The impact of the decline in housing and a decrease in apartment occupancy rates, impacting AMERCO (UHAL: 54.50 -0.27 -0.49%), appears to have ended. We expect continued improvements in operating parameters.
Based on a low valuation of EBITDAL we continue to rate the stock Outperform with a price target of $60.00 a share.
Fourth-Quarter revenue was well ahead of our estimates. Costs were well controlled and were close to our estimates. Transactions increased in both one-way and In-Town markets although business is still highly competitive.