Discounted Cash Flow (DCF) Analysis Levered

Iron Mountain Incorporated (IRM)

$78.64

+3.28 (+4.35%)
All numbers are in Millions, Currency in USD
Stock DCF: -19.88 | 78.64 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,262.584,147.274,491.535,103.575,480.295,844.786,233.516,648.097,090.257,561.82
Revenue (%)
Operating Cash Flow 966.65987.66758.90927.701,113.571,1911,270.211,354.691,444.791,540.88
Operating Cash Flow (%)
Capital Expenditure -748.46-453.25-624.38-883.58-1,345.10-984.80-1,050.30-1,120.15-1,194.65-1,274.11
Capital Expenditure (%)
Free Cash Flow 218.20534.40134.5344.11-231.53206.19219.91234.53250.13266.77

Weighted Average Cost Of Capital

Share price $ 78.64
Beta 0.920
Diluted Shares Outstanding 293.96
Cost of Debt
Tax Rate 18.91
After-tax Cost of Debt 3.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.604
Total Debt 14,787.36
Total Equity 23,117.41
Total Capital 37,904.77
Debt Weighting 39.01
Equity Weighting 60.99
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,262.584,147.274,491.535,103.575,480.295,844.786,233.516,648.097,090.257,561.82
Operating Cash Flow 966.65987.66758.90927.701,113.571,1911,270.211,354.691,444.791,540.88
Capital Expenditure -748.46-453.25-624.38-883.58-1,345.10-984.80-1,050.30-1,120.15-1,194.65-1,274.11
Free Cash Flow 218.20534.40134.5344.11-231.53206.19219.91234.53250.13266.77
WACC
PV LFCF 193.43193.52193.61193.71193.80
SUM PV LFCF 968.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.60
Free cash flow (t + 1) 277.44
Terminal Value 10,670.76
Present Value of Terminal Value 7,751.92

Intrinsic Value

Enterprise Value 8,719.99
Net Debt 14,564.57
Equity Value -5,844.58
Shares Outstanding 293.96
Equity Value Per Share -19.88