Intrinsic value of Amerco - UHAL

Previous Close

$375.56

  Intrinsic Value

$343.79

stock screener

  Rating & Target

hold

-8%

  Value-price divergence*

+12%

Previous close

$375.56

 
Intrinsic value

$343.79

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence*

+12%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.54
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  3,276
  3,489
  3,710
  3,941
  4,181
  4,431
  4,692
  4,964
  5,248
  5,544
  5,854
  6,177
  6,515
  6,868
  7,238
  7,625
  8,030
  8,453
  8,897
  9,362
  9,849
  10,360
  10,895
  11,455
  12,043
  12,660
  13,307
  13,985
  14,696
  15,443
  16,226
Variable operating expenses, $m
 
  2,742
  2,916
  3,098
  3,286
  3,483
  3,688
  3,902
  4,125
  4,358
  4,601
  4,855
  5,121
  5,399
  5,689
  5,993
  6,311
  6,644
  6,993
  7,359
  7,741
  8,143
  8,563
  9,004
  9,466
  9,951
  10,459
  10,992
  11,551
  12,138
  12,753
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
  2,409
  2,742
  2,916
  3,098
  3,286
  3,483
  3,688
  3,902
  4,125
  4,358
  4,601
  4,855
  5,121
  5,399
  5,689
  5,993
  6,311
  6,644
  6,993
  7,359
  7,741
  8,143
  8,563
  9,004
  9,466
  9,951
  10,459
  10,992
  11,551
  12,138
  12,753
Operating income, $m
  867
  747
  794
  843
  895
  948
  1,004
  1,062
  1,123
  1,187
  1,253
  1,322
  1,394
  1,470
  1,549
  1,632
  1,718
  1,809
  1,904
  2,003
  2,108
  2,217
  2,331
  2,451
  2,577
  2,709
  2,848
  2,993
  3,145
  3,305
  3,472
EBITDA, $m
  1,256
  1,162
  1,236
  1,313
  1,393
  1,476
  1,563
  1,653
  1,748
  1,847
  1,950
  2,057
  2,170
  2,288
  2,411
  2,540
  2,674
  2,815
  2,963
  3,118
  3,280
  3,450
  3,629
  3,815
  4,011
  4,217
  4,432
  4,658
  4,895
  5,143
  5,404
Interest expense (income), $m
  95
  104
  119
  135
  151
  168
  185
  203
  222
  242
  263
  285
  307
  331
  356
  382
  409
  437
  467
  498
  530
  564
  600
  638
  677
  718
  761
  807
  854
  904
  956
Earnings before tax, $m
  769
  643
  675
  709
  744
  781
  819
  859
  901
  944
  990
  1,037
  1,087
  1,139
  1,193
  1,250
  1,310
  1,372
  1,437
  1,506
  1,577
  1,653
  1,731
  1,814
  1,900
  1,991
  2,086
  2,186
  2,291
  2,401
  2,516
Tax expense, $m
  280
  174
  182
  191
  201
  211
  221
  232
  243
  255
  267
  280
  293
  307
  322
  338
  354
  370
  388
  407
  426
  446
  467
  490
  513
  538
  563
  590
  619
  648
  679
Net income, $m
  489
  469
  493
  517
  543
  570
  598
  627
  658
  689
  723
  757
  793
  831
  871
  913
  956
  1,002
  1,049
  1,099
  1,152
  1,206
  1,264
  1,324
  1,387
  1,454
  1,523
  1,596
  1,672
  1,753
  1,837

