MeritValue

EASTGROUP PROPERTIES INC

EGPdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

EASTGROUP PROPERTIES INC earns about 8% on equity, below its ~9% cost of capital, but has diluted owners by 31% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $39.35 and $336.87 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$409.5M1$487M2$570.6M3$640.2M3$721.3M3
Net income$157.6M4$186.3M5$200.5M6$227.8M6$257.5M6
Operating cash flow$256.5M7$316.5M8$338.2M9$416.6M9$480.7M9
Capital expenditure$36.7M10$40.9M11$51.1M12$59.3M12$75.8M12
Free cash flow (derived)$219.8M7$275.7M8$287.1M9$357.3M9$404.9M9
Total debt—————
Cash & equivalents$4.39M13$56,00014$40.3M15$17.5M15$1.01M16
Diluted shares40.4M42.7M45.3M48.9M52.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$661.98
your share of equity
Profit it earned you last year
$48.75
Free cash flow it threw off
$76.67
Debt you’d be carrying
—

10 shares is a claim on $661.98 of net worth that earned you $48.75 and generated $76.67 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
8% avg · 5y
FY21 10%FY22 10%FY23 8%FY24 7%FY25 7%

It earned about 8% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+31% shares · 5y

Share count is up 31% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $39.35 and $336.87 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$336.87
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.6%
  • fcfBase$357.3M
DCF · Growth Exit 5Y
$200.76
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.6%
  • fcfBase$357.3M
Earnings Power Value
$39.35
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$200.5M
  • growthAssumed0.0%
Graham Number
$85.17
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.6%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $200.76
The three cases
Bear0.0%$96.68
Base17.6%$200.76
Bull20.0%$220.59

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 17.6%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000049600-24-000021 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000049600-25-000019 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000049600-26-000010 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000049600-24-000021 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000049600-25-000019 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000049600-26-000010 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000049600-24-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000049600-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000049600-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000049600-24-000021 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0000049600-25-000019 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0000049600-26-000010 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0000049600-22-000027 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000049600-24-000021 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000049600-25-000019 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-12-31 · accession 0000049600-26-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)