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					UHAUL (AMERCO) Corporation (UHAL)
 Strategy
Sustainability
Meeting the needs of the present, without
compromising the ability of future generations to
meet their own needs.
Since 1945, the U-Haul System has recognized
the importance of operating with economy and
effectiveness (E & E). Over 40 years ago, we
began encouraging our customers to evaluate
cost, not just price. “E & E” and “lowest cost” are
concepts integral to sustainability. Our practice
is to increase the shared use of our resources
by helping more families move with any given
U-Haul truck or trailer.
Learn more about how we


Our Planet, Our Future
We are challenged to make our world
better for succeeding generations.
Our corporate-wide sustainability initiatives include:
• 100% biodegradable packing peanuts made of a starch mixture,
replacing Styrofoam and reducing landfi ll waste
• Box Exchange Program facilitating multiple reuses of our
moving boxes
• Mobile self-storage rooms, which are constructed from 95%
reused materials
• Permeable ground cover for rental equipment parking and
self-storage drives. Reducing our development footprint,
recharging the ground water, and lowering impact on municipal
water management systems
• Moving blankets manufactured from denim and cotton/polyester
clippings eliminating 2.25 million pounds of landfi ll annually
• Placing U-Haul Dealerships and equipment in neighborhoods,
reducing customer fuel consumption and CO2 generation
when obtaining and returning rental equipment
• Corporate annual meeting, proxy and analyst proceedings are
Internet based, reducing fuel, time and trees consumed
• Work from home telecommuters, reducing facilities commitment
and transportation/carbon footprint

Profile:
Amerco (UHAL)
UHAL 023586100 2028174 NASDAQ Natl Market              Common stock

AMERCO, incorporated in April, 1969, is North America's do-it-yourself
moving and storage operator, which operates through its subsidiary
U-Haul International, Inc. (U-Haul). U-Haul offers do-it-yourself
moving and storage and supplies products and services to help people
move and store their household and commercial goods. The company rents
its distinctive orange U-Haul trucks and trailers, as well as offer
self-storage rooms through a network of over 1,450 Company operated
retail-moving centers approximately and 14,500 independent U-Haul
dealers. The Company also has an independent storage facility network
with approximately 2,900 active affiliates. The Company also sells
U-Haul brand boxes, tape and other moving and self-storage products and
services to do-it-yourself moving and storage customers at all of its
distribution outlets and through its eMove Website. AMERCO has four
reportable segments. The Company's reportable segments are Moving and
Storage (AMERCO, U-Haul and Real Estate), Property and Casualty
Insurance, Life Insurance and SAC Holding II Corporation and its
subsidiaries (SAC Holding II).

AMERCO's customers are primarily do-it-yourself household movers.
U-Haul moving equipment is designed, engineered and manufactured for
the do-it-yourself household movers. These do-it-yourself includes
individuals and families moving their belongings from one home to
another, college students moving their belongings, vacationers and
sports enthusiasts needing extra space or having special towing needs,
people trying to save on home furniture and home appliance delivery
costs, and do-it-yourself home remodeling and gardening enthusiasts who
need to transport materials.

As of March 31, 2007, AMERCO's rental fleet consisted of approximately
100,000 trucks, 78,500 trailers and 31,100 towing devices. This
equipment and the Company's U-Haul brand of self-moving products and
services are available through its network of managed retail moving
centers and independent U-Haul dealers. Independent U-Haul dealers
receive rental equipment from the Company, which act as a rental agent.
The Company also offers moving and storage protection packages, such as
Safemove and Safetow, protecting moving and towing customers with a
damage waiver, cargo protection and medical and life coverage, and
Safestor, protecting storage customers from loss on their goods in
storage.

Moving and Storage Operating Segment

AMERCO's do-it-yourself moving business consists of U-Haul truck and
trailer rentals and U-Haul moving supply and service sales. Its
self-storage business consists of U-Haul self-storage room rentals,
self-storage related product and service sales and management of
non-owned, self-storage facilities by the Company.

