2024-07-03 07:30:42 ET
Summary
- Shares of Iron Mountain have continued to trounce the S&P 500 index in the last four months.
- The REIT's revenue and AFFO per share grew at vigorous clips in the first quarter.
- IRM's leverage remained steady and within its targeted range to end Q1.
- Shares of the REIT could be priced at a 31% premium to fair value.
- Iron Mountain's total returns could be quite limited over the next couple of years.
In investing, it isn't uncommon for the fundamentals of a business to not line up with share price performance. This is because, at any given time, market sentiment can overshadow a company's fundamentals.
Iron Mountain ( IRM ) is one of the latest cases of what I mean. When I last covered the stock with a hold rating in February , I already thought the stock price was ahead of the fundamentally justified valuation....
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For further details see:
Iron Mountain: Not Buying More For Now