AMERCO Inc. (UHAL) is the parent company of U-HAUL International, the largest consumer truck rental company in the world. It is also the second largest self-storage company in North America.

Second quarter results were in line with our forecasts. Moving and storage revenue are still under some pricing pressure, which is expected to continue. The stock has usually been valued on EBITDAL (EBITDA plus lease expense) per share, selling between two and three times EBITDAL.

Based on our new estimates for the next four quarters EBITDAL of $28.16 a share we would expect a price range of $56 to $84. Since we are in a bear market we would expect a valuation in the lower end of the range. Our price forecast is $60 and we are maintaining our rating as a BUY.