U-Haul operates over 383,000 storage rooms, approximately 33.7 million
square feet of storage space with locations in 49 states and 10
Canadian provinces. U-Haul's owned and managed self-storage facility
locations range in size up to 171,500 square feet of storage space,
with individual storage units in sizes ranging from 6 square feet to
845 square feet. The primary market for storage rooms is the storage of
household goods.

eMove is an online marketplace that connects consumers to over 3,900
independent sellers of Moving Help and over 2,900 Self-Storage
services. The Company's network of customer-rated Affiliates provides
pack and load help, cleaning help, self-storage and similar services,
all over North America. An individual or a company can connect to the
eMove network by becoming an eMove Moving Help Affiliate or an eMove
Storage Affiliate. Moving Helpers assist customers with packing,
loading, cleaning and unloading their truck or storage unit. eMove also
offers a storage affiliate program that enables independent
self-storage facilities by connecting into a centralized 1-800 and
Internet reservation system and for a fee, receive an array of
services, including Web-based management software, Secured Online
Affiliated Rentals (S.O.A.R), co-branded rental trucks, savings on
insurance, credit card processing and more. Net revenue from this
segment during the fiscal year ended March 31, 2007 (fiscal 2007) was
approximately 89.9%.

Property and Casualty Insurance Operating Segment

Republic Western Insurance Company (RepWest) provides loss adjusting
and claims handling for U-Haul through regional offices across North
America. Through the Company's affiliation with RepWest, U-Haul offers
its customers moving and storage contents insurance products, branded
Safemove and Safestor, respectively. The business plan for RepWest
includes offering property and casualty products for other U-Haul
related programs. Net revenue from this segment for fiscal 2007 was
approximately 1.9%.

Life Insurance Operating Segment

Oxford Life Insurance Company (Oxford) originates and reinsures
annuities, ordinary life, group life and disability coverage, and
Medicare supplement insurance. Oxford also administers the self-insured
employee health and dental plans for the Company. Net revenue from this
segment for fiscal 2007 was approximately 6.9%.

SAC Holdings II Operating Segment

SAC Holding Corporation and its subsidiaries, and SAC Holding II
Corporation and its subsidiaries, collectively referred to as SAC
Holdings, owns self-storage properties that are managed by U-Haul under
property management agreements and act as independent U-Haul rental
equipment dealers. AMERCO, through its subsidiaries, has contractual
interests in certain of SAC Holdings' properties. With respect to SAC
Holding II, AMERCO is considered the primary beneficiary of these
contractual interests. Net revenue from this segment for fiscal 2007
was approximately 1.3%.

The Company competes with AvisBudget Group, Penske Truck Leasing,
Public Storage Inc., Extra Space Storage, Inc., and Sovran Self-Storage
Inc.



Source: Reuters Global Fundamentals
http://www.uhaul.com
FactSet Sector and Industry
4800 - Finance
4830 - Finance/Rental/Leasing
Price (USD)
24-Sep-2007                        62.84
1 Day Chg (%)                        -0.6
52 Wk Range                57.03 - 96.89
Latest Volume                    38,578
3Mo Avg Volume                   81,600
Trading History
03-Nov-1994 to 24-Sep-2007
Size (mil)
Market Value                       1,261
Entrpr Value                       2,756
Shares Out                          20.1
Float (%)                           38.5
Valuation
P/E                                 19.9
FY1 P/E                             31.4
EV/EBITDA                             6.6

Source: Reuters Global Fundamentals / FactSet Estimates
Income Statement - Reuters Fundamentals                                           Report as of: 24-Sep-2007
Amerco                                                                                  29-Jun-07 to 30-Mar-01
UHAL 023586100 2028174 NASDAQ Natl Market            Common stock                                      Millions
Finance/Rental/Leasing                                                                              U.S. Dollar
Report Basis: Annual                                                      31-Mar-06                 31-Mar-05
Reporting Period:                                                               12M                        12M
Source Document:                                                                10-K                      10-K
Source Document Date:                                                     07-Jun-07                 22-Jun-05
Operating Revenue                                                            2,066.2                   1,977.9
         Operating Revenue Growth                                              + 4.5                      - 7.5
    Cost of Goods Sold*                                                        373.1                     366.8
         Cost of Goods Sold Growth*                                            + 1.7                    - 23.3
Gross Income                                                                 1,693.0                   1,611.2
         Gross Income Growth                                                   + 5.1                      - 2.9
         Gross Income Margin                                                    81.9                      81.5
    Selling, General & Admin Expenses                                          347.1                     352.2
         Research and Dev Costs (incl in SG&A)
    Investment/Interest Income
    Other Operating Income (Expense)                                        (1,040.5)                (1,092.0)
EBITDA                                                                         439.0                     285.1
         EBITDA Growth                                                        + 54.0                      - 9.8
         EBITDA Margin                                                          21.2                      14.4
    Depreciation and Amortization*                                             133.6                     118.1
         Depreciation and Amortization Growth*                                + 13.1                    - 18.5
EBIT                                                                           305.4                     167.0
         EBIT Growth                                                          + 82.9                      - 2.3
         EBIT Margin                                                            14.8                        8.4
    Interest Expense                                                            69.5                       73.2
    Unusual Expense (Income)                                                    35.6                     (51.3)
Pretax Income                                                                  200.3                     145.1
         Pretax Income Growth                                                 + 38.0                + 2,677.6
         Pretax Income Margin                                                    9.7                        7.3
    Income Taxes                                                                79.1                       55.7
         Income Taxes Growth                                                  + 42.0                  + 589.7
Net Income Before Extraordinaries                                              121.2                       89.4
         Net Income Growth                                                    + 35.5
         Net Income Margin                                                       5.9                       4.5
EPS Diluted Before Extraordinaries                                              5.19                      3.68
         EPS Growth                                                           + 41.1
Normalized Earnings                                                            142.7                     57.8
         Normalized Earnings Growth                                         + 146.9                   + 123.9
         Normalized Earnings Margin                                              6.8                      2.9
Normalized EPS Diluted                                                          6.22                     2.15
         Normalized EPS Growth                                              + 188.7                   + 248.0

