Intrinsic value of Jones Lang LaSalle - JLL

Previous Close

$159.20

  Intrinsic Value

$388.66

stock screener

  Rating & Target

str. buy

+144%

Previous close

$159.20

 
Intrinsic value

$388.66

 
Up/down potential

+144%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as JLL.

We calculate the intrinsic value of JLL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.05
  14.20
  13.28
  12.45
  11.71
  11.04
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
Revenue, $m
  6,804
  7,770
  8,802
  9,898
  11,057
  12,277
  13,558
  14,899
  16,299
  17,760
  19,281
  20,863
  22,509
  24,219
  25,996
  27,843
  29,763
  31,758
  33,833
  35,992
  38,239
  40,579
  43,016
  45,557
  48,206
  50,970
  53,855
  56,868
  60,016
  63,306
  66,745
Variable operating expenses, $m
 
  7,042
  7,943
  8,900
  9,912
  10,977
  12,095
  13,266
  14,489
  15,764
  17,092
  18,216
  19,652
  21,145
  22,697
  24,310
  25,986
  27,728
  29,540
  31,425
  33,386
  35,429
  37,557
  39,775
  42,089
  44,502
  47,021
  49,651
  52,400
  55,272
  58,275
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,363
  7,042
  7,943
  8,900
  9,912
  10,977
  12,095
  13,266
  14,489
  15,764
  17,092
  18,216
  19,652
  21,145
  22,697
  24,310
  25,986
  27,728
  29,540
  31,425
  33,386
  35,429
  37,557
  39,775
  42,089
  44,502
  47,021
  49,651
  52,400
  55,272
  58,275
Operating income, $m
  441
  728
  859
  998
  1,145
  1,300
  1,463
  1,633
  1,811
  1,996
  2,189
  2,648
  2,856
  3,073
  3,299
  3,533
  3,777
  4,030
  4,294
  4,568
  4,853
  5,150
  5,459
  5,781
  6,118
  6,468
  6,834
  7,217
  7,616
  8,034
  8,470
EBITDA, $m
  583
  1,024
  1,160
  1,304
  1,457
  1,618
  1,787
  1,963
  2,148
  2,341
  2,541
  2,750
  2,966
  3,192
  3,426
  3,669
  3,922
  4,185
  4,459
  4,743
  5,040
  5,348
  5,669
  6,004
  6,353
  6,717
  7,098
  7,495
  7,909
  8,343
  8,796
Interest expense (income), $m
  35
  45
  70
  98
  127
  157
  190
  224
  259
  296
  335
  375
  417
  461
  506
  554
  603
  653
  706
  761
  819
  878
  940
  1,005
  1,072
  1,142
  1,216
  1,292
  1,372
  1,456
  1,543
Earnings before tax, $m
  442
  683
  789
  901
  1,019
  1,143
  1,273
  1,409
  1,551
  1,699
  1,854
  2,272
  2,439
  2,612
  2,793
  2,980
  3,174
  3,377
  3,587
  3,806
  4,034
  4,271
  4,519
  4,777
  5,045
  5,326
  5,619
  5,925
  6,244
  6,578
  6,927
Tax expense, $m
  108
  185
  213
  243
  275
  309
  344
  380
  419
  459
  501
  613
  659
  705
  754
  805
  857
  912
  969
  1,028
  1,089
  1,153
  1,220
  1,290
  1,362
  1,438
  1,517
  1,600
  1,686
  1,776
  1,870
Net income, $m
  318
  499
  576
  657
  744
  834
  929
  1,029
  1,132
  1,241
  1,353
  1,659
  1,780
  1,907
  2,039
  2,175
  2,317
  2,465
  2,619
  2,779
  2,945
  3,118
  3,299
  3,487
  3,683
  3,888
  4,102
  4,325
  4,558
  4,802
  5,057

