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Data centre REIT Iron Mountain posts record Q2 revenue, raises FY forecast

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Overview

  • Iron Mountain Q2 rev grows 11.6% yr/yr to record $1.7 bln

  • Adjusted EBITDA beats analyst expectations, driven by growth in key segments

  • Co reports net loss of $43 mln due to Fx impact on intercompany balances

Outlook

  • Iron Mountain raises full-year revenue guidance to $6.79 bln-$6.94 bln

  • Company projects full-year adjusted EBITDA of $2.52 bln-$2.57 bln

  • Iron Mountain expects AFFO per share of $5.04-$5.13

  • Company cites strong momentum in growth businesses for guidance increase

Result Drivers

  • DATA CENTER GROWTH - Data center, digital, and asset lifecycle management businesses grew over 30%, driving revenue growth

  • FX IMPACT - Net loss of $43 mln attributed to changes in exchange rates on intercompany balances

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Adjusted EPS

Miss

$0.48

$0.5 (6 Analysts)

Q2 EPS

-$0.15

Q2 Net Income

-$43 mln

Q2 Adjusted EBITDA

Beat

$628 mln

$622.40 mln (6 Analysts)

Q2 Adjusted EBITDA Margin

36.7%

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

  • The average consensus recommendation for the specialized reits peer group is "buy"

  • Wall Street's median 12-month price target for Iron Mountain Inc is $123.00, about 22.3% above its August 5 closing price of $95.55

  • The stock recently traded at 45 times the next 12-month earnings vs. a P/E of 45 three months ago

Press Release:

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