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  601
  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
  8,127
  8,021
  8,530
  9,060
  9,612
  10,187
  10,787
  11,412
  12,065
  12,746
  13,457
  14,200
  14,977
  15,790
  16,639
  17,528
  18,459
  19,433
  20,453
  21,522
  22,642
  23,815
  25,045
  26,334
  27,686
  29,103
  30,590
  32,149
  33,785
  35,500
  37,300
Adjusted assets (=assets-cash), $m
  7,526
  8,021
  8,530
  9,060
  9,612
  10,187
  10,787
  11,412
  12,065
  12,746
  13,457
  14,200
  14,977
  15,790
  16,639
  17,528
  18,459
  19,433
  20,453
  21,522
  22,642
  23,815
  25,045
  26,334
  27,686
  29,103
  30,590
  32,149
  33,785
  35,500
  37,300
Revenue / Adjusted assets
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
Average production assets, $m
  4,562
  4,860
  5,169
  5,490
  5,824
  6,173
  6,536
  6,915
  7,311
  7,723
  8,154
  8,605
  9,076
  9,568
  10,083
  10,621
  11,185
  11,776
  12,394
  13,041
  13,720
  14,431
  15,176
  15,957
  16,776
  17,635
  18,536
  19,481
  20,472
  21,512
  22,602
Working capital, $m
  0
  -349
  -371
  -394
  -418
  -443
  -469
  -496
  -525
  -554
  -585
  -618
  -652
  -687
  -724
  -762
  -803
  -845
  -890
  -936
  -985
  -1,036
  -1,089
  -1,146
  -1,204
  -1,266
  -1,331
  -1,398
  -1,470
  -1,544
  -1,623
Total debt, $m
  2,665
  3,053
  3,451
  3,865
  4,296
  4,745
  5,214
  5,702
  6,212
  6,743
  7,299
  7,880
  8,486
  9,121
  9,784
  10,479
  11,205
  11,966
  12,763
  13,598
  14,472
  15,389
  16,349
  17,356
  18,412
  19,519
  20,680
  21,897
  23,175
  24,515
  25,921
Total liabilities, $m
  5,876
  6,264
  6,662
  7,076
  7,507
  7,956
  8,425
  8,913
  9,423
  9,954
  10,510
  11,091
  11,697
  12,332
  12,995
  13,690
  14,416
  15,177
  15,974
  16,809
  17,683
  18,600
  19,560
  20,567
  21,623
  22,730
  23,891
  25,108
  26,386
  27,726
  29,132
Total equity, $m
  2,251
  1,757
  1,868
  1,984
  2,105
  2,231
  2,362
  2,499
  2,642
  2,791
  2,947
  3,110
  3,280
  3,458
  3,644
  3,839
  4,042
  4,256
  4,479
  4,713
  4,959
  5,216
  5,485
  5,767
  6,063
  6,374
  6,699
  7,041
  7,399
  7,775
  8,169
Total liabilities and equity, $m
  8,127
  8,021
  8,530
  9,060
  9,612
  10,187
  10,787
  11,412
  12,065
  12,745
  13,457
  14,201
  14,977
  15,790
  16,639
  17,529
  18,458
  19,433
  20,453
  21,522
  22,642
  23,816
  25,045
  26,334
  27,686
  29,104
  30,590
  32,149
  33,785
  35,501
  37,301
Debt-to-equity ratio
  1.184
  1.740
  1.850
  1.950
  2.040
  2.130
  2.210
  2.280
  2.350
  2.420
  2.480
  2.530
  2.590
  2.640
  2.690
  2.730
  2.770
  2.810
  2.850
  2.880
  2.920
  2.950
  2.980
  3.010
  3.040
  3.060
  3.090
  3.110
  3.130
  3.150
  3.170
Adjusted equity ratio
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  489
  469
  493
  517
  543
  570
  598
  627
  658
  689
  723
  757
  793
  831
  871
  913
  956
  1,002
  1,049
  1,099
  1,152
  1,206
  1,264
  1,324
  1,387
  1,454
  1,523
  1,596
  1,672
  1,753
  1,837
Depreciation, amort., depletion, $m
  389
  415
  442
  469
  498
  528
  559
  591
  625
  660
  697
  735
  776
  818
  862
  908
  956
  1,006
  1,059
  1,115
  1,173
  1,233
  1,297
  1,364
  1,434
  1,507
  1,584
  1,665
  1,750
  1,839
  1,932
Funds from operations, $m
  1,127
  885
  935
  987
  1,041
  1,098
  1,157
  1,218
  1,282
  1,349
  1,419
  1,493
  1,569
  1,649
  1,733
  1,820
  1,912
  2,008
  2,109
  2,214
  2,324
  2,440
  2,561
  2,688
  2,821
  2,961
  3,107
  3,261
  3,422
  3,591
  3,769
Change in working capital, $m
  86
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
Cash from operations, $m
  1,041
  906
  957
  1,010
  1,065
  1,123
  1,183
  1,245
  1,311
  1,379
  1,450
  1,525
  1,603
  1,684
  1,770
  1,859
  1,953
  2,050
  2,153
  2,260
  2,373
  2,491
  2,614
  2,744
  2,880
  3,023
  3,172
  3,329
  3,493
  3,666
  3,847
Maintenance CAPEX, $m
  0
  -390
  -415
  -442
  -469
  -498
  -528
  -559
  -591
  -625
  -660
  -697
  -735
  -776
  -818
  -862
  -908
  -956
  -1,006
  -1,059
  -1,115
  -1,173
  -1,233
  -1,297
  -1,364
  -1,434
  -1,507
  -1,584
  -1,665
  -1,750
  -1,839
New CAPEX, $m
  -1,509
  -298
  -309
  -321
  -335
  -349
  -363
  -379
  -395
  -413
  -431
  -450
  -471
  -492
  -515
  -539
  -564
  -590
  -618
  -648
  -678
  -711
  -745
  -781
  -819
  -859
  -901
  -945
  -991
  -1,040
  -1,091
Cash from investing activities, $m
  -1,273
  -688
  -724
  -763
  -804
  -847
  -891
  -938
  -986
  -1,038
  -1,091
  -1,147
  -1,206
  -1,268
  -1,333
  -1,401
  -1,472
  -1,546
  -1,624
  -1,707
  -1,793
  -1,884
  -1,978
  -2,078
  -2,183
  -2,293
  -2,408
  -2,529
  -2,656
  -2,790
  -2,930
Free cash flow, $m
  -232
  218
  233
  247
  261
  276
  292
  308
  324
  341
  359
  378
  397
  417
  437
  459
  481
  504
  528
  553
  580
  607
  636
  666
  697
  730
  764
  800
  837
  876
  918
Issuance/(repayment) of debt, $m
  259
  388
  398
  414
  431
  449
  468
  488
  510
  532
  556
  580
  607
  634
  664
  694
  727
  761
  797
  835
  874
  916
  961
  1,007
  1,056
  1,107
  1,161
  1,218
  1,277
  1,340
  1,406
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  
  485
  388
  398
  414
  431
  449
  468
  488
  510
  532
  556
  580
  607
  634
  664
  694
  727
  761
  797
  835
  874
  916
  961
  1,007
  1,056
  1,107
  1,161
  1,218
  1,277
  1,340
  1,406
Total cash flow (excl. dividends), $m
  237
  606
  630
  661
  692
  725
  760
  796
  834
  873
  915
  958
  1,003
  1,051
  1,101
  1,153
  1,208
  1,265
  1,325
  1,388
  1,454
  1,524
  1,596
  1,673
  1,753
  1,837
  1,925
  2,017
  2,115
  2,216
  2,323
Retained Cash Flow (-), $m
  -367
  -107
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -213
  -223
  -234
  -245
  -257
  -269
  -282
  -296
  -310
  -326
  -341
  -358
  -376
  -394
Prev. year cash balance distribution, $m
 
