Intrinsic value of Jones Lang LaSalle Incorporated - JLL

Previous Close

$133.13

  Intrinsic Value

$515.08

stock screener

  Rating & Target

str. buy

+287%

Previous close

$133.13

 
Intrinsic value

$515.08

 
Up/down potential

+287%

 
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

Revenue (in 0001), $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 6.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
Revenue, $m
  18,374
  20,550
  22,842
  25,250
  27,771
  30,406
  33,154
  36,017
  38,997
  42,095
  45,315
  48,661
  52,139
  55,753
  59,510
  63,417
  67,481
  71,710
  76,114
  80,701
  85,481
  90,466
  95,667
  101,094
  106,762
  112,683
  118,870
  125,339
  132,104
  139,182
Variable operating expenses, $m
  16,756
  18,704
  20,756
  22,912
  25,170
  27,529
  29,990
  32,554
  35,221
  37,995
  40,575
  43,571
  46,685
  49,921
  53,285
  56,783
  60,422
  64,209
  68,152
  72,259
  76,540
  81,004
  85,660
  90,520
  95,595
  100,896
  106,436
  112,229
  118,286
  124,624
Fixed operating expenses, $m
  730
  746
  762
  779
  796
  814
  831
  850
  868
  888
  907
  927
  947
  968
  990
  1,011
  1,034
  1,056
  1,080
  1,103
  1,128
  1,152
  1,178
  1,204
  1,230
  1,257
  1,285
  1,313
  1,342
  1,372
Total operating expenses, $m
  17,486
  19,450
  21,518
  23,691
  25,966
  28,343
  30,821
  33,404
  36,089
  38,883
  41,482
  44,498
  47,632
  50,889
  54,275
  57,794
  61,456
  65,265
  69,232
  73,362
  77,668
  82,156
  86,838
  91,724
  96,825
  102,153
  107,721
  113,542
  119,628
  125,996
Operating income, $m
  889
  1,100
  1,324
  1,559
  1,805
  2,063
  2,333
  2,614
  2,907
  3,212
  3,833
  4,163
  4,506
  4,863
  5,235
  5,622
  6,025
  6,444
  6,882
  7,338
  7,814
  8,310
  8,829
  9,371
  9,937
  10,529
  11,149
  11,797
  12,476
  13,187
EBITDA, $m
  1,314
  1,540
  1,778
  2,029
  2,292
  2,568
  2,856
  3,156
  3,468
  3,794
  4,133
  4,485
  4,851
  5,232
  5,629
  6,041
  6,471
  6,919
  7,385
  7,872
  8,379
  8,909
  9,462
  10,039
  10,643
  11,275
  11,935
  12,626
  13,350
  14,107
Interest expense (income), $m
  35
  54
  97
  143
  191
  242
  294
  350
  407
  467
  530
  595
  662
  732
  805
  881
  960
  1,042
  1,127
  1,216
  1,308
  1,404
  1,504
  1,609
  1,718
  1,832
  1,950
  2,074
  2,204
  2,340
  2,482
Earnings before tax, $m
  834
  1,003
  1,181
  1,368
  1,564
  1,769
  1,983
  2,207
  2,440
  2,682
  3,238
  3,501
  3,774
  4,058
  4,354
  4,662
  4,983
  5,318
  5,666
  6,030
  6,410
  6,806
  7,220
  7,653
  8,105
  8,579
  9,074
  9,593
  10,136
  10,705
Tax expense, $m
  225
  271
  319
  369
  422
  478
  535
  596
  659
  724
  874
  945
  1,019
  1,096
  1,176
  1,259
  1,345
  1,436
  1,530
  1,628
  1,731
  1,838
  1,949
  2,066
  2,188
  2,316
  2,450
  2,590
  2,737
  2,890
Net income, $m
  609
  732
  862
  998
  1,141
  1,291
  1,448
  1,611
  1,781
  1,958
  2,364
  2,555
  2,755
  2,962
  3,178
  3,403
  3,638
  3,882
  4,136
  4,402
  4,679
  4,968
  5,271
  5,587
  5,917
  6,263
  6,624
  7,003
  7,399
  7,815

