U-Haul Holding Company

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $850M normalized free cash flow base (TTM reported FCF was -$1.23B because of heavy, discretionary self-storage development capex; normalized FCF excludes the growth-capex portion to approximate steady-state owner earnings); 5% annual FCF growth years 1-5, 3.5% years 6-10; 9% discount rate; 3% terminal growth; $7.05B net debt; 194.39M shares outstanding.

Reasoning: U-Haul/AMERCO is aggressively building out a self-storage network, which depresses reported free cash flow with capex that is a choice rather than a maintenance requirement, so a normalized owner-earnings figure is used; the moving and truck-rental business still dominates near-term cash generation while self-storage is the multi-year growth driver.