Net Income Adjusted**                                                          156.8                      38.1
EPS Adjusted**                                                                  7.52                      1.83
Dividends per Share                                                             0.00                      0.00
        Payout Ratio                                                             0.0                       0.0
Total Shares Outstanding                                                        17.6                      17.6
Diluted Shares Outstanding                                                      20.9                      20.8

*Depreciation & Amortization Amount Included in Cost of Goods Sold
** Net Income before Extraordinary Items adjusted for Nonrecurring Pretax Expense (Income)
24-Sep-2007
to 30-Mar-01



               31-Mar-04     31-Mar-03     28-Mar-02
                      12M           12M          12M
                     10-K          10-K          10-K
               22-Jun-05     22-Jun-05     22-Jun-05
                  2,137.5       2,105.1       2,161.1
                    + 1.5          - 2.6        + 7.4
                    478.2         500.9         602.3
                     - 4.5       - 16.8        + 15.6
                  1,659.3       1,604.2       1,558.8
                    + 3.4         + 2.9         + 4.6
                     77.6          76.2          72.1
                    346.8         342.4         342.6


                 (1,141.5)     (1,146.0)     (1,174.1)
                    315.9         253.2         145.1
                   + 24.8        + 74.5          - 3.9
                     14.8          12.0            6.7
                    144.9         137.4         103.0
                    + 5.4        + 33.5          - 0.8
                    171.0         115.8           42.1
                   + 47.7      + 174.8         - 10.8
                      8.0           5.5            1.9
                    121.7         148.1         109.5
                     44.1           6.6            0.0
                      5.2         (38.9)        (67.3)
                                 + 42.2          - 4.1
                      0.2          (1.8)          (3.1)
                      8.1         (13.9)        (19.9)
                                 + 29.9        + 11.8
                     (2.9)        (25.0)        (47.4)
                  + 88.6         + 47.3        - 12.7
                    (0.1)          (1.2)          (2.2)
                   (0.76)         (1.82)        (2.87)
                  + 58.2         + 36.5        - 12.0
                    25.8          (20.7)        (47.4)
                                 + 56.3        - 12.7
                      1.2          (1.0)          (2.2)
                     0.62         (1.62)        (2.87)
                                 + 43.6        - 12.0

                     41.2         (18.4)        (47.4)
                     1.99         (0.88)        (2.25)
                     0.00          0.00          0.00

                     15.6          15.6          15.6
                     20.8          20.8          21.1
Balance Sheet Summary - Reuters Fundamentals                              Report as of: 24-Sep-2007
Amerco                                                                          29-Jun-07 to 30-Mar-01
UHAL 023586100 2028174 NASDAQ Natl Market           Common stock                               Millions
Finance/Rental/Leasing                                                                      U.S. Dollar
Report Basis: Annual                                               31-Mar-06                31-Mar-05
Reporting Period:                                                       12M                      12M
Source Document:                                                        10-K                     10-K
Source Document Date:                                              13-Jun-06                13-Jun-06
Total Current Assets
   Cash & Short Term Investments                                        155.5                    56.0
        Cash & Short Term Investments Growth                         + 177.8                   - 31.4
        Cash & ST Investments % Total Assets                              4.6                     1.8
   Accounts Receivable                                                  230.2                   325.5
        Accounts Receivable Growth                                     - 29.3                  - 45.3
        Accounts Receivable Turnover                                      7.4                     4.3
   Inventory                                                             64.9                    63.7
        Inventory Growth                                                + 2.0                  + 20.6
        Inventory Turnover                                                5.8                     6.3
   Prepaid Expenses                                                      53.3                    29.0
   Other Current Assets