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  11,286
  12,623
  14,031
  15,510
  17,059
  18,677
  20,365
  22,124
  23,954
  25,857
  27,835
  29,890
  32,026
  34,246
  36,554
  38,954
  41,450
  44,048
  46,753
  49,570
  52,507
  55,569
  58,763
  62,097
  65,579
  69,215
  73,016
  76,989
  81,145
  85,493
Adjusted assets (=assets-cash), $m
  11,286
  12,623
  14,031
  15,510
  17,059
  18,677
  20,365
  22,124
  23,954
  25,857
  27,835
  29,890
  32,026
  34,246
  36,554
  38,954
  41,450
  44,048
  46,753
  49,570
  52,507
  55,569
  58,763
  62,097
  65,579
  69,215
  73,016
  76,989
  81,145
  85,493
Revenue / Adjusted assets
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
  1.628
Average production assets, $m
  2,334
  2,610
  2,901
  3,207
  3,527
  3,862
  4,211
  4,574
  4,953
  5,346
  5,755
  6,180
  6,622
  7,081
  7,558
  8,054
  8,570
  9,107
  9,666
  10,249
  10,856
  11,489
  12,150
  12,839
  13,559
  14,311
  15,096
  15,918
  16,777
  17,676
Working capital, $m
  -18
  -21
  -23
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -56
  -60
  -63
  -67
  -72
  -76
  -81
  -85
  -90
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
Total debt, $m
  1,805
  2,650
  3,540
  4,474
  5,453
  6,476
  7,543
  8,654
  9,811
  11,014
  12,264
  13,563
  14,913
  16,316
  17,774
  19,291
  20,869
  22,510
  24,220
  26,001
  27,857
  29,792
  31,811
  33,918
  36,118
  38,416
  40,818
  43,330
  45,956
  48,704
Total liabilities, $m
  7,133
  7,977
  8,867
  9,802
  10,781
  11,804
  12,871
  13,982
  15,139
  16,341
  17,592
  18,891
  20,241
  21,644
  23,102
  24,619
  26,196
  27,838
  29,548
  31,329
  33,184
  35,120
  37,138
  39,245
  41,446
  43,744
  46,146
  48,657
  51,284
  54,032
Total equity, $m
  4,153
  4,645
  5,163
  5,708
  6,278
  6,873
  7,494
  8,142
  8,815
  9,515
  10,243
  11,000
  11,786
  12,603
  13,452
  14,335
  15,254
  16,210
  17,205
  18,242
  19,323
  20,449
  21,625
  22,852
  24,133
  25,471
  26,870
  28,332
  29,861
  31,461
Total liabilities and equity, $m
  11,286
  12,622
  14,030
  15,510
  17,059
  18,677
  20,365
  22,124
  23,954
  25,856
  27,835
  29,891
  32,027
  34,247
  36,554
  38,954
  41,450
  44,048
  46,753
  49,571
  52,507
  55,569
  58,763
  62,097
  65,579
  69,215
  73,016
  76,989
  81,145
  85,493
Debt-to-equity ratio
  0.430
  0.570
  0.690
  0.780
  0.870
  0.940
  1.010
  1.060
  1.110
  1.160
  1.200
  1.230
  1.270
  1.290
  1.320
  1.350
  1.370
  1.390
  1.410
  1.430
  1.440
  1.460
  1.470
  1.480
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  609
  732
  862
  998
  1,141
  1,291
  1,448
  1,611
  1,781
  1,958
  2,364
  2,555
  2,755
  2,962
  3,178
  3,403
  3,638
  3,882
  4,136
  4,402
  4,679
  4,968
  5,271
  5,587
  5,917
  6,263
  6,624
  7,003
  7,399
  7,815
Depreciation, amort., depletion, $m
  425
  439
  455
  471
  487
  505
  523
  542
  561
  582
  300
  322
  345
  369
  394
  419
  446
  474
  503
  534
  565
  598
  633
  669
  706
  745
  786
  829
  874
  921
Funds from operations, $m
  1,034
  1,171
  1,316
  1,469
  1,629
  1,796
  1,971
  2,153
  2,342
  2,540
  2,664
  2,877
  3,100
  3,331
  3,572
  3,823
  4,084
  4,356
  4,640
  4,936
  5,244
  5,567
  5,903
  6,255
  6,623
  7,008
  7,411
  7,832
  8,273
  8,735
Change in working capital, $m
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Cash from operations, $m
  1,036
  1,174
  1,319
  1,471
  1,631
  1,799
  1,973
  2,156
  2,345
  2,543
  2,667
  2,881
  3,103
  3,335
  3,576
  3,827
  4,088
  4,360
  4,644
  4,940
  5,249
  5,572
  5,909
  6,261
  6,629
  7,014
  7,417
  7,838
  8,280
  8,742
Maintenance CAPEX, $m
  -108
  -122
  -136
  -151
  -167
  -184
  -201
  -219
  -238
  -258
  -278
  -300
  -322
  -345
  -369
  -394
  -419
  -446
  -474
  -503
  -534
  -565
  -598
  -633
  -669
  -706
  -745
  -786
  -829
  -874
New CAPEX, $m
  -265
  -276
  -291
  -306
  -320
  -335
  -349
  -364
  -378
  -393
  -409
  -425
  -442
  -459
  -477
  -496
  -516
  -537
  -559
  -583
  -607
  -633
  -660
