Intrinsic value of Amerco - UHAL

Previous Close

$371.67

  Intrinsic Value

$392.79

stock screener

  Rating & Target

hold

+6%

Previous close

$371.67

 
Intrinsic value

$392.79

 
Up/down potential

+6%

 
Rating

hold

We calculate the intrinsic value of UHAL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.49
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  3,422
  3,573
  3,732
  3,900
  4,078
  4,266
  4,464
  4,673
  4,894
  5,126
  5,370
  5,627
  5,898
  6,183
  6,483
  6,798
  7,129
  7,478
  7,844
  8,230
  8,634
  9,060
  9,507
  9,977
  10,470
  10,989
  11,533
  12,105
  12,706
  13,338
  14,001
Variable operating expenses, $m
 
  2,629
  2,747
  2,871
  3,002
  3,140
  3,286
  3,440
  3,602
  3,772
  3,952
  4,142
  4,341
  4,551
  4,771
  5,003
  5,247
  5,504
  5,773
  6,057
  6,355
  6,668
  6,997
  7,343
  7,706
  8,088
  8,488
  8,910
  9,352
  9,817
  10,305
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,680
  2,629
  2,747
  2,871
  3,002
  3,140
  3,286
  3,440
  3,602
  3,772
  3,952
  4,142
  4,341
  4,551
  4,771
  5,003
  5,247
  5,504
  5,773
  6,057
  6,355
  6,668
  6,997
  7,343
  7,706
  8,088
  8,488
  8,910
  9,352
  9,817
  10,305
Operating income, $m
  742
  943
  985
  1,030
  1,077
  1,126
  1,179
  1,234
  1,292
  1,353
  1,418
  1,486
  1,557
  1,632
  1,711
  1,795
  1,882
  1,974
  2,071
  2,173
  2,279
  2,392
  2,510
  2,634
  2,764
  2,901
  3,045
  3,196
  3,355
  3,521
  3,696
EBITDA, $m
  1,224
  1,446
  1,510
  1,578
  1,651
  1,727
  1,807
  1,891
  1,980
  2,074
  2,173
  2,277
  2,387
  2,502
  2,624
  2,751
  2,885
  3,026
  3,175
  3,331
  3,494
  3,667
  3,847
  4,038
  4,237
  4,447
  4,668
  4,899
  5,142
  5,398
  5,666
Interest expense (income), $m
  114
  127
  139
  151
  164
  178
  192
  208
  224
  241
  259
  278
  298
  319
  341
  364
  388
  414
  441
  469
  499
  530
  563
  598
  634
  672
  712
  754
  798
  845
  894
Earnings before tax, $m
  628
  816
  846
  879
  913
  948
  986
  1,026
  1,068
  1,112
  1,159
  1,208
  1,259
  1,314
  1,371
  1,431
  1,494
  1,560
  1,630
  1,704
  1,781
  1,862
  1,947
  2,036
  2,130
  2,229
  2,333
  2,442
  2,556
  2,676
  2,803
Tax expense, $m
  230
  220
  229
  237
  246
  256
  266
  277
  288
  300
  313
  326
  340
  355
  370
  386
  403
  421
  440
  460
  481
  503
  526
  550
  575
  602
  630
  659
  690
  723
  757
Net income, $m
  398
  596
  618
  641
  666
  692
  720
  749
  780
  812
  846
  882
  919
  959
  1,001
  1,045
  1,091
  1,139
  1,190
  1,244
  1,300
  1,359
  1,421
  1,486
  1,555
  1,627
  1,703
  1,782
  1,866
  1,954
  2,046

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  698
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,406
  9,091
  9,496
  9,925
  10,377
  10,855
  11,360
  11,892
  12,452
  13,042
  13,664
  14,319
  15,008
  15,733
  16,495
  17,298
  18,141
  19,028
  19,960
  20,940
  21,970
  23,053
  24,190
  25,386
  26,641
  27,961
  29,347
  30,803
  32,332
  33,938
  35,626
Adjusted assets (=assets-cash), $m
  8,708
  9,091
  9,496
  9,925
  10,377
  10,855
  11,360
  11,892
  12,452
  13,042
  13,664
  14,319
  15,008
  15,733
  16,495
  17,298
  18,141
  19,028
  19,960
  20,940
  21,970
  23,053
  24,190
  25,386
  26,641
  27,961
  29,347
  30,803
  32,332
  33,938
  35,626
Revenue / Adjusted assets
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
Average production assets, $m
  5,488
  5,730
  5,986
  6,256
  6,542
  6,843
  7,161
  7,496
  7,849
  8,222
  8,614
  9,026
  9,460
  9,917
  10,398
  10,904
  11,436
  11,995
  12,582
  13,200
  13,849
  14,532
  15,249
  16,002
  16,794
  17,626
  18,499
  19,417
  20,381
  21,394
  22,457
Working capital, $m
  0
  -729
  -761
  -796
  -832
  -870
  -911
  -953
  -998
  -1,046
  -1,095
  -1,148
  -1,203
  -1,261
  -1,322
  -1,387
  -1,454
  -1,526
  -1,600
  -1,679
  -1,761
  -1,848
  -1,939
  -2,035
  -2,136
  -2,242
  -2,353
  -2,470
  -2,592
  -2,721
  -2,856
Total debt, $m
  3,263
  3,559
  3,874
  4,208
  4,561
  4,933
  5,326
  5,740
  6,177
  6,637
  7,121
  7,631
  8,168
  8,733
  9,327
  9,952
  10,609
  11,300
  12,026
  12,789
  13,592
  14,435
  15,321
  16,252
  17,231
  18,258
  19,338
  20,472
  21,664
  22,915
  24,229
Total liabilities, $m
  6,786
  7,082
  7,397
  7,731
  8,084
  8,456
  8,849
  9,263
  9,700
  10,160
  10,644
  11,154
  11,691
  12,256
  12,850
  13,475
  14,132
  14,823
  15,549
  16,312
  17,115
  17,958
  18,844
  19,775
  20,754
  21,781
  22,861
  23,995
  25,187
  26,438
  27,752
Total equity, $m
  2,620
  2,009
  2,099
  2,193
  2,293
  2,399
  2,511
  2,628
  2,752
  2,882
  3,020
  3,164
  3,317
  3,477
  3,645
  3,823
  4,009
  4,205
  4,411
  4,628
  4,855
  5,095
  5,346
  5,610
  5,888
  6,179
  6,486
  6,807
  7,145
  7,500
  7,873
Total liabilities and equity, $m
  9,406
  9,091
  9,496
  9,924
  10,377
  10,855
  11,360
  11,891
  12,452
  13,042
  13,664
  14,318
  15,008
  15,733
  16,495
  17,298
  18,141
  19,028
  19,960
  20,940
  21,970
  23,053
  24,190
  25,385
  26,642
  27,960
  29,347
  30,802
  32,332
  33,938
  35,625
Debt-to-equity ratio
  1.245
  1.770
  1.850
  1.920
  1.990
  2.060
  2.120
  2.180
  2.240
  2.300
  2.360
  2.410
  2.460
  2.510
  2.560
  2.600
  2.650
  2.690
  2.730
  2.760
  2.800
  2.830
  2.870
  2.900
  2.930
  2.950
  2.980
  3.010
  3.030
  3.060
  3.080
Adjusted equity ratio
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  398
  596
  618
  641
  666
  692
  720
  749
  780
  812
  846
  882
  919
  959
  1,001
  1,045
  1,091
  1,139
  1,190
  1,244
  1,300
  1,359
  1,421
  1,486
  1,555
  1,627
  1,703
  1,782
  1,866
  1,954
  2,046
Depreciation, amort., depletion, $m
  482
  503
  525
  549
  574
  600
  628
  658
  689
  721
  756
  792
  830
  870
  912
  956
  1,003
  1,052
  1,104
  1,158
  1,215
  1,275
  1,338
  1,404
  1,473
  1,546
  1,623
  1,703
  1,788
  1,877
  1,970
Funds from operations, $m
  972
  1,098
  1,143
  1,190
  1,240
  1,293
  1,348
  1,407
  1,468
  1,533
  1,602
  1,674
  1,749
  1,829
  1,913
  2,001
  2,094
  2,191
  2,294
  2,402
  2,515
  2,634
  2,759
  2,890
  3,028
  3,173
  3,326
  3,486
  3,654
  3,830
  4,016
Change in working capital, $m
  -48
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -135
Cash from operations, $m
  1,020
  1,129
  1,175
  1,225
  1,276
  1,331
  1,388
  1,449
  1,513
  1,580
  1,651
  1,726
  1,805
  1,887
  1,974
  2,065
  2,161
  2,262
  2,369
  2,480
  2,597
  2,721
  2,850
  2,986
  3,129
  3,279
  3,437
  3,602
  3,776
  3,959
  4,151
Maintenance CAPEX, $m
  0
  -481
  -503
  -525
  -549
  -574
  -600
  -628
  -658
  -689
  -721
  -756
  -792
  -830
  -870
  -912
  -956
  -1,003
  -1,052
  -1,104
  -1,158
  -1,215
  -1,275
  -1,338
  -1,404
  -1,473
  -1,546
  -1,623
  -1,703
  -1,788
  -1,877
New CAPEX, $m
  -1,420
  -243
  -256
  -270
  -285
  -301
  -318
  -335
  -353
  -372
  -392
  -413
  -434
  -457
  -481
  -506
  -532
  -559
  -588
  -618
  -649
  -682
  -717
  -753
  -792
  -832
  -874
  -918
  -964
  -1,013
  -1,064
Cash from investing activities, $m
  -1,145
  -724
  -759
  -795
  -834
  -875
  -918
  -963
  -1,011
  -1,061
  -1,113
  -1,169
  -1,226
  -1,287
  -1,351
  -1,418
  -1,488
  -1,562
  -1,640
  -1,722
  -1,807
  -1,897
  -1,992
  -2,091
  -2,196
  -2,305
  -2,420
  -2,541
  -2,667
  -2,801
  -2,941
Free cash flow, $m
  -125
  405
  417
  429
  442
  456
  470
  486
  502
  520
  538
  558
  578
  600
  623
  648
  673
  700
  729
  759
  790
  823
  858
  895
  934
  974
  1,017
  1,062
  1,109
  1,159
  1,211
Issuance/(repayment) of debt, $m
  162
  296
  316
  334
  353
  372
  393
  414
  437
  460
  484
  510
  537
  565
  594
  625
  657
  691
  726
  763
  802
  843
  886
  931
  978
  1,028
  1,080
  1,134
  1,191
  1,251
  1,314
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  283
  296
  316
  334
  353
  372
  393
  414
  437
  460
  484
  510
  537
  565
  594
  625
  657
  691
  726
  763
  802
  843
  886
  931
  978
  1,028
  1,080
  1,134
  1,191
  1,251
  1,314
Total cash flow (excl. dividends), $m
  156
  700
  733
  763
  795
  828
  863
  900
  939
  980
  1,023
  1,068
  1,115
  1,165
  1,217
  1,272
  1,330
  1,391
  1,455
  1,522
  1,593
  1,667
  1,744
  1,826
  1,912
  2,002
  2,097
  2,196
  2,300
  2,410
  2,525
Retained Cash Flow (-), $m
  -369
  -87
  -90
  -95
  -100
  -106
  -111
  -118
  -124
  -130
  -137
  -145
  -152
  -160
  -169
  -177
  -186
  -196
  -206
  -217
  -228
  -239
  -251
  -264
  -278
  -292
  -306
  -322
  -338
  -355
  -373
Prev. year cash balance distribution, $m
 
  698
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,311
  643
  668
  695
  722
  752
  783
  815
  849
  885
  923
  963
  1,005
  1,049
  1,095
  1,144
  1,195
  1,249
  1,305
  1,365
  1,427
  1,493
  1,562
  1,634
  1,710
  1,790
  1,874
  1,962
  2,055
  2,152
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  1,237
  569
  552
  531
  508
  483
  455
  426
  395
  364
  331
  298
  266
  234
  203
  174
  147
  123
  101
  81
  64
  50
  38
  28
  21
  15
  10
  7
  4
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AMERCO is a do-it-yourself moving and storage operator through its subsidiary, U-Haul International, Inc. (U-Haul). The Company supplies its products and services to help people move and store their household and commercial goods through U-Haul. It sells U-Haul brand boxes, tape, and other moving and self-storage products and services to do-it-yourself moving and storage customers at its distribution outlets and through uhaul.com and eMove Websites. The Company operates through three segments: Moving and Storage; Property and Casualty Insurance, and Life Insurance. The Moving and Storage segment includes the operations of AMERCO, U-Haul and Amerco Real Estate Company, and the subsidiaries of U-Haul and Real Estate. The Property and Casualty Insurance segment consists of the operations of Repwest Insurance Company and its subsidiaries, and ARCOA Risk Retention Group. The Life Insurance segment consists of the operations of Oxford Life Insurance Company and its subsidiaries.

