Discounted Cash Flow (DCF) Analysis Levered

Iron Mountain Incorporated (IRM)

$54.23

-0.44 (-0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.79 | 54.23 | overvalue

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 3,845.584,225.764,262.584,147.274,491.534,675.164,866.295,065.245,272.335,487.88
Revenue (%)
Operating Cash Flow 720.97935.55966.65987.66758.90975.011,014.871,056.361,099.551,144.51
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 302.65403.01218.20534.40134.53359.12373.80389.08404.99421.54

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 3,845.584,225.764,262.584,147.274,491.534,675.164,866.295,065.245,272.335,487.88
Operating Cash Flow 720.97935.55966.65987.66758.90975.011,014.871,056.361,099.551,144.51
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 302.65403.01218.20534.40134.53359.12373.80389.08404.99421.54
WACC
PV LFCF 339.62334.32329.09323.95318.89
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