Definitive Analysis
Definitive Analysis

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Sector

U-Haul Holding Company (UHAL)

Company Dividend Discount ModelIndustry: Rental & Leasing ServicesSector: Industrials

Valuation Snapshot

Stable Growth$19.88 - $44.36$28.73
Multi-Stage$16.15 - $17.66$16.89
Blended Fair Value$22.81
Current Price$57.07
Upside-60.03%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS3.72%6.06%0.180.160.170.150.250.150.200.150.300.40
YoY Growth--11.11%-5.81%14.66%-40.00%66.71%-24.95%33.35%-50.00%-25.03%299.99%
Dividend Yield--0.30%0.26%0.31%0.31%0.42%0.50%0.53%0.42%0.82%1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)197.46
(-) Cash Dividends Paid (M)35.29
(=) Cash Retained (M)162.17
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)39.4924.6814.81
Cash Retained (M)162.17162.17162.17
(-) Cash Required (M)-39.49-24.68-14.81
(=) Excess Retained (M)122.68137.49147.36
(/) Shares Outstanding (M)196.08196.08196.08
(=) Excess Retained per Share0.630.700.75
LTM Dividend per Share0.180.180.18
(+) Excess Retained per Share0.630.700.75
(=) Adjusted Dividend0.810.880.93
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate4.61%5.61%6.61%
Fair Value$19.88$28.73$44.36
Upside / Downside-65.16%-49.66%-22.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)197.46208.53220.22232.56245.60259.37267.15
Payout Ratio17.87%32.30%46.72%61.15%75.57%90.00%92.50%
Projected Dividends (M)35.2967.35102.90142.21185.61233.43247.11

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate4.61%5.61%6.61%
Year 1 PV (M)61.2961.8862.47
Year 2 PV (M)85.2286.8588.51
Year 3 PV (M)107.18110.29113.45
Year 4 PV (M)127.31132.25137.33
Year 5 PV (M)145.70152.80160.17
PV of Terminal Value (M)2,639.222,767.812,901.36
Equity Value (M)3,165.933,311.883,463.28
Shares Outstanding (M)196.08196.08196.08
Fair Value$16.15$16.89$17.66
Upside / Downside-71.71%-70.40%-69.05%

High-Yield Dividend Screener

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