DCF Tool

IRM

Iron Mountain Inc. – Custom Computer Programming Services
Iron Mountain Incorporated, founded in 1951, is the global leader for storage and information management services. Trusted by more than 225,000 organizations around the world, and with a real estate network of nearly 93 million square feet across approximately 1,450 facilities in 56 countries, Iron Mountain stores and protects billions of valued assets, including critical business information, highly sensitive data, and cultural and historical artifacts. Providing solutions that include secure records storage, information management, digital transformation, secure destruction, as well as data centers, cloud services and art storage and logistics, Iron Mountain helps customers lower cost and risk, comply with regulations, recover from disaster, and enable a more digital way of working.
Analysis Results
Intrinsic Value $86.41
Latest Price $53.58
Relative Value 38% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 9.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 9.9%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 1.01 0.946
2024 1.11 0.971
2025 1.22 0.998
2026 1.34 1.02
2027 1.47 1.05
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 30.3 billion. This corresponds to a present value of 20.2 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.99 billion. Adding in the terminal value gives a total present value of 25.2 billion.

There are presently 292.0 million outstanding shares, so the intrinsic value per share is 86.41.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,547,145,000
Current Cash 141,797,000
Current Liabilities 1,917,564,000
Current Debt 87,546,000
Non-Cash Working Capital (NCWC) -424,670,000
Change in NCWC 99,043,000
EBIT 1,046,282,000
Tax Provision 69,489,000
Depreciation and Amortization 745,639,000
Capital Expenditure -877,521,000
Unlevered Free Cash Flow 898,337,370
Current Assets 1,441,267,000
Current Cash 255,828,000
Current Liabilities 2,018,580,000
Current Debt 309,428,000
Non-Cash Working Capital (NCWC) -523,713,000
Change in NCWC 213,499,000
EBIT 901,321,000
Tax Provision 176,290,000
Depreciation and Amortization 696,970,000
Capital Expenditure -616,974,000
Unlevered Free Cash Flow 942,208,543
Current Assets 1,269,787,000
Current Cash 205,063,000
Current Liabilities 1,995,695,000
Current Debt 193,759,000
Non-Cash Working Capital (NCWC) -737,212,000
Change in NCWC -219,500,000
EBIT 788,644,000
Tax Provision 29,609,000
Depreciation and Amortization 669,445,000
Capital Expenditure -442,609,000
Unlevered Free Cash Flow 733,327,338
Current Assets 1,236,339,000
Current Cash 193,555,000
Current Liabilities 1,949,509,000
Current Debt 389,013,000
Non-Cash Working Capital (NCWC) -517,712,000
Change in NCWC -224,069,000
EBIT 779,404,000
Tax Provision 59,931,000
Depreciation and Amortization 674,941,000
Capital Expenditure -739,088,000
Unlevered Free Cash Flow 348,839,683
Current Assets 1,208,114,000
Current Cash 165,485,000
Current Liabilities 1,462,678,000
Current Debt 126,406,000
Non-Cash Working Capital (NCWC) -293,643,000
Change in NCWC -134,386,000
EBIT 745,690,000
Tax Provision 36,263,000
Depreciation and Amortization 655,189,000
Capital Expenditure -460,062,000
Unlevered Free Cash Flow 740,994,396
Current Assets 1,950,315,000
Current Cash 925,699,000
Current Liabilities 1,330,173,000
Current Debt 146,300,000
Non-Cash Working Capital (NCWC) -159,257,000
Change in NCWC -161,298,000
EBIT 652,919,000
Tax Provision 25,947,000
Depreciation and Amortization 537,338,000
Capital Expenditure -398,257,000
Unlevered Free Cash Flow 552,871,847
Current Assets 1,112,107,000
Current Cash 236,484,000
Current Liabilities 1,046,557,000
Current Debt 172,975,000
Non-Cash Working Capital (NCWC) 2,041,000
Change in NCWC 26,273,000
EBIT 507,123,000
Tax Provision 44,944,000
Depreciation and Amortization 465,477,000
Capital Expenditure -360,164,000
Unlevered Free Cash Flow 489,671,628
Current Assets 857,912,000
Current Cash 128,381,000
Current Liabilities 841,831,000
Current Debt 88,068,000
Non-Cash Working Capital (NCWC) -24,232,000
Change in NCWC 1,795,000
EBIT 527,527,000
Tax Provision 37,713,000
Depreciation and Amortization 354,713,000
Capital Expenditure -322,860,000
Unlevered Free Cash Flow 439,059,150
Current Assets 917,719,000
Current Cash 139,105,000
Current Liabilities 856,736,000
Current Debt 52,095,000
Non-Cash Working Capital (NCWC) -26,027,000
Change in NCWC 80,796,000
EBIT 550,133,000
Tax Provision -97,275,000
Depreciation and Amortization 361,152,000
Capital Expenditure -361,924,000
Unlevered Free Cash Flow 630,157,000
Current Assets 933,607,000
Current Cash 133,912,000
Current Liabilities 959,101,000
Current Debt 52,583,000
Non-Cash Working Capital (NCWC) -106,823,000
Change in NCWC -66,310,000
EBIT 490,977,000
Tax Provision 63,057,000
Depreciation and Amortization 329,295,000
Capital Expenditure -317,486,000
Unlevered Free Cash Flow 246,561,164
Current Assets 1,024,092,000
Current Cash 252,539,000
Current Liabilities 904,953,000
Current Debt 92,887,000
Non-Cash Working Capital (NCWC) -40,513,000
Change in NCWC 9,716,000
EBIT 561,427,000
Tax Provision 114,873,000
Depreciation and Amortization 323,292,000
Capital Expenditure -240,683,000
Unlevered Free Cash Flow 437,598,672

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