2024-05-15 14:00:00 ET
Summary
- IRM has outperformed the wider market, naturally triggering moderation in its forward dividend yields and the uncertainty of its investment thesis, with it currently "fully valued".
- While the REIT continues to report a robust FQ1'24 earnings call while offering excellent FY2024 guidance, it may be better to wait for a more attractive entry point ahead.
- Thanks to IRM's expanding profitability, healthier balance sheet, and relatively low AFFO payout ratio, we may also see the management hike dividends in the upcoming earnings call.
We previously covered Iron Mountain Incorporated ( IRM ) in February 2024, discussing the excellent record management/ data center monetization thus far, as observed in the sustained top/ bottom-line expansions in FQ4'23, further aided by the promising FY2024 guidance.
Combined with the Data Center commentary offered by multiple AI chip designers, it was apparent that the generative AI demand remained robust, with the uplifted market sentiments likely to persist for a little longer....
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Iron Mountain Q1: Impending Dividend Raise May Justify Its Investment Thesis