Total Current Liabilities
       Current Ratio
       Quick Ratio
       Cash Ratio
   Debt in Current Liabilities                                           0.0                       0.0
       Debt in Current Liabilities Growth
   Accounts Payable                                                    235.9                     237.1
       Accounts Payable Growth                                          - 0.5                   - 24.0
   Accrued Expenses
   Other Current Liabilities                                            21.3                      38.7

Total Debt                                                           1,041.9                     857.5
       Total Debt % Total Assets                                        30.9                      27.5
   Long Term Debt                                                    1,041.9                     857.5
       Long Term Debt Growth                                          + 21.5                    - 17.6
       LT Debt % LT Debt + Shareholder's Equity                         60.0                      60.0
   Debt in Current Liabilities                                           0.0                       0.0

Total Assets                                                         3,367.2                  3,116.2
        Total Assets Growth                                            + 8.1                     - 8.2
        Asset Turnover                                                  0.64                     0.61
        Return on Assets                                                 3.7                       2.7
Total Liabilities                                                    2,671.6                  2,543.3
        Total Liabilities % Total Assets                                79.3                     81.6
Total Shareholders' Equity                                             695.6                    572.8
        Total Shareholder's Equity % Total Assets                       20.7                     18.4
        Return on Equity                                                19.1                     16.6
        Return on Total Capital                                          7.6                       6.0

Cash Conversion Cycle (Days)                                          (119.4)                   (130.3)
   Days Accounts Receivable Outstanding                                 49.1                      85.0
   Days Inventory Outstanding                                           62.9                      58.0
   Days Accounts Payable Outstanding                                   231.4                     273.2

Book Value per Share                                                   32.68                    26.91
      Book Value per Share Growth                                     + 21.4                   + 13.7
   Tangible Book Value per Share                                       32.68                    26.91
      Tangible Book Value per Share Growth                            + 21.4                   + 13.7
24-Sep-2007
to 30-Mar-01



               31-Mar-04    31-Mar-03    28-Mar-02
                    12M          12M          12M
                    10-K         10-K         10-K
               22-Jun-05    18-Jun-04    25-Aug-03

                     81.6        66.8         41.4
                  + 22.0       + 61.3       - 21.5
                      2.4         1.7          1.1
                   595.3        410.0        274.9
                  + 45.2       + 49.2        + 9.1
                      4.3         6.1          8.2
                     52.8        53.3         65.8
                    - 0.9      - 19.0       - 21.9
                      9.0         8.4          8.0
                     13.2        21.8         15.3




                     0.0          0.0          0.0
                                           - 100.0
                   312.0        413.7        233.9
                  - 24.6       + 76.9       + 40.0

                    53.2         40.4         43.3

                 1,040.9      1,543.9      1,607.7
                    30.7         40.3         43.1
                 1,040.9      1,543.9      1,607.7
                  - 32.6         - 4.0       + 4.2
                    67.4         82.5         80.8
                     0.0           0.0         0.0

                 3,394.7      3,832.4      3,732.3
                  - 11.4        + 2.7        + 2.6
                    0.59         0.56         0.59
                    (0.1)        (0.7)        (1.3)
                 2,890.9      3,504.9      3,350.8
                    85.2         91.5         89.8
                   503.8        327.4        381.5
                    14.8          8.5         10.2
                    (0.7)        (7.0)       (10.6)
                    (0.2)        (1.3)        (2.3)

                  (150.7)      (133.2)       (31.5)
                    85.8         59.4         44.5
                    40.5         43.4         45.5
                   277.0        235.9        121.5