  601
  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
 
  1,100
  519
  545
  572
  600
  629
  659
  691
  724
  759
  795
  833
  873
  915
  958
  1,004
  1,052
  1,102
  1,154
  1,209
  1,267
  1,327
  1,390
  1,457
  1,526
  1,599
  1,676
  1,756
  1,841
  1,929
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  1,041
  462
  454
  443
  429
  413
  394
  373
  350
  325
  300
  273
  246
  219
  193
  167
  143
  121
  100
  82
  66
  52
  40
  30
  22
  16
  11
  8
  5
  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 operates as a ‘do-it-yourself’ moving and storage operator for household and commercial goods in the United States and Canada. Its Moving and Storage segment rents trucks, trailers, portable moving and storage units, specialty rental items, and self-storage spaces primarily to the household movers; and sells moving supplies, towing accessories, and propane. This segment also provides uhaul.com, an online marketplace that connects consumers to independent Moving Help service providers and independent self-storage affiliates; auto transport and tow dolly options to transport vehicles; and specialty boxes for dishes, computers, and sensitive electronic equipment, as well as tapes, security locks, and packing supplies. It rents its products and services through a network of approximately 1,700 company operated retail moving stores and 19,500 independent U-Haul dealers. As of March 31, 2016, this segment had a rental fleet of approximately 139,000 trucks, 108,000 trailers, and 38,000 towing devices; and operated approximately 1,360 self-storage locations with approximately 536,000 rentable rooms. The company’s Property and Casualty Insurance segment provides loss adjusting and claims handling services. It also provides moving and storage protection packages, such as Safemove and Safetow packages, which offers moving and towing customers with a damage waiver, cargo protection, and medical and life insurance coverage; Safestor that protects storage customers from loss on their goods in storage; Safestor Mobile, which protects customers stored belongings; and Safemove Plus, which provides rental customers with a layer of primary liability protection. The company’s Life Insurance segment provides life and health insurance products primarily to the senior market through the direct writing and reinsuring of life insurance, Medicare supplement, and annuity policies. AMERCO was founded in 1945 and is based in Reno, Nevada.

