Discounted Cash Flow (DCF) Analysis Unlevered

EastGroup Properties, Inc. (EGP)

$162.75

+2.96 (+1.85%)
All numbers are in Millions, Currency in USD
Stock DCF: 23,147.13 | 162.75 | undervalue

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 300.39331.39363.02409.47208199.40191.15183.25175.67168.40
Revenue (%)
EBITDA 213.23258.72256.44315.55378,31972,652.9569,648.2766,767.8564,006.5661,359.47
EBITDA (%)
EBIT 121.52153.99140.08188.45378,165.3672,573.5569,572.1666,694.8963,936.6261,292.41
EBIT (%)
Depreciation 91.70104.72116.36127.10153.6479.3976.1172.9669.9567.05
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 0.370.220.024.397.291.901.821.751.681.61
Total Cash (%)
Account Receivables 41.4645.9551.2866.7830.2128.9627.7726.6225.5224.46
Account Receivables (%)
Inventories ---5.692.892.772.662.552.442.34
Inventories (%)
Accounts Payable ---10.58136.9968.2465.4162.7160.1257.63
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 300.39331.39363.02409.47208199.40191.15183.25175.67168.40
EBITDA 213.23258.72256.44315.55378,31972,652.9569,648.2766,767.8564,006.5661,359.47
EBIT 121.52153.99140.08188.45378,165.3672,573.5569,572.1666,694.8963,936.6261,292.41
Tax Rate 0.15%1.36%0.03%0.05%0.00%0.32%0.32%0.32%0.32%0.32%
EBIAT 121.35151.90140.05188.36378,165.3672,343.5969,351.7066,483.5563,734.0261,098.20
Depreciation 91.70104.72116.36127.10153.6479.3976.1172.9669.9567.05
Accounts Receivable --4.49-5.33-15.5136.571.251.201.151.101.06
Inventories ----2.800.120.110.110.110.10
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 213.05252.13251.08266.65378,467.8772,339.3969,410.7666,540.1763,788.2961,150.23
WACC
PV UFCF 66,813.8859,212.1152,427.5446,420.3541,101.47
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