Kerrisdale Capital on The Long Case for AMERCO

From the famous value hedge fund, Kerrisdale Capital:

We believe that AMERCO ("UHAL" or the "Company") is highly undervalued. We are long the stock.

Our 30-page report explaining our long thesis for UHAL is embedded below:

AMERCO (NASDAQ: UHAL) is an underfollowed holding company that owns one of America's most ubiquitous businesses: U-Haul, the nation's dominant do-it-yourself ("DIY") moving company. For over 60 years, numerous well-financed competitors have tried, and failed, to encroach on U-Haul's ever-growing lead in the DIY moving equipment rental market. Today, U-Haul controls its market niche, with more than 8x as many hubs as its nearest competitor,...