UHAL
U-Haul Holding Company
$51.55
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 78.6% below fair value
You pay
$51.55
Bear
$192.53
Fair
$240.66
Bull
$288.79
Bear
$192.53
+273.5%
$16.04 × 12x P/E
Fair
$240.66
+366.8%
$16.04 × 15x P/E
Bull
$288.79
+460.2%
$16.04 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
3.2x
Summary
Applying a 15x P/E to adjusted EPS of $16.04, the base-case value is $240.66 per share.
Warnings
The company's reported profits differ from official accounting profits by 849%. Check what costs are being left out of the adjusted number.
The company pays out 118% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples