Discounted Cash Flow (DCF) Analysis Unlevered
EastGroup Properties, Inc. (EGP)
$162.75
+2.96 (+1.85%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 300.39 | 331.39 | 363.02 | 409.47 | 208 | 199.40 | 191.15 | 183.25 | 175.67 | 168.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 213.23 | 258.72 | 256.44 | 315.55 | 378,319 | 72,652.95 | 69,648.27 | 66,767.85 | 64,006.56 | 61,359.47 |
| EBITDA (%) | ||||||||||
| EBIT | 121.52 | 153.99 | 140.08 | 188.45 | 378,165.36 | 72,573.55 | 69,572.16 | 66,694.89 | 63,936.62 | 61,292.41 |
| EBIT (%) | ||||||||||
| Depreciation | 91.70 | 104.72 | 116.36 | 127.10 | 153.64 | 79.39 | 76.11 | 72.96 | 69.95 | 67.05 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 0.37 | 0.22 | 0.02 | 4.39 | 7.29 | 1.90 | 1.82 | 1.75 | 1.68 | 1.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 41.46 | 45.95 | 51.28 | 66.78 | 30.21 | 28.96 | 27.77 | 26.62 | 25.52 | 24.46 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | 5.69 | 2.89 | 2.77 | 2.66 | 2.55 | 2.44 | 2.34 |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | 10.58 | 136.99 | 68.24 | 65.41 | 62.71 | 60.12 | 57.63 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | -33.30 | -16.92 | -16.22 | -15.55 | -14.90 | -14.29 | -13.70 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 162.75 |
|---|---|
| Beta | 0.945 |
| Diluted Shares Outstanding | 40.38 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.271 |
| Total Debt | - |
| Total Equity | 6,571.36 |
| Total Capital | 6,571.36 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 300.39 | 331.39 | 363.02 | 409.47 | 208 | 199.40 | 191.15 | 183.25 | 175.67 | 168.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 213.23 | 258.72 | 256.44 | 315.55 | 378,319 | 72,652.95 | 69,648.27 | 66,767.85 | 64,006.56 | 61,359.47 |
| EBIT | 121.52 | 153.99 | 140.08 | 188.45 | 378,165.36 | 72,573.55 | 69,572.16 | 66,694.89 | 63,936.62 | 61,292.41 |
| Tax Rate | 0.15% | 1.36% | 0.03% | 0.05% | 0.00% | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| EBIAT | 121.35 | 151.90 | 140.05 | 188.36 | 378,165.36 | 72,343.59 | 69,351.70 | 66,483.55 | 63,734.02 | 61,098.20 |
| Depreciation | 91.70 | 104.72 | 116.36 | 127.10 | 153.64 | 79.39 | 76.11 | 72.96 | 69.95 | 67.05 |
| Accounts Receivable | - | -4.49 | -5.33 | -15.51 | 36.57 | 1.25 | 1.20 | 1.15 | 1.10 | 1.06 |
| Inventories | - | - | - | - | 2.80 | 0.12 | 0.11 | 0.11 | 0.11 | 0.10 |
| Accounts Payable | - | - | - | - | 126.41 | -68.75 | -2.82 | -2.71 | -2.59 | -2.49 |
| Capital Expenditure | - | - | - | -33.30 | -16.92 | -16.22 | -15.55 | -14.90 | -14.29 | -13.70 |
| UFCF | 213.05 | 252.13 | 251.08 | 266.65 | 378,467.87 | 72,339.39 | 69,410.76 | 66,540.17 | 63,788.29 | 61,150.23 |
| WACC | ||||||||||
| PV UFCF | 66,813.88 | 59,212.11 | 52,427.54 | 46,420.35 | 41,101.47 | |||||
| SUM PV UFCF | 265,975.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.27 |
| Free cash flow (t + 1) | 62,373.23 |
| Terminal Value | 994,788.36 |
| Present Value of Terminal Value | 668,636.39 |
Intrinsic Value
| Enterprise Value | 934,611.74 |
|---|---|
| Net Debt | -0.06 |
| Equity Value | 934,611.80 |
| Shares Outstanding | 40.38 |
| Equity Value Per Share | 23,147.13 |