Intrinsic value of Jones Lang LaSalle - JLL

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$111.81

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$111.81

 
Intrinsic value

$395.45

 
Up/down potential

+254%

 
Rating

str. buy

 
Value-price divergence* premium content

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.1

 

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
  14.40
  13.46
  12.61
  11.85
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
Revenue, $m
  6,804
  7,784
  8,831
  9,945
  11,124
  12,367
  13,671
  15,038
  16,466
  17,955
  19,507
  21,122
  22,801
  24,546
  26,360
  28,245
  30,204
  32,240
  34,358
  36,560
  38,852
  41,239
  43,725
  46,316
  49,018
  51,836
  54,778
  57,849
  61,058
  64,411
  67,917
Variable operating expenses, $m
 
  7,054
  7,969
  8,941
  9,970
  11,055
  12,194
  13,387
  14,634
  15,935
  17,289
  18,441
  19,907
  21,431
  23,015
  24,661
  26,371
  28,149
  29,997
  31,921
  33,922
  36,006
  38,176
  40,438
  42,797
  45,258
  47,826
  50,508
  53,310
  56,237
  59,298
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
  7,054
  7,969
  8,941
  9,970
  11,055
  12,194
  13,387
  14,634
  15,935
  17,289
  18,441
  19,907
  21,431
  23,015
  24,661
  26,371
  28,149
  29,997
  31,921
  33,922
  36,006
  38,176
  40,438
  42,797
  45,258
  47,826
  50,508
  53,310
  56,237
  59,298
Operating income, $m
  441
  730
  863
  1,004
  1,154
  1,311
  1,477
  1,650
  1,832
  2,021
  2,218
  2,680
  2,894
  3,115
  3,345
  3,584
  3,833
  4,091
  4,360
  4,640
  4,931
  5,233
  5,549
  5,878
  6,221
  6,578
  6,952
  7,341
  7,749
  8,174
  8,619
EBITDA, $m
  583
  1,026
  1,164
  1,311
  1,466
  1,630
  1,802
  1,982
  2,170
  2,366
  2,571
  2,784
  3,005
  3,235
  3,474
  3,722
  3,981
  4,249
  4,528
  4,818
  5,120
  5,435
  5,762
  6,104
  6,460
  6,831
  7,219
  7,624
  8,047
  8,489
  8,951
Interest expense (income), $m
  35
  45
  71
  98
  128
  159
  192
  227
  263
  301
  340
  382
  424
  469
  515
  563
  613
  665
  719
  775
  834
  894
  958
  1,024
  1,092
  1,164
  1,239
  1,317
  1,398
  1,483
  1,572
Earnings before tax, $m
  442
  685
  792
  906
  1,026
  1,152
  1,285
  1,424
  1,569
  1,720
  1,877
  2,299
  2,469
  2,646
  2,830
  3,021
  3,220
  3,426
  3,641
  3,864
  4,097
  4,339
  4,591
  4,854
  5,128
  5,414
  5,713
  6,025
  6,350
  6,691
  7,047
Tax expense, $m
  108
  185
  214
  245
  277
  311
  347
  384
  424
  464
  507
  621
  667
  714
  764
  816
  869
  925
  983
  1,043
  1,106
  1,172
  1,240
  1,311
  1,385
  1,462
  1,542
  1,627
  1,715
  1,807
  1,903
Net income, $m
  318
  500
  578
  661
  749
  841
  938
  1,039
  1,145
  1,255
  1,370
  1,678
  1,803
  1,932
  2,066
  2,205
  2,350
  2,501
  2,658
  2,821
  2,991
  3,167
  3,352
  3,543
  3,744
  3,952
  4,170
  4,398
  4,636
  4,884
  5,144

