Iron Mountain recently declared its dividend in line with the previous, which is excellent news in a difficult economic environment such as the one we are currently in.

Despite the tailend of Q1 2020 being a difficult operating environment, Iron Mountain managed to deliver 1.4% YoY reported revenue growth, 11.9% YoY adjusted EBITDA growth, and 19.6% AFFO growth.

In addition, shares of Iron Mountain are undervalued by 26% based on my interpretation of data sourced from I Prefer Income, as well as the dividend discount model.

Between its 10.2% yield, 2.0-3.0% annual AFFO growth potential, and 3.1% annual valuation multiple expansion, shares of Iron Mountain are positioned to exceed my annual total return requirement of 10% over the next decade.

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