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UHAL: Take-aways from the virtual Investor conference!

By Ian Gilson, PhD, CFA

NASDAQ:UHAL

READ THE FULL UHAL RESEARCH REPORT

On the virtual conference, AMERCO (NASDAQ:UHAL) reiterated its strong cash position of close to $900 million. It has received the first pay-back of taxes from the US Government and paid down the emergency financing taken down earlier this year.

The problems the automakers are having in supplying new vehicles has strengthened the used vehicle market, pricing has firmed and AMERCO is having no problems in finding alternate modes for sales despite most of the auto auctions being closed due the COVD-19 pandemic.

When demand is strong due to a product shortage prices tend to be firmer. The company had intended to increase the size of its fleet this fiscal year but may not be able to do so. AMERCO continues to place an emphasis on increasing utilization and this may occur over the next 18 months and then slip back as new vehicle shortages end.

Self storage demand was ahead of last year’s pace. U-Box also benefited from the lack of availability of vehicles and, in our opinion, is well ahead of last year. It continues to be profitable.

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