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
  8,433
  9,568
  10,775
  12,052
  13,398
  14,812
  16,292
  17,839
  19,453
  21,134
  22,884
  24,703
  26,594
  28,559
  30,601
  32,724
  34,930
  37,224
  39,610
  42,094
  44,679
  47,373
  50,180
  53,107
  56,161
  59,348
  62,675
  66,152
  69,785
  73,583
Adjusted assets (=assets-cash), $m
  7,370
  8,433
  9,568
  10,775
  12,052
  13,398
  14,812
  16,292
  17,839
  19,453
  21,134
  22,884
  24,703
  26,594
  28,559
  30,601
  32,724
  34,930
  37,224
  39,610
  42,094
  44,679
  47,373
  50,180
  53,107
  56,161
  59,348
  62,675
  66,152
  69,785
  73,583
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
  825
  936
  1,054
  1,179
  1,311
  1,449
  1,594
  1,745
  1,903
  2,068
  2,239
  2,417
  2,602
  2,794
  2,994
  3,202
  3,417
  3,642
  3,875
  4,118
  4,371
  4,635
  4,910
  5,196
  5,495
  5,806
  6,132
  6,472
  6,828
  7,199
Working capital, $m
  334
  187
  212
  239
  267
  297
  328
  361
  395
  431
  468
  507
  547
  589
  633
  678
  725
  774
  825
  877
  932
  990
  1,049
  1,112
  1,176
  1,244
  1,315
  1,388
  1,465
  1,546
  1,630
Total debt, $m
  1,268
  1,860
  2,591
  3,368
  4,191
  5,057
  5,968
  6,921
  7,918
  8,957
  10,040
  11,166
  12,338
  13,556
  14,821
  16,136
  17,503
  18,924
  20,401
  21,938
  23,537
  25,202
  26,937
  28,745
  30,630
  32,596
  34,649
  36,792
  39,031
  41,370
  43,817
Total liabilities, $m
  4,840
  5,431
  6,162
  6,939
  7,762
  8,628
  9,539
  10,492
  11,489
  12,528
  13,611
  14,737
  15,909
  17,127
  18,392
  19,707
  21,074
  22,495
  23,972
  25,509
  27,108
  28,773
  30,508
  32,316
  34,201
  36,167
  38,220
  40,363
  42,602
  44,941
  47,388
Total equity, $m
  2,790
  3,002
  3,406
  3,836
  4,291
  4,770
  5,273
  5,800
  6,351
  6,925
  7,524
  8,147
  8,794
  9,467
  10,167
  10,894
  11,650
  12,435
  13,252
  14,101
  14,985
  15,906
  16,865
  17,864
  18,906
  19,993
  21,128
  22,312
  23,550
  24,843
  26,196
Total liabilities and equity, $m
  7,630
  8,433
  9,568
  10,775
  12,053
  13,398
  14,812
  16,292
  17,840
  19,453
  21,135
  22,884
  24,703
  26,594
  28,559
  30,601
  32,724
  34,930
  37,224
  39,610
  42,093
  44,679
  47,373
  50,180
  53,107
  56,160
  59,348
  62,675
  66,152
  69,784
  73,584
Debt-to-equity ratio
  0.454
  0.620
  0.760
  0.880
  0.980
  1.060
  1.130
  1.190
  1.250
  1.290
  1.330
  1.370
  1.400
  1.430
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.570
  1.580
  1.600
  1.610
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.670
Adjusted equity ratio
  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
  0.356

