Discounted Cash Flow (DCF) Analysis Levered
Iron Mountain Incorporated (IRM)
$54.23
-0.44 (-0.80%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,845.58 | 4,225.76 | 4,262.58 | 4,147.27 | 4,491.53 | 4,675.16 | 4,866.29 | 5,065.24 | 5,272.33 | 5,487.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 720.97 | 935.55 | 966.65 | 987.66 | 758.90 | 975.01 | 1,014.87 | 1,056.36 | 1,099.55 | 1,144.51 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -418.32 | -532.54 | -748.46 | -453.25 | -624.38 | -615.90 | -641.08 | -667.29 | -694.57 | -722.96 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 302.65 | 403.01 | 218.20 | 534.40 | 134.53 | 359.12 | 373.80 | 389.08 | 404.99 | 421.54 |
Weighted Average Cost Of Capital
| Share price | $ 54.23 |
|---|---|
| Beta | 0.940 |
| Diluted Shares Outstanding | 290.98 |
| Cost of Debt | |
| Tax Rate | 28.42 |
| After-tax Cost of Debt | 2.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.079 |
| Total Debt | 11,703.01 |
| Total Equity | 15,779.57 |
| Total Capital | 27,482.58 |
| Debt Weighting | 42.58 |
| Equity Weighting | 57.42 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,845.58 | 4,225.76 | 4,262.58 | 4,147.27 | 4,491.53 | 4,675.16 | 4,866.29 | 5,065.24 | 5,272.33 | 5,487.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 720.97 | 935.55 | 966.65 | 987.66 | 758.90 | 975.01 | 1,014.87 | 1,056.36 | 1,099.55 | 1,144.51 |
| Capital Expenditure | -418.32 | -532.54 | -748.46 | -453.25 | -624.38 | -615.90 | -641.08 | -667.29 | -694.57 | -722.96 |
| Free Cash Flow | 302.65 | 403.01 | 218.20 | 534.40 | 134.53 | 359.12 | 373.80 | 389.08 | 404.99 | 421.54 |
| WACC | ||||||||||
| PV LFCF | 339.62 | 334.32 | 329.09 | 323.95 | 318.89 | |||||
| SUM PV LFCF | 1,645.88 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.74 |
| Free cash flow (t + 1) | 429.97 |
| Terminal Value | 11,496.62 |
| Present Value of Terminal Value | 8,697.08 |
Intrinsic Value
| Enterprise Value | 10,342.96 |
|---|---|
| Net Debt | 11,447.18 |
| Equity Value | -1,104.22 |
| Shares Outstanding | 290.98 |
| Equity Value Per Share | -3.79 |