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  259
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,629
  8,418
  9,536
  10,724
  11,979
  13,301
  14,689
  16,142
  17,659
  19,241
  20,889
  22,604
  24,386
  26,239
  28,165
  30,166
  32,246
  34,408
  36,656
  38,995
  41,429
  43,964
  46,605
  49,357
  52,228
  55,222
  58,348
  61,612
  65,023
  68,587
  72,313
Adjusted assets (=assets-cash), $m
  7,370
  8,418
  9,536
  10,724
  11,979
  13,301
  14,689
  16,142
  17,659
  19,241
  20,889
  22,604
  24,386
  26,239
  28,165
  30,166
  32,246
  34,408
  36,656
  38,995
  41,429
  43,964
  46,605
  49,357
  52,228
  55,222
  58,348
  61,612
  65,023
  68,587
  72,313
Revenue / Adjusted assets
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
  0.923
Average production assets, $m
  724
  824
  933
  1,049
  1,172
  1,301
  1,437
  1,579
  1,728
  1,883
  2,044
  2,211
  2,386
  2,567
  2,756
  2,951
  3,155
  3,366
  3,586
  3,815
  4,053
  4,301
  4,560
  4,829
  5,110
  5,403
  5,709
  6,028
  6,362
  6,710
  7,075
Working capital, $m
  334
  186
  211
  238
  265
  295
  325
  358
  391
  426
  463
  501
  540
  581
  624
  668
  714
  762
  812
  864
  918
  974
  1,032
  1,093
  1,157
  1,223
  1,293
  1,365
  1,440
  1,519
  1,602
Total debt, $m
  1,268
  1,850
  2,570
  3,335
  4,144
  4,995
  5,889
  6,824
  7,801
  8,820
  9,882
  10,986
  12,134
  13,327
  14,567
  15,856
  17,195
  18,588
  20,035
  21,542
  23,109
  24,742
  26,443
  28,215
  30,064
  31,992
  34,005
  36,107
  38,304
  40,599
  42,999
Total liabilities, $m
  4,840
  5,421
  6,141
  6,906
  7,715
  8,566
  9,460
  10,395
  11,372
  12,391
  13,453
  14,557
  15,705
  16,898
  18,138
  19,427
  20,766
  22,159
  23,606
  25,113
  26,680
  28,313
  30,014
  31,786
  33,635
  35,563
  37,576
  39,678
  41,875
  44,170
  46,570
Total equity, $m
  2,790
  2,997
  3,395
  3,818
  4,265
  4,735
  5,229
  5,746
  6,287
  6,850
  7,437
  8,047
  8,682
  9,341
  10,027
  10,739
  11,479
  12,249
  13,050
  13,882
  14,749
  15,651
  16,591
  17,571
  18,593
  19,659
  20,772
  21,934
  23,148
  24,417
  25,744
Total liabilities and equity, $m
  7,630
  8,418
  9,536
  10,724
  11,980
  13,301
  14,689
  16,141
  17,659
  19,241
  20,890
  22,604
  24,387
  26,239
  28,165
  30,166
  32,245
  34,408
  36,656
  38,995
  41,429
  43,964
  46,605
  49,357
  52,228
  55,222
  58,348
  61,612
  65,023
  68,587
  72,314
Debt-to-equity ratio
  0.454
  0.620
  0.760
  0.870
  0.970
  1.050
  1.130
  1.190
  1.240
  1.290
  1.330
  1.370
  1.400
  1.430
  1.450
  1.480
  1.500
  1.520
  1.540
  1.550
  1.570
  1.580
  1.590
  1.610
  1.620
  1.630
  1.640
  1.650
  1.650
  1.660
  1.670
Adjusted equity ratio
  0.343
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  318
  499
  576
  657
  744
  834
  929
  1,029
  1,132
  1,241
  1,353
  1,659
  1,780
  1,907
  2,039
  2,175
  2,317
  2,465
  2,619
  2,779
  2,945
  3,118
  3,299
  3,487
  3,683
  3,888
  4,102
  4,325
  4,558
  4,802
  5,057
Depreciation, amort., depletion, $m
  142
  296
  301
  306
  312
  318
  324
  331
  338
  345
  352
  102
  110
  118
  127
  136
  145
  155
  165
  176
  187
  198
  210
  223
  235
  249
  263
  278
  293
  309
  326
Funds from operations, $m
  -88
  795
  877
  964
  1,055
  1,152
  1,253
  1,359
  1,470
  1,585
  1,705
  1,761
  1,890
  2,025
  2,166
  2,311
  2,463
  2,620
  2,784
  2,954
  3,132
  3,316
  3,509
  3,709
  3,919
  4,137
  4,365
  4,603
  4,851
  5,111
  5,383
Change in working capital, $m
  -303
  23
  25
  26
  28
  29
  31
  32
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  64
  66
  69
  72
  76
  79
  83
Cash from operations, $m
  215
  772
  852
  937
  1,028
  1,123
  1,223
  1,327
  1,436
  1,550
  1,669
  1,723
  1,851
  1,984
  2,123
  2,267
  2,417
  2,572
  2,734
  2,903
  3,078
  3,260
  3,450
  3,648
  3,855
  4,071
  4,296
  4,530
  4,776
  5,032
  5,301
Maintenance CAPEX, $m
  0
  -33
  -38
  -43
  -48
  -54
  -60
  -66
  -73
  -80
  -87
  -94
  -102
  -110
  -118
  -127
  -136
  -145
  -155
  -165
  -176
  -187
  -198
  -210
  -223
  -235
  -249
  -263
  -278
  -293
  -309
New CAPEX, $m
  -316
  -100
  -109
  -116
  -123
  -129
  -136
  -142
  -148
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -203
  -212
  -220
  -229
  -238
  -248
  -258
  -269
  -281
  -293
  -306
  -319
  -334
  -349
  -365
Cash from investing activities, $m
  -802
  -133
  -147
  -159
  -171
  -183
  -196
  -208
  -221
  -235
  -248
  -262
  -276
  -291
  -306
  -323
  -339
  -357
  -375
  -394
  -414
  -435
  -456
  -479
  -504
  -528
  -555
  -582
  -612
  -642
  -674
Free cash flow, $m
  -587
  638
  705
  778
  856
  939
  1,027
  1,119
  1,215
  1,316
  1,421
  1,461
  1,575
  1,693
  1,816
  1,944
  2,077
  2,215
  2,359
  2,508
  2,664
  2,825
  2,994
  3,169
  3,352
  3,542
  3,741
  3,948
  4,164
  4,390
  4,627
Issuance/(repayment) of debt, $m
  689
  672
  720
  765
  808
  851
  894
  935
  977
  1,019
  1,061
  1,104
  1,148
  1,193
  1,240
  1,289
  1,339
  1,392
  1,448
  1,506
  1,568
  1,632
  1,701
  1,773
  1,848
  1,929
  2,013
  2,102
  2,196
  2,295
  2,400
Issuance/(repurchase) of shares, $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  665
  672
  720
  765
  808
  851
  894
  935
  977
  1,019
  1,061
  1,104
  1,148
  1,193
  1,240
  1,289
  1,339
  1,392
  1,448
  1,506
  1,568
  1,632
  1,701
  1,773
  1,848
  1,929
  2,013
  2,102
  2,196
  2,295
  2,400
Total cash flow (excl. dividends), $m
  71
  1,311
  1,425
  1,543
  1,665
  1,791
  1,920
  2,054
  2,192
  2,335
  2,482
  2,565
  2,723
  2,886
  3,056
  3,233
  3,417
  3,608
  3,807
  4,015
  4,232
  4,458
  4,694
  4,942
  5,200
  5,471
  5,754
  6,050
  6,361
  6,686
  7,027
Retained Cash Flow (-), $m
  -101
  -376
  -398
  -423
  -447
  -471
  -494
  -517
  -540
  -563
  -587
  -610
  -635
  -660
  -686
  -712
  -740
  -770
  -800
  -833
  -867
  -902
  -940
  -980
  -1,022
  -1,066
  -1,113
  -1,162
  -1,214
  -1,269
  -1,327
Prev. year cash balance distribution, $m
 
  169
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,104
  1,027
  1,120
  1,218
  1,320
  1,426
  1,537
  1,652
  1,771
  1,895
  1,954
  2,088
  2,227
  2,371
  2,521
  2,676
  2,838
  3,007
  3,182
  3,365
  3,555
  3,754
  3,962
  4,178
  4,405
  4,641
  4,888
  5,147
  5,417
  5,700
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  1,055
  934
  966
  990
  1,006
  1,013
  1,011
  1,000
  980
  951
  883
  841
  793
  740
  682
  621
  558
  495
  433
  373
  317
  264
  217
  175
  139
  108
  82
  61
  44
  31
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Jones Lang LaSalle Incorporated (JLL) is a financial and professional services company specializing in real estate. The Company operates through four business segments: Americas; Europe, Middle East and Africa (EMEA); Asia Pacific, and LaSalle. It offers integrated services on a local, regional and global basis to owner, occupier, investor and developer clients. It delivers various real estate services (RES) across three geographic business segments: the Americas, EMEA and Asia Pacific. Its RES is organized into five product categories: leasing; capital markets and hotels; property and facility management; project and development services, and advisory, consulting and other services. LaSalle offers clients with real estate investment products and services, such as private investments in multiple real estate property types, including office, industrial, healthcare and multifamily residential. LaSalle enables clients to invest in separate accounts focused on public real estate equities.

