Discounted Cash Flow (DCF) Analysis Levered
U-Haul Holding Company (UHAL)
$54.6
+3.09 (+6.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,601.11 | 3,768.71 | 3,978.87 | 4,541.99 | 5,739.75 | 6,468.03 | 7,288.73 | 8,213.56 | 9,255.74 | 10,430.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 936.33 | 975.58 | 1,075.51 | 1,535.40 | 1,946.23 | 1,896.82 | 2,137.50 | 2,408.72 | 2,714.35 | 3,058.76 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | 0.84 | -0.63 | -3.98 | -1,441.47 | -2,136.54 | -893.28 | -1,006.63 | -1,134.35 | -1,278.28 | -1,440.48 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 937.17 | 974.95 | 1,071.54 | 93.92 | -190.30 | 1,003.54 | 1,130.88 | 1,274.37 | 1,436.07 | 1,618.28 |
Weighted Average Cost Of Capital
| Share price | $ 54.6 |
|---|---|
| Beta | 0.979 |
| Diluted Shares Outstanding | 196.08 |
| Cost of Debt | |
| Tax Rate | 23.87 |
| After-tax Cost of Debt | 2.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.313 |
| Total Debt | 6,096.69 |
| Total Equity | 10,705.85 |
| Total Capital | 16,802.55 |
| Debt Weighting | 36.28 |
| Equity Weighting | 63.72 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,601.11 | 3,768.71 | 3,978.87 | 4,541.99 | 5,739.75 | 6,468.03 | 7,288.73 | 8,213.56 | 9,255.74 | 10,430.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 936.33 | 975.58 | 1,075.51 | 1,535.40 | 1,946.23 | 1,896.82 | 2,137.50 | 2,408.72 | 2,714.35 | 3,058.76 |
| Capital Expenditure | 0.84 | -0.63 | -3.98 | -1,441.47 | -2,136.54 | -893.28 | -1,006.63 | -1,134.35 | -1,278.28 | -1,440.48 |
| Free Cash Flow | 937.17 | 974.95 | 1,071.54 | 93.92 | -190.30 | 1,003.54 | 1,130.88 | 1,274.37 | 1,436.07 | 1,618.28 |
| WACC | ||||||||||
| PV LFCF | 946.47 | 1,005.91 | 1,069.08 | 1,136.21 | 1,207.56 | |||||
| SUM PV LFCF | 5,365.23 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.03 |
| Free cash flow (t + 1) | 1,650.65 |
| Terminal Value | 40,959 |
| Present Value of Terminal Value | 30,563.67 |
Intrinsic Value
| Enterprise Value | 35,928.90 |
|---|---|
| Net Debt | 3,392.56 |
| Equity Value | 32,536.34 |
| Shares Outstanding | 196.08 |
| Equity Value Per Share | 165.94 |