559
  -612
  -666
  -723
  -783
  -844
  -909
  -975
  -1,045
  -1,117
  -1,191
  -1,269
  -1,350
  -1,434
  -1,522
  -1,614
  -1,709
  -1,808
  -1,912
  -2,020
  -2,133
  -2,251
  -2,375
  -2,504
  -2,639
  -2,780
New CAPEX, $m
  -690
  -728
  -764
  -800
  -835
  -871
  -907
  -944
  -981
  -1,020
  -1,060
  -1,101
  -1,145
  -1,190
  -1,238
  -1,287
  -1,340
  -1,395
  -1,454
  -1,515
  -1,580
  -1,648
  -1,721
  -1,797
  -1,877
  -1,962
  -2,051
  -2,145
  -2,245
  -2,349
Cash from investing activities, $m
  -1,062
  -1,143
  -1,225
  -1,309
  -1,394
  -1,483
  -1,573
  -1,667
  -1,764
  -1,864
  -1,969
  -2,076
  -2,190
  -2,307
  -2,429
  -2,556
  -2,690
  -2,829
  -2,976
  -3,129
  -3,289
  -3,456
  -3,633
  -3,817
  -4,010
  -4,213
  -4,426
  -4,649
  -4,884
  -5,129
Free cash flow, $m
  272
  382
  501
  627
  761
  902
  1,050
  1,206
  1,368
  1,537
  1,566
  1,750
  1,942
  2,141
  2,348
  2,564
  2,788
  3,021
  3,264
  3,518
  3,782
  4,057
  4,345
  4,645
  4,958
  5,286
  5,629
  5,987
  6,362
  6,755
Issuance/(repayment) of debt, $m
  1,005
  1,068
  1,121
  1,173
  1,225
  1,278
  1,331
  1,385
  1,440
  1,496
  1,555
  1,616
  1,679
  1,746
  1,816
  1,889
  1,966
  2,047
  2,133
  2,223
  2,318
  2,418
  2,524
  2,636
  2,754
  2,878
  3,010
  3,148
  3,293
  3,447
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  
  1,005
  1,068
  1,121
  1,173
  1,225
  1,278
  1,331
  1,385
  1,440
  1,496
  1,555
  1,616
  1,679
  1,746
  1,816
  1,889
  1,966
  2,047
  2,133
  2,223
  2,318
  2,418
  2,524
  2,636
  2,754
  2,878
  3,010
  3,148
  3,293
  3,447
Total cash flow (excl. dividends), $m
  1,277
  1,450
  1,622
  1,800
  1,986
  2,180
  2,381
  2,590
  2,808
  3,034
  3,121
  3,366
  3,621
  3,887
  4,164
  4,452
  4,754
  5,068
  5,397
  5,741
  6,100
  6,476
  6,869
  7,281
  7,712
  8,164
  8,638
  9,135
  9,656
  10,202
Retained Cash Flow (-), $m
  -260
  -282
  -296
  -310
  -324
  -338
  -352
  -366
  -380
  -395
  -411
  -427
  -444
  -461
  -480
  -499
  -519
  -541
  -563
  -587
  -612
  -639
  -667
  -697
  -728
  -761
  -795
  -832
  -870
  -911
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
  1,017
  1,168
  1,325
  1,490
  1,662
  1,842
  2,029
  2,224
  2,427
  2,638
  2,711
  2,939
  3,177
  3,425
  3,684
  3,953
  4,234
  4,527
  4,834
  5,153
  5,487
  5,837
  6,202
  6,584
  6,985
  7,404
  7,843
  8,303
  8,786
  9,291
Discount rate, %
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
  925
  958
  971
  966
  942
  902
  848
  784
  710
  632
  523
  450
  379
  312
  251
  198
  152
  114
  83
  59
  41
  27
  18
  11
  7
  4
  2
  1
  1
  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 (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 $3845.578 million for the last fiscal year's total revenue generated by Iron Mountain. The default revenue input number comes from 0001 income statement of Iron Mountain. 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 11.7% 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 9.9%, whose default value for IRM is calculated based on our internal credit rating of Iron Mountain, 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.
    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 56%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1066 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.

Corporate tax rate of 27% is the nominal tax rate for Iron Mountain. 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 153.6%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Iron Mountain 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 -4.1%. 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 - $2297.438 million for Iron Mountain - 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 286.146 million for Iron Mountain 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 at the current share price and the inputted number of shares is $9.5 billion.

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