Gotham City Research, in a new research note to investors, says the firm believes Iron Mountain (IRM) manipulates adjusted leverage and EBITDA to artificially reduce reported leverage to 5x. The firm, which notes that Iron Mountain is under increasing scrutiny from government agencies and facing lawsuits over its suspect accounting and exploitative business practices, believes shares are “uninvestible” and worth no more than $23-$41 per share, implying 54%-74% downside from current price levels.
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