NASDAQ: UHAL - AMERCO

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 3.21
CAGR EPS = -32.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.21 * (1 + -32.3%) / (0.0433 * 2) = 25.07

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.81
Ebitda Yield = 0.079
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.2555
Debt = 6.33
Market Cap = 10.59
Weight Debt = Market Cap / (Market Cap + Debt) = 10.59 / (10.59 + 6.33) = 0.626
Weight Cost Debt = 100% - 0.626 = 0.374
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 0.0744
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0744 * 5.94 + 0 = 0.0319
WACC = (0.2555 / 6.33) * (100% - 0.626) * (1 - 0.21) + 0.0319 + 0.626 = 3.19
Terminal Value = Discount (2.81 * (1 + 0.079) / (3.19 - 0.079)) = 55
Company Value = ∑ (2.81 / (1 + 3.19) ^ 5) = 10.99
Price = (Terminal Value + Company Value) / Count shares = (55 + 10.99) / 196080000 = 336.59

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -1.84
FCF Yield = 0.0363
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.2555
Debt = 6.33
Market Cap = 10.59
Weight Debt = Market Cap / (Market Cap + Debt) = 10.59 / (10.59 + 6.33) = 0.626
Weight Cost Debt = 100% - 0.626 = 0.374
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 0.0744
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0744 * 5.94 + 0 = 0.0319
WACC = (0.2555 / 6.33) * (100% - 0.626) * (1 - 0.21) + 0.0319 + 0.626 = 3.19
Terminal Value = Discount (-1.84 * (1 + 0.0363) / (3.19 - 0.0363)) = -374.23
Company Value = ∑ (-1.84 / (1 + 3.19) ^ 5) = -7.8
Price = (Terminal Value + Company Value) / Count shares = (-374.23 + -7.8) / 196080000 = -1948.32