FINANCIAL RATIOS  of  Jones Lang LaSalle (JLL)

Valuation Ratios
P/E Ratio 22.6
Price to Sales 1.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 33.5
Price to Free Cash Flow -71.3
Growth Rates
Sales Growth Rate 14%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 112.1%
Cap. Spend. - 3 Yr. Gr. Rate 23.3%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 42.2%
Total Debt to Equity 45.4%
Interest Coverage 14
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 11.6%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.1%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 6.5%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.5%
Payout Ratio 9.1%

JLL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JLL stock intrinsic value calculation we used $6804 million for the last fiscal year's total revenue generated by Jones Lang LaSalle. The default revenue input number comes from 2016 income statement of Jones Lang LaSalle. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our JLL stock valuation model: a) initial revenue growth rate of 14.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.6%, whose default value for JLL is calculated based on our internal credit rating of Jones Lang LaSalle, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Jones Lang LaSalle.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of JLL stock the variable cost ratio is equal to 91.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for JLL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.8% for Jones Lang LaSalle.

Corporate tax rate of 27% is the nominal tax rate for Jones Lang LaSalle. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the JLL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for JLL are equal to 10.6%.

Life of production assets of 21.7 years is the average useful life of capital assets used in Jones Lang LaSalle operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for JLL is equal to 2.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2790 million for Jones Lang LaSalle - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 45.86 million for Jones Lang LaSalle is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Jones Lang LaSalle at the current share price and the inputted number of shares is $7.3 billion.

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COMPANY NEWS

▶ [$$] HNA/HK property: throttling back   [Feb-13-18 07:46AM  Financial Times]
▶ Jones Lang LaSalle Reports a Bumper Quarter   [Feb-09-18 01:52PM  Motley Fool]
▶ Jones Lang LaSalle beats 4Q profit forecasts   [Feb-07-18 09:01AM  Associated Press]
▶ NFL Hall of Famer, JLL exec Roger Staubach weighs in on Super Bowl outcome   [Jan-31-18 05:25PM  American City Business Journals]
▶ JLL expands Valuation and Advisory Services in Canada   [Jan-25-18 12:00PM  CNW Group]
▶ JLL makes FORTUNE's 2018 World's Most Admired list   [Jan-22-18 11:01AM  PR Newswire]
▶ John Rogers Comments on JLL   [Jan-18-18 05:59PM  GuruFocus.com]
▶ JLL leaders provide insights from Davos   [03:26PM  PR Newswire]
▶ 3 Dividend Stocks for In-the-Know Investors   [Jan-05-18 01:33PM  Motley Fool]
▶ Study: Houstons Main Street among most-expensive in U.S. for office leases   [Dec-15-17 02:05PM  American City Business Journals]
▶ JLL earns perfect score in 2018 Corporate Equality Index   [Nov-13-17 03:37PM  PR Newswire]
▶ JLL Announces Inaugural Investor Day   [08:55AM  PR Newswire]
▶ New Strong Buy Stocks for November 10th   [Nov-10-17 06:50AM  Zacks]
▶ Jones Lang LaSalle Gets Back to Earnings Growth   [Nov-08-17 06:48AM  Motley Fool]
▶ Stocks To Watch: Jones Lang LaSalle Sees RS Rating Rise To 84   [03:00AM  Investor's Business Daily]
▶ Jones Lang LaSalle beats 3Q profit forecasts   [07:49AM  Associated Press]
▶ Brexit pushes up office rentals in Frankfurt   [Nov-01-17 08:16AM  Reuters]
▶ Jones Lang LaSalle Trying To Close In On Key Technical Benchmark   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ Wellness firm to move its North Texas headquarters to Frisco's Hall Park   [Oct-25-17 01:35PM  American City Business Journals]
▶ Jones Lang LaSalle Getting Closer To Key Technical Benchmark   [Oct-06-17 03:00AM  Investor's Business Daily]
▶ EXCLUSIVE: Phoenix's data center market continues strong growth   [Oct-04-17 04:45PM  American City Business Journals]
Financial statements of JLL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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