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  318
  500
  578
  661
  749
  841
  938
  1,039
  1,145
  1,255
  1,370
  1,678
  1,803
  1,932
  2,066
  2,205
  2,350
  2,501
  2,658
  2,821
  2,991
  3,167
  3,352
  3,543
  3,744
  3,952
  4,170
  4,398
  4,636
  4,884
  5,144
Depreciation, amort., depletion, $m
  142
  296
  301
  306
  312
  318
  325
  331
  338
  346
  353
  103
  111
  120
  129
  138
  148
  157
  168
  179
  190
  201
  214
  226
  239
  253
  268
  283
  298
  315
  332
Funds from operations, $m
  -88
  796
  879
  968
  1,061
  1,159
  1,263
  1,371
  1,483
  1,601
  1,724
  1,781
  1,914
  2,052
  2,195
  2,343
  2,498
  2,659
  2,826
  3,000
  3,181
  3,369
  3,565
  3,770
  3,983
  4,206
  4,438
  4,681
  4,934
  5,199
  5,476
Change in working capital, $m
  -303
  24
  25
  27
  28
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  80
  84
Cash from operations, $m
  215
  845
  854
  941
  1,033
  1,130
  1,231
  1,338
  1,449
  1,565
  1,686
  1,743
  1,874
  2,010
  2,151
  2,298
  2,451
  2,610
  2,775
  2,947
  3,126
  3,312
  3,506
  3,708
  3,918
  4,138
  4,367
  4,607
  4,857
  5,119
  5,392
Maintenance CAPEX, $m
  0
  -33
  -38
  -43
  -49
  -54
  -60
  -67
  -73
  -80
  -88
  -95
  -103
  -111
  -120
  -129
  -138
  -148
  -157
  -168
  -179
  -190
  -201
  -214
  -226
  -239
  -253
  -268
  -283
  -298
  -315
New CAPEX, $m
  -316
  -102
  -111
  -118
  -125
  -132
  -138
  -145
  -151
  -158
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -224
  -233
  -243
  -253
  -264
  -275
  -286
  -299
  -312
  -326
  -340
  -355
  -372
Cash from investing activities, $m
  -802
  -135
  -149
  -161
  -174
  -186
  -198
  -212
  -224
  -238
  -252
  -266
  -281
  -296
  -312
  -329
  -346
  -364
  -381
  -401
  -422
  -443
  -465
  -489
  -512
  -538
  -565
  -594
  -623
  -653
  -687
Free cash flow, $m
  -587
  710
  705
  780
  859
  944
  1,033
  1,126
  1,224
  1,327
  1,434
  1,476
  1,592
  1,713
  1,839
  1,970
  2,105
  2,246
  2,393
  2,545
  2,704
  2,869
  3,041
  3,219
  3,406
  3,600
  3,802
  4,014
  4,234
  4,465
  4,706
Issuance/(repayment) of debt, $m
  689
  682
  731
  777
  822
  867
  910
  953
  996
  1,039
  1,083
  1,127
  1,172
  1,218
  1,266
  1,315
  1,367
  1,421
  1,477
  1,537
  1,599
  1,665
  1,735
  1,808
  1,885
  1,966
  2,052
  2,143
  2,239
  2,340
  2,446
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
  682
  731
  777
  822
  867
  910
  953
  996
  1,039
  1,083
  1,127
  1,172
  1,218
  1,266
  1,315
  1,367
  1,421
  1,477
  1,537
  1,599
  1,665
  1,735
  1,808
  1,885
  1,966
  2,052
  2,143
  2,239
  2,340
  2,446
Total cash flow (excl. dividends), $m
  71
  1,392
  1,436
  1,557
  1,682
  1,810
  1,943
  2,080
  2,221
  2,366
  2,517
  2,603
  2,764
  2,931
  3,105
  3,285
  3,472
  3,667
  3,870
  4,082
  4,303
  4,534
  4,775
  5,027
  5,291
  5,566
  5,855
  6,157
  6,473
  6,804
  7,152
Retained Cash Flow (-), $m
  -101
  -381
  -404
  -430
  -455
  -479
  -503
  -527
  -551
  -575
  -598
  -623
  -648
  -673
  -700
  -727
  -756
  -785
  -817
  -850
  -884
  -921
  -959
  -999
  -1,042
  -1,087
  -1,135
  -1,185
  -1,238
  -1,293
  -1,352
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
 
  1,180
  1,032
  1,127
  1,227
  1,331
  1,440
  1,553
  1,670
  1,792
  1,918
  1,980
  2,116
  2,258
  2,405
  2,558
  2,717
  2,882
  3,054
  3,233
  3,419
  3,614
  3,816
  4,028
  4,249
  4,479
  4,720
  4,972
  5,236
  5,511
  5,799
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
 