                   23.67        15.39        17.95
                  + 53.8       - 14.3       - 23.7
                   23.67        15.39        17.95
                  + 53.8       - 14.3       - 23.7
     Cash Flow Statement and Cash Flow Identity
Cash Flows Summary - Indirect - Reuters Fundamentals                   Report as of: 24-Sep-2007
Amerco                                                                    29-Jun-07 to 30-Mar-01
UHAL 023586100 2028174 NASDAQ Natl Market          Common stock                          Millions
Finance/Rental/Leasing                                                                U.S. Dollar
Report Basis: Annual                                              31-Mar-06           31-Mar-05     31-Mar-04
Reporting Period:                                                      12M                 12M           12M
Source Document:                                                       10-K                10-K          10-K
Source Document Date:                                             07-Jun-07           13-Jun-06     13-Jun-06
Net Income before Extraordinary Items                                 121.2                89.4           (2.9)
        Net Income Growth                                            + 35.5                            + 88.6
    + Depreciation and Depletion                                      133.6               118.1         144.9
    + Amortization
    + Deferred Taxes                                                   28.4                61.1           96.0
    + Other Non-Cash Items                                             49.6                30.6           40.5
= Gross Operating Cash Flow                                           332.7               299.3          278.6
    + Other Operating Cash Flow                                       (62.2)              (78.6)       (341.4)
= Net Operating Cash Flow                                             270.5               220.7          (62.8)
        Net Operating Cash Flow Growth                               + 22.6                           - 153.2
        Net Operating Cash Flow % Sales                                13.1                 11.2          (2.9)
        Cash Flow Return on Invested Capital                           17.1                 14.8          (3.7)
    - Capital Expenditures                                            344.4               285.0          198.4
        Capital Expenditure Growth                                   + 20.9              + 43.6         - 18.4
        Capital Expenditures % Sales                                   16.7                 14.4           9.3
        Capital Expend % Beg Gross Plant                               13.1                 10.2           6.1
    - Cash Dividends                                                   13.0                 29.2           3.2
        Cash Dividend Growth                                         - 55.6             + 799.9         - 50.0
= Free Cash Flow                                                      (86.8)               (93.4)      (264.5)
        Free Cash Flow Growth                                         + 7.1              + 64.7       - 101.1
        Free Cash Flow per Share                                      (4.16)               (4.49)      (12.75)

Change in Long-Term Debt                                              183.7               (183.7)       108.8
Change in Capital Stock
Foreign Exchange Rate Effect                                           (0.2)                 0.0         (0.0)
Net Increase (Decrease) Cash & Equivs                                  99.5                (25.6)        14.7

Short Term Investments
        % Change in Short Term Investments

Cash Flow from Investing                                             (258.8)                36.2         60.2
Cash Flow from Financing                                               88.0               (282.5)        17.4
31-Mar-03    28-Mar-02
     12M           12M
     10-K          10-K
22-Jun-05    25-Aug-03
    (25.0)        (47.4)
   + 47.3        - 12.7
    134.2         149.1

    (26.2)
     41.2           8.1
    124.2         109.7
     (6.1)      (129.3)
    118.1         (19.6)
               - 111.4
      5.6          (0.9)
      6.1          (1.0)
    243.2         381.5
   - 36.3        - 38.2
     11.6          17.7
      7.8          12.3
      6.5          13.0
   - 50.0           0.0
   (131.5)      (414.1)
   + 68.2         + 9.5
    (6.32)      (19.66)

    (70.4)       131.4
      0.0        (10.2)

     25.4          (8.2)




    (81.1)      (148.1)
    (11.6)       159.5
                                                             Financial Ratios
UHAUL
                                                                          Factset's    Yahoo       MSN    Competitor
                                                                           Ratios     Financial   money     ratio      Industry                 Factset calculated
                                                                            2006        2006      2006      2006         2006     2006   2005         2004        2003   2002
Liquidity Ratios                      Formula
        Current Ratio                 Current Asset/Current Liabilities
        Quick Ratio
        Cash Ratio

Debt Utilization Ratios
        Debt Ratio
        Times Interest Earned (TIE)
        Cash Coverage
        Debt/Equity Ratio

Asset Utilization Ratios
        Asset Turnover Ratio
        Inventory Turnover
        Day's Sale in Inventory
        Receivables Turnover
        Day's Sale in receivables
        Net Fixed Asset Ratio

Profitability RaiosAsset Utilization Ratios
        Profit Margin
        ROA
        ROE

Market Value Ratios
        Price Earnings
        Market to Book Ratio
        Dividend Yield
        Dividend Payout Ratio
Dupont Analysis
Trend Analysis

				
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