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  "documentTitle": "Iron Mountain Incorporated (IRM)",
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  "authorName": "Elliott",
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  "presentationDate": "2011-03-09 00:00:00",
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  "notes": "Uses a before-after framing to contrast high investment with poor financial performance.",
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      "text": "2010 NOPAT: ~$31MM, Implied ROIC: ~1.6%",
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      "text": "Int'l Acquisition & Capex: $1.9BN+",
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      "text": "IRM has spent $0.6BN in International Physical Capex & Acquisitions from 2007-2010 and segment OIBDA has actually decreased",
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      "text": "(1) Since inception (2) NOPAT = Net Operating Profit After Taxes Source: Iron Mountain Incorporated disclosures and Elliott estimate of 35% for tax rate",
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      "text": "Slow OIBDA Growth and Low Margins Despite Continued Investment",
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      "text": "$1.9B+ Invested in Int'l Physical, Minimal Return to Date",
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