UHAL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($50.93)
DCF	$-2322.75	-4660.7%
Graham Number	$20.64	-59.5%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$514.56	+910.3%

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: 7.26%

Computed WACC: 7.26%

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)54.56%

Debt weight (D/V)45.44%

Results

Intrinsic Value / share$-3049.49

Current Price$50.93

Upside / Downside-6087.6%

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%	$-2339.62	$-2740.28	$-3206.40	$-3745.88	$-4367.24
8.0%	$-1987.08	$-2309.56	$-2684.16	$-3117.14	$-3615.24
9.0%	$-1742.78	$-2011.30	$-2322.75	$-2682.25	$-3095.34
10.0%	$-1563.44	$-1792.52	$-2057.82	$-2363.66	$-2714.68
11.0%	$-1426.14	$-1625.16	$-1855.33	$-2120.31	$-2424.08

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$50.93

Margin of Safety-59.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.26%

Terminal growth rate(%)

Computed WACC: 7.26%

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)54.56%

Debt weight (D/V)45.44%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$50.93

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$50.93

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $774.02M

Target EV/EBITDA multipleCurrent: 22.1×

Net Debt($B)Default: $7.03B

Results

Implied Equity Value / share$514.56

Current Price$50.93

Upside / Downside+910.3%

Implied EV$17.12B

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

Mult \ Net Debt	$3.03B	$5.03B	$7.03B	$9.03B	$11.03B
18.1x	$560.66	$458.66	$356.66	$254.66	$152.66
20.1x	$639.61	$537.61	$435.61	$333.61	$231.61
22.1x	$718.56	$616.56	$514.56	$412.56	$310.56
24.1x	$797.51	$695.51	$593.51	$491.51	$389.51
26.1x	$876.46	$774.46	$672.46	$570.46	$468.46

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