Bear case:

• heavily geared (debt:equity is fifteen times),
• negative earnings growth (-7% YoY),
• bad economics (the company keeps archive boxes of paper for companies that need space),
• poor return on assets (3.94%),
• $2mmm of current liabilities to finance (OK, some trade creditors, but still),
• vulnerable to multiple compression (P/E ~30 ) aka rotation,
• balance sheet assets may collapse if rates keep rising (presumably they are warehouses in marginal locations).

Bull case:

• high dividend yield (~5%),
• very steady historical revenue,
• seems to be well managed, with a fairly demanding schedule of debt repayment historically,
• cost of interest seems modest ($425 mm pa on $13.5 mmm of total liabilities).

I can see why people like this stock, and I understand that it's doing some work to extend its market leading paper archiving into the digital world, but a company with expertise in collecting boxes of papers and storing them in warehouses is not likely to be that good at creating world-beating software (just to show my biases).