FINANCIAL RATIOS  of  Amerco (UHAL)

Valuation Ratios
P/E Ratio 15.1
Price to Sales 2.2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow -15.7
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.8%
Cap. Spend. - 3 Yr. Gr. Rate 18.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 118.4%
Total Debt to Equity 118.4%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 10.9%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 23.7%
Return On Equity - 3 Yr. Avg. 23.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 90.4%
Gross Margin - 3 Yr. Avg. 90.2%
EBITDA Margin 38.2%
EBITDA Margin - 3 Yr. Avg. 34.5%
Operating Margin 26.5%
Oper. Margin - 3 Yr. Avg. 23.4%
Pre-Tax Margin 23.5%
Pre-Tax Margin - 3 Yr. Avg. 20.2%
Net Profit Margin 14.9%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 36.4%
Payout Ratio 16%

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 $3276 million for the last fiscal year's total revenue generated by Amerco. The default revenue input number comes from 2016 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 6.5% 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 5.7%, 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 78.6%.

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 139.3%.

Life of production assets of 11.7 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 -10%. 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 - $2251 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 19.74 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 $7.4 billion.

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COMPANY NEWS

▶ 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]
▶ ETFs with exposure to AMERCO : June 23, 2017   [Jun-23-17 02:26PM  Capital Cube]
▶ ETFs with exposure to AMERCO : June 13, 2017   [Jun-13-17 01:00PM  Capital Cube]
▶ ETFs with exposure to AMERCO : June 2, 2017   [Jun-02-17 02:35PM  Capital Cube]
▶ What Happened in the Stock Market Today   [May-25-17 05:00PM  Motley Fool]
▶ Amerco posts 4Q profit   [May-24-17 04:31PM  Associated Press]
▶ U-Haul 2016 Destination City No. 4: Orlando   [May-23-17 07:00AM  PR Newswire]
▶ U-Haul 2016 Destination City No. 6: Las Vegas   [May-19-17 01:47PM  PR Newswire]
▶ U-Haul 2016 Destination City No. 7: Brooklyn   [May-18-17 07:00AM  PR Newswire]
▶ U-Haul 2016 Destination City No. 8: Philadelphia   [May-17-17 07:00AM  PR Newswire]
▶ U-Haul 2016 Destination City No. 9: Kansas City   [May-16-17 08:00AM  PR Newswire]
▶ U-Haul 2016 Destination City No. 10: Charlotte   [May-15-17 07:00AM  PR Newswire]
▶ AMERCO Value Analysis (NASDAQ:UHAL) : May 2, 2017   [May-02-17 05:32PM  Capital Cube]
▶ U-Haul Presents Plan for First Store in Castle Rock   [Mar-20-17 11:02AM  PR Newswire]
▶ U-Haul Expands Self-Storage Footprint in El Paso   [Mar-15-17 01:09PM  PR Newswire]
▶ U-Haul of Stratford Square Announces Plans for Expansion   [Mar-14-17 10:58AM  PR Newswire]
▶ Highly Regarded Value Investors New Stock Moves   [Mar-07-17 10:14AM  at Insider Monkey]
▶ Kar-Go Decal Printing Facility Closes in Warminster   [Feb-17-17 06:30PM  PR Newswire]
Stock chart of UHAL 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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