FINANCIAL RATIOS  of  Amerco (UHAL)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 2.1
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow -18.2
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 124.5%
Total Debt to Equity 124.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 20.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 90.2%
Gross Margin - 3 Yr. Avg. 90.3%
EBITDA Margin 35.8%
EBITDA Margin - 3 Yr. Avg. 35.6%
Operating Margin 21.7%
Oper. Margin - 3 Yr. Avg. 23.2%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 20%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 36.6%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 14.8%

UHAL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UHAL stock intrinsic value calculation we used $3422 million for the last fiscal year's total revenue generated by Amerco. The default revenue input number comes from 2017 income statement of Amerco. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UHAL stock valuation model: a) initial revenue growth rate of 4.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6%, whose default value for UHAL is calculated based on our internal credit rating of Amerco, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Amerco.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UHAL stock the variable cost ratio is equal to 73.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for UHAL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.9% for Amerco.

Corporate tax rate of 27% is the nominal tax rate for Amerco. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UHAL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UHAL are equal to 160.4%.

Life of production assets of 11.4 years is the average useful life of capital assets used in Amerco operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UHAL is equal to -20.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2620 million for Amerco - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 19.661 million for Amerco is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Amerco at the current share price and the inputted number of shares is $7.3 billion.

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COMPANY NEWS

▶ Tempe is No. 1 U.S. growth city but Arizona lags among states   [Jan-08-18 04:50PM  American City Business Journals]
▶ UHAL : Another regular "Special Dividend"   [Dec-13-17 11:25AM  Zacks Small Cap Research]
▶ AMERCO Announces Special Cash Dividend   [Dec-11-17 04:10PM  PR Newswire]
▶ ETFs with exposure to AMERCO : December 7, 2017   [Dec-07-17 02:34PM  Capital Cube]
▶ U-Haul adding more than 1,000 self-storage units in former Hawaii Kmart   [Dec-05-17 03:44PM  American City Business Journals]
▶ Amerco posts 2Q profit   [Nov-08-17 05:49PM  Associated Press]
▶ ETFs with exposure to AMERCO : November 6, 2017   [Nov-06-17 12:38PM  Capital Cube]
▶ AMERCO Value Analysis (NASDAQ:UHAL) : October 23, 2017   [Oct-23-17 11:48AM  Capital Cube]
▶ ETFs with exposure to AMERCO : October 2, 2017   [Oct-02-17 11:09AM  Capital Cube]
▶ ETFs with exposure to AMERCO : September 18, 2017   [Sep-18-17 06:54PM  Capital Cube]
▶ ETFs with exposure to AMERCO : September 7, 2017   [Sep-07-17 02:05PM  Capital Cube]
▶ U-Haul Truck Share 24/7 Disrupts the Self-Move Industry   [Aug-17-17 09:00AM  PR Newswire]
▶ UHAL: Reported first quarter financials spot on our projections.   [Aug-10-17 02:00PM  Zacks Small Cap Research]
▶ U-Haul Reusing Former Kmart for New Store in Muncie   [Aug-08-17 01:34PM  PR Newswire]
▶ AMERCO Value Analysis (NASDAQ:UHAL) : July 31, 2017   [Jul-31-17 07:57PM  Capital Cube]
▶ UHAL: Another day, another dollar! Amerco announces a special dividend   [Jul-13-17 12:00PM  Zacks Small Cap Research]
▶ AMERCO Announces Special Cash Dividend   [Jul-11-17 04:20PM  PR Newswire]
▶ ETFs with exposure to AMERCO : July 3, 2017   [Jul-03-17 03:57PM  Capital Cube]
Financial statements of UHAL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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