2024-02-05 17:20:31 ET
Summary
- IRM's market price has been driven by changing narratives, from being viewed as a declining paper company to a cutting-edge AI company.
- The majority of IRM's business is still physical storage, despite the growth of its data center division.
- The reported AFFO of IRM does not accurately reflect true earnings, and the stock is currently overvalued.
I have written eight articles on Iron Mountain ( IRM ) dating all the way back to June of 2017. All eight were bullish. This will be my first bearish piece on IRM.
The company has not changed.
The valuation has....
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For further details see:
Iron Mountain: Narrative-Driven Market Pricing