  -689
  -720
  -752
  -786
  -822
  -859
  -899
Cash from investing activities, $m
  -373
  -398
  -427
  -457
  -487
  -519
  -550
  -583
  -616
  -651
  -687
  -725
  -764
  -804
  -846
  -890
  -935
  -983
  -1,033
  -1,086
  -1,141
  -1,198
  -1,258
  -1,322
  -1,389
  -1,458
  -1,531
  -1,608
  -1,688
  -1,773
Free cash flow, $m
  663
  776
  892
  1,014
  1,144
  1,280
  1,423
  1,573
  1,729
  1,892
  1,979
  2,156
  2,340
  2,531
  2,730
  2,937
  3,152
  3,377
  3,611
  3,854
  4,108
  4,373
  4,650
  4,939
  5,240
  5,556
  5,886
  6,231
  6,592
  6,970
Issuance/(repayment) of debt, $m
  799
  845
  890
  935
  979
  1,023
  1,067
  1,111
  1,157
  1,203
  1,250
  1,299
  1,350
  1,403
  1,458
  1,517
  1,578
  1,642
  1,709
  1,781
  1,856
  1,935
  2,019
  2,107
  2,200
  2,298
  2,402
  2,511
  2,626
  2,748
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  799
  845
  890
  935
  979
  1,023
  1,067
  1,111
  1,157
  1,203
  1,250
  1,299
  1,350
  1,403
  1,458
  1,517
  1,578
  1,642
  1,709
  1,781
  1,856
  1,935
  2,019
  2,107
  2,200
  2,298
  2,402
  2,511
  2,626
  2,748
Total cash flow (excl. dividends), $m
  1,462
  1,620
  1,782
  1,949
  2,123
  2,303
  2,490
  2,684
  2,885
  3,094
  3,229
  3,455
  3,690
  3,934
  4,188
  4,454
  4,730
  5,019
  5,320
  5,635
  5,964
  6,308
  6,669
  7,046
  7,441
  7,854
  8,288
  8,742
  9,218
  9,717
Retained Cash Flow (-), $m
  -462
  -492
  -518
  -544
  -570
  -596
  -621
  -647
  -673
  -700
  -728
  -756
  -786
  -817
  -849
  -883
  -919
  -956
  -995
  -1,037
  -1,081
  -1,127
  -1,176
  -1,227
  -1,281
  -1,338
  -1,399
  -1,462
  -1,529
  -1,600
Prev. year cash balance distribution, $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 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
  1,000
  1,129
  1,263
  1,405
  1,553
  1,708
  1,869
  2,037
  2,212
  2,394
  2,502
  2,699
  2,904
  3,117
  3,339
  3,570
  3,811
  4,063
  4,325
  4,598
  4,884
  5,182
  5,493
  5,819
  6,159
  6,516
  6,889
  7,280
  7,689
  8,118
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  959
  1,033
  1,099
  1,157
  1,204
  1,239
  1,263
  1,273
  1,271
  1,255
  1,188
  1,152
  1,104
  1,046
  980
  907
  829
  748
  666
  584
  505
  430
  360
  296
  240
  190
  148
  113
  84
  61
Current shareholders' claim on cash, %
  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 Incorporated (JLL)

Valuation Ratios
P/E Ratio 18.9
Price to Sales 0.9
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 28
Price to Free Cash Flow -59.6
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 $16318 million for the last fiscal year's total revenue generated by Jones Lang LaSalle Incorporated. The default revenue input number comes from 0001 income statement of Jones Lang LaSalle Incorporated. 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 12.6% 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 4.3%, whose default value for JLL is calculated based on our internal credit rating of Jones Lang LaSalle Incorporated, 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 Incorporated.
    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 91.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $714 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 5.4% for Jones Lang LaSalle Incorporated.

Corporate tax rate of 27% is the nominal tax rate for Jones Lang LaSalle Incorporated. 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 12.7%.

Life of production assets of 19.2 years is the average useful life of capital assets used in Jones Lang LaSalle Incorporated 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 -0.1%. 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 - $3691.5 million for Jones Lang LaSalle Incorporated - 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 45.648 million for Jones Lang LaSalle Incorporated 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 Incorporated at the current share price and the inputted number of shares is $6.1 billion.

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