By Ian Gilson, PhD, CFA

AMERCO's (NasdaqGS:UHAL) common stock has reached valuations higher than ever before. As shown on page 8 the high price to EBITDAL ratio reached 4.02, during a period when the stock market averages reached record highs. Based on our latest forecasts, and assuming somewhat lower valuations, our target price is $190 a share.

The stock has usually been valued on EBITDAL (EBITDA plus lease expense) per share, selling between two and three times EBITDAL. Based on our estimates for the 2014 EBITDAL of $48 a share, we would expect a price of $190 a share.

A copy of the full research report can be downloaded here >> AMERCO Report

Please visit SCR.Zacks.com for additional information on our research and coverage universe, and Subscribe to receive our articles and reports emailed directly to you each morning.