U-Haul Holding Company operates as a do-it-yourself moving and storage operator for household and commercial goods in the United States and Canada. The company's 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. It 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, flat screen television, and sensitive electronic equipment, as well as tapes, security locks, and packing supplies. This segment rents its products and services through a network of approximately 2,100 company operated retail moving stores and 21,100 independent U-Haul dealers. As of March 31, 2022, it had a rental fleet of approximately 186,000 trucks, 128,000 trailers, and 46,000 towing devices; and 1,844 self-storage locations with approximately 876,000 rentable storage units. The company's Property and Casualty Insurance segment offers loss adjusting and claims handling services. It also provides moving and storage protection packages, such as Safemove and Safetow packages, which offer 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. The company was formerly known as AMERCO. U-Haul Holding Company was founded in 1945 and is based in Reno, Nevada.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	5,864.7	5,625.7	5,828.7	6,092.6	6,347.8	6,338.5	6,338.5	6,338.5
Revenue % Chg.	2.2%	-4.1%	3.6%
EBIT	1,450	984.2	730.4	484.6	784.7	807.4	807.4	807.4
EBIT Margin	24.7%	17.5%	12.5%
Tax Rate	24.2%	25.2%	23.1%
NOPAT	1,099.3	736.5	561.5	372.5	603.2	620.7	620.7	620.7
NOPAT Margin	18.7%	13.1%	9.6%	6.1%	9.5%	9.8%	9.8%	9.8%
D&A	756.3	841.8	982.5	1,330.8	1,048	1,084.8	1,084.8	1,084.8
D&A / Revenue	12.9%	15%	16.9%
Capex	-2,723.9	-2,992.9	-3,452.5	-3,227.7	-3,353.7	-3,467.4	-3,467.4	-3,467.4
Capex / Revenue	-46.4%	-53.2%	-59.2%
Chg. NWC	63.1	-61.6	-39.4	-14.1	-14.7	-14.7	-14.7	-14.7
Chg. NWC / Revenue	1.1%	-1.1%	-0.7%
Unlevered FCF (UFCF)	-805.3	-1,476.2	-1,947.8	-1,538.5	-1,717.2	-1,776.5	-1,776.5	-1,776.5
UFCF % Chg.	1,719%	83.3%	31.9%	-21%	11.6%	3.5%	0%	—
PV of UFCF	—	—	—	-1,445	-1,514.8	-1,471.8	-1,382.4	-1,298.3
Sum of PV of UFCF	—	—	—	-1,445	-2,959.7	-4,431.6	-5,814	-7,112.3

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.8%
Total Debt	7,240.8
Market Cap	9,937.8
Total Capital	17,178.6
Debt Weighting	42.2%
Equity Weighting	57.8%
WACC	6.5%

Exit Multiple EV/FCF
Terminal Value	16,440.3
PV of Terminal Value	11,284.4
Cumulative PV of UFCF	-7,112.3
Net Debt	6,654.4
Equity Value	-2,482.3
Shares Outstanding	196.1
Implied Share Price	-12.7
Current Share Price	54.6
Implied Upside / (Downside)	-123.2%