UHAL-B — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($47.28)
DCF	$-267.32	-665.4%
Graham Number	$20.64	-56.4%
Reverse DCF	—	—
DDM	$4.12	-91.3%
EV/EBITDA	$54.71	+15.7%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.19B

Near-term growth (yrs 1–5)(%)Rev: 1.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.15%

Computed WACC: 7.15%

Cost of equity (Re)10.43%(Rf 4.30% + β 1.11 × ERP 5.50%)

Cost of debt (Rd)4.37%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)52.99%

Debt weight (D/V)47.01%

Results

Intrinsic Value / share$-358.36

Current Price$47.28

Upside / Downside-857.9%

Net Debt (used)$7.03B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-269.27	$-315.38	$-369.02	$-431.11	$-502.62
8.0%	$-228.69	$-265.81	$-308.92	$-358.75	$-416.08
9.0%	$-200.58	$-231.48	$-267.32	$-308.70	$-356.24
10.0%	$-179.94	$-206.30	$-236.83	$-272.03	$-312.43
11.0%	$-164.13	$-187.04	$-213.53	$-244.03	$-278.99

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $0.47

Book Value / share($)Yahoo: $40.27

Results

Graham Number$20.64

Current Price$47.28

Margin of Safety-56.4%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.15%

Terminal growth rate(%)

Computed WACC: 7.15%

Cost of equity (Re)10.43%(Rf 4.30% + β 1.11 × ERP 5.50%)

Cost of debt (Rd)4.37%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)52.99%

Debt weight (D/V)47.01%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$47.28

Implied Near-term FCF Growth—

Historical Revenue Growth1.9%

Historical Earnings Growth—

Base FCF (TTM)-$2.19B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $0.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.12

Current Price$47.28

Upside / Downside-91.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $774.02M

Target EV/EBITDA multipleCurrent: 21.1×

Net Debt($B)Default: $7.03B

Results

Implied Equity Value / share$54.71

Current Price$47.28

Upside / Downside+15.7%

Implied EV$16.35B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$3.03B	$5.03B	$7.03B	$9.03B	$11.03B
17.1x	$60.01	$48.28	$36.54	$24.80	$13.06
19.1x	$69.10	$57.36	$45.62	$33.88	$22.14
21.1x	$78.19	$66.45	$54.71	$42.97	$31.23
23.1x	$87.27	$75.53	$63.80	$52.06	$40.32
25.1x	$96.36	$84.62	$72.88	$61.14	$49.40

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