  1,128
  939
  972
  997
  1,014
  1,022
  1,021
  1,011
  991
  963
  894
  853
  805
  751
  692
  630
  567
  503
  440
  379
  322
  269
  221
  178
  141
  109
  83
  62
  45
  32
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, a financial and professional services company, provides commercial real estate and investment management services worldwide. It offers a range of real estate services, including agency leasing, project and development management/construction, capital markets, property management, corporate finance, real estate investment banking/merchant banking, energy and sustainability services, research, facility management outsourcing, strategic consulting, technology solutions, advisory services, investment management, tenant representation, lease administration, transaction management, logistics and supply-chain management, valuations, mortgage origination and servicing, and value recovery and receivership services. The company also provides investment management services to institutional and retail investors, including high-net-worth individuals. It offers its services to real estate owners, occupiers, investors, and developers for various property types, including cultural, educational, government, healthcare, laboratory, hotel, hospitality, and sports facilities; industrial, warehouse, office, residential, and retail properties; critical environments, data, and transportation centers; infrastructure projects; military housing; and shopping malls. The company was formerly known as LaSalle Partners Incorporated and changed its name to Jones Lang LaSalle Incorporated in March 1999. Jones Lang LaSalle Incorporated was founded in 1997 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Jones Lang LaSalle (JLL)

Valuation Ratios
P/E Ratio 15.9
Price to Sales 0.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 23.5
Price to Free Cash Flow -50
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 14.4% 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 45.76 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 $5.1 billion.


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COMPANY NEWS

▶ Pharmacy group starts division HQ campus in Carrollton with plans to employ 3,000   [Apr-20-17 02:25PM  American City Business Journals]
▶ JLL: More than half of spec development in Charlotte accounted for   [Apr-19-17 03:05PM  American City Business Journals]
▶ Here are the winners for this year's Best Places to Work   [12:31PM  American City Business Journals]
▶ Houston's JLL names new disposition team   [Apr-18-17 09:05AM  American City Business Journals]
▶ Monuments or water views: Which drives D.C. office rents more?   [Apr-17-17 01:03PM  American City Business Journals]
▶ Bank of America signs lease in new downtown tower, kicking off construction   [Apr-12-17 05:05PM  American City Business Journals]
▶ [$$] Jones Lang LaSalle: Soon to Be a Hot Property   [Apr-08-17 12:34AM  Barrons.com]
▶ New high-rise residential development slated for downtown Phoenix   [Apr-03-17 10:20AM  at bizjournals.com]
▶ New high-rise residential development slated for downtown Phoenix   [10:20AM  American City Business Journals]
▶ JLL CEO Says 'Resilient' London Is Top Real Estate Market   [Mar-22-17 01:38PM  Bloomberg Video]
▶ Renaissance for Renaissance Square? JLL picks up Tempe leasing deal   [06:49PM  American City Business Journals]
▶ Former Exxon Mobil campus in Greenway Plaza area sold   [Mar-08-17 06:15PM  at bizjournals.com]
▶ This Bethesda-based developer just got a lot bigger, again   [Mar-06-17 01:54PM  at bizjournals.com]
▶ Toyota puts its 2M SF headquarters campus on the market   [Feb-22-17 09:05AM  at bizjournals.com]
▶ Popular shopping center sold for top-10 price   [12:35PM  at bizjournals.com]
▶ Here are the Healthiest Employers in Central Ohio for 2017   [Feb-15-17 02:39PM  at bizjournals.com]
▶ New office building coming to Morehead corridor   [05:05PM  at bizjournals.com]
▶ Another downtown office tower has hit the market   [Feb-13-17 12:16PM  at bizjournals.com]
▶ Newmark Grubb Knight Frank going public   [Feb-10-17 07:41PM  at bizjournals.com]
▶ Jones Lang LaSalle Expects Growth in 2017   [Feb-08-17 12:42PM  at Motley Fool]
▶ PRESS DIGEST- British Business - Jan 23   [Jan-22-17 09:19PM  Reuters]
▶ 300 South Tryon lands design tenant   [09:35AM  at bizjournals.com]
▶ JLL Executives Provide Insights from Davos   [Jan-13-17 04:22PM  Marketwired]
Stock chart of JLL 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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