CALL INVITE
We we hope you can join us on Thursday, September 9th at 10:00am ET for our Black Book presentation on new Long Bias name AMERCO (UHAL). As we wrote about HERE, UHAL technically resides outside of the REIT space, but is still highly relevant to the self-storage subsector given its large wholly-owned portfolio and third-party property management business. It did not make the Best Idea list given some idiosyncratic risks, relative opacity and lack of disclosure around key items that we would typically like to see for a REIT, but in our view clients need to be long storage and UHAL is an interesting tangential play on the pricing power of the space. The signals confirm that.
Event Link: https://app.hedgeye.com/m/P7)/a8ny90/event-reits-black-book-9-9
KEY PRESENTATION TOPICS
- Introduction
- Position Monitor review
- Macro & Quads
- Long UHAL
- Overall thesis
- Review of business segmentation
- Focus on self-storage and equipment rentals segment - using the "80/20" rule
- In-depth review of the metrics given lack of sell-side coverage
- Cash flow profile and dividends, vis-a-vis the REIT model
- Earnings power
- SOTP Valuation
- IRR analysis on the stock
- Appendix:
- Earnings model
- Q&A
Please call or e-mail with any questions.
Rob Simone, CFA
Managing Director
Twitter: @HedgeyeREITs
Cell:
