Intrinsic value of Jones Lang LaSalle - JLL

Previous Close

$169.30

  Intrinsic Value

$365.26

stock screener

  Rating & Target

str. buy

+116%

Previous close

$169.30

 
Intrinsic value

$365.26

 
Up/down potential

+116%

 
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 2017), $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 7.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.60
  15.44
  14.40
  13.46
  12.61
  11.85
  11.16
  10.55
  9.99
  9.49
  9.04
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
Revenue, $m
  9,249
  10,677
  12,214
  13,857
  15,605
  17,454
  19,403
  21,449
  23,593
  25,833
  28,169
  30,603
  33,136
  35,770
  38,507
  41,352
  44,309
  47,381
  50,575
  53,897
  57,352
  60,947
  64,691
  68,590
  72,654
  76,892
  81,313
  85,927
  90,745
  95,778
Variable operating expenses, $m
  8,413
  9,665
  11,013
  12,454
  13,987
  15,608
  17,317
  19,112
  20,992
  22,957
  24,704
  26,839
  29,060
  31,370
  33,771
  36,266
  38,859
  41,554
  44,355
  47,267
  50,297
  53,451
  56,734
  60,154
  63,718
  67,435
  71,312
  75,358
  79,584
  83,998
Fixed operating expenses, $m
  147
  150
  154
  157
  161
  164
  168
  171
  175
  179
  183
  187
  191
  195
  200
  204
  208
  213
  218
  223
  227
  232
  238
  243
  248
  254
  259
  265
  271
  277
Total operating expenses, $m
  8,560
  9,815
  11,167
  12,611
  14,148
  15,772
  17,485
  19,283
  21,167
  23,136
  24,887
  27,026
  29,251
  31,565
  33,971
  36,470
  39,067
  41,767
  44,573
  47,490
  50,524
  53,683
  56,972
  60,397
  63,966
  67,689
  71,571
  75,623
  79,855
  84,275
Operating income, $m
  689
  861
  1,047
  1,246
  1,457
  1,681
  1,917
  2,165
  2,425
  2,697
  3,282
  3,577
  3,885
  4,204
  4,537
  4,882
  5,241
  5,615
  6,003
  6,407
  6,827
  7,264
  7,719
  8,194
  8,688
  9,204
  9,742
  10,304
  10,891
  11,504
EBITDA, $m
  1,395
  1,629
  1,882
  2,153
  2,441
  2,745
  3,067
  3,404
  3,758
  4,127
  4,513
  4,914
  5,333
  5,767
  6,219
  6,689
  7,178
  7,685
  8,213
  8,762
  9,333
  9,927
  10,546
  11,191
  11,863
  12,564
  13,296
  14,059
  14,856
  15,689
Interest expense (income), $m
  35
  57
  100
  146
  196
  249
  306
  366
  429
  496
  565
  638
  714
  793
  875
  961
  1,049
  1,142
  1,238
  1,337
  1,441
  1,549
  1,661
  1,778
  1,899
  2,026
  2,158
  2,295
  2,439
  2,588
  2,745
Earnings before tax, $m
  632
  762
  901
  1,050
  1,208
  1,375
  1,551
  1,736
  1,929
  2,132
  2,644
  2,863
  3,092
  3,329
  3,576
  3,833
  4,100
  4,377
  4,666
  4,966
  5,278
  5,603
  5,942
  6,295
  6,662
  7,046
  7,447
  7,865
  8,302
  8,759
Tax expense, $m
  171
  206
  243
  283
  326
  371
  419
  469
  521
  576
  714
  773
  835
  899
  966
  1,035
  1,107
  1,182
  1,260
  1,341
  1,425
  1,513
  1,604
  1,700
  1,799
  1,903
  2,011
  2,124
  2,242
  2,365
Net income, $m
  461
  556
  658
  766
  882
  1,004
  1,132
  1,267
  1,409
  1,556
  1,930
  2,090
  2,257
  2,430
  2,611
  2,798
  2,993
  3,195
  3,406
  3,625
  3,853
  4,090
  4,337
  4,595
  4,864
  5,144
  5,436
  5,742
  6,061
  6,394

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
  9,342
  10,785
  12,337
  13,997
  15,762
  17,630
  19,599
  21,666
  23,831
  26,094
  28,454
  30,912
  33,470
  36,131
  38,896
  41,770
  44,756
  47,860
  51,086
  54,441
  57,931
  61,563
  65,344
  69,283
  73,388
  77,669
  82,134
  86,795
  91,662
  96,746
Adjusted assets (=assets-cash), $m
  9,342
  10,785
  12,337
  13,997
  15,762
  17,630
  19,599
  21,666
  23,831
  26,094
  28,454
  30,912
  33,470
  36,131
  38,896
  41,770
  44,756
  47,860
  51,086
  54,441
  57,931
  61,563
  65,344
  69,283
  73,388
  77,669
  82,134
  86,795
  91,662
  96,746
Revenue / Adjusted assets
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
Average production assets, $m
  4,042
  4,666
  5,337
  6,056
  6,819
  7,627
  8,479
  9,373
  10,310
  11,289
  12,310
  13,373
  14,480
  15,631
  16,828
  18,071
  19,363
  20,706
  22,101
  23,553
  25,063
  26,634
  28,270
  29,974
  31,750
  33,602
  35,534
  37,550
  39,656
  41,855
Working capital, $m
  -1,184
  -1,367
  -1,563
  -1,774
  -1,997
  -2,234
  -2,484
  -2,745
  -3,020
  -3,307
  -3,606
  -3,917
  -4,241
  -4,578
  -4,929
  -5,293
  -5,672
  -6,065
  -6,474
  -6,899
  -7,341
  -7,801
  -8,280
  -8,780
  -9,300
  -9,842
  -10,408
  -10,999
  -11,615
  -12,260
Total debt, $m
  1,849
  2,707
  3,631
  4,619
  5,669
  6,780
  7,952
  9,182
  10,470
  11,816
  13,220
  14,683
  16,205
  17,788
  19,434
  21,144
  22,920
  24,767
  26,687
  28,683
  30,759
  32,920
  35,170
  37,514
  39,956
  42,503
  45,160
  47,934
  50,829
  53,854
Total liabilities, $m
  5,559
  6,417
  7,341
  8,328
  9,379
  10,490
  11,661
  12,891
  14,179
  15,526
  16,930
  18,393
  19,915
  21,498
  23,143
  24,853
  26,630
  28,477
  30,396
  32,392
  34,469
  36,630
  38,880
  41,223
  43,666
  46,213
  48,870
  51,643
  54,539
  57,564
Total equity, $m
  3,784
  4,368
  4,997
  5,669
  6,384
  7,140
  7,937
  8,775
  9,652
  10,568
  11,524
  12,519
  13,556
  14,633
  15,753
  16,917
  18,126
  19,383
  20,690
  22,049
  23,462
  24,933
  26,464
  28,060
  29,722
  31,456
  33,264
  35,152
  37,123
  39,182
Total liabilities and equity, $m
  9,343
  10,785
  12,338
  13,997
  15,763
  17,630
  19,598
  21,666
  23,831
  26,094
  28,454
  30,912
  33,471
  36,131
  38,896
  41,770
  44,756
  47,860
  51,086
  54,441
  57,931
  61,563
  65,344
  69,283
  73,388
  77,669
  82,134
  86,795
  91,662
  96,746
Debt-to-equity ratio
  0.490
  0.620
  0.730
  0.810
  0.890
  0.950
  1.000
  1.050
  1.080
  1.120
  1.150
  1.170
  1.200
  1.220
  1.230
  1.250
  1.260
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
Adjusted equity ratio
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  461
  556
  658
  766
  882
  1,004
  1,132
  1,267
  1,409
  1,556
  1,930
  2,090
  2,257
  2,430
  2,611
  2,798
  2,993
  3,195
  3,406
  3,625
  3,853
  4,090
  4,337
  4,595
  4,864
  5,144
  5,436
  5,742
  6,061
  6,394
Depreciation, amort., depletion, $m
  706
  768
  835
  907
  983
  1,064
  1,149
  1,239
  1,332
  1,430
  1,231
  1,337
  1,448
  1,563
  1,683
  1,807
  1,936
  2,071
  2,210
  2,355
  2,506
  2,663
  2,827
  2,997
  3,175
  3,360
  3,553
  3,755
  3,966
  4,186
Funds from operations, $m
  1,167
  1,324
  1,493
  1,673
  1,865
  2,068
  2,282
  2,506
  2,741
  2,986
  3,161
  3,428
  3,705
  3,993
  4,293
  4,605
  4,929
  5,266
  5,616
  5,980
  6,359
  6,754
  7,164
  7,592
  8,039
  8,504
  8,990
  9,497
  10,026
  10,580
Change in working capital, $m
  -169
  -183
  -197
  -210
  -224
  -237
  -249
  -262
  -274
  -287
  -299
  -312
  -324
  -337
  -350
  -364
  -378
  -393
  -409
  -425
  -442
  -460
  -479
  -499
  -520
  -542
  -566
  -591
  -617
  -644
Cash from operations, $m
  1,335
  1,507
  1,690
  1,884
  2,089
  2,305
  2,531
  2,768
  3,015
  3,273
  3,460
  3,739
  4,029
  4,331
  4,644
  4,969
  5,307
  5,659
  6,025
  6,405
  6,801
  7,214
  7,644
  8,092
  8,559
  9,046
  9,556
  10,087
  10,643
  11,224
Maintenance CAPEX, $m
  -347
  -404
  -467
  -534
  -606
  -682
  -763
  -848
  -937
  -1,031
  -1,129
  -1,231
  -1,337
  -1,448
  -1,563
  -1,683
  -1,807
  -1,936
  -2,071
  -2,210
  -2,355
  -2,506
  -2,663
  -2,827
  -2,997
  -3,175
  -3,360
  -3,553
  -3,755
  -3,966
New CAPEX, $m
  -575
  -624
  -672
  -718
  -764
  -808
  -852
  -894
  -937
  -979
  -1,021
  -1,064
  -1,107
  -1,151
  -1,196
  -1,243
  -1,292
  -1,343
  -1,396
  -1,451
  -1,510
  -1,571
  -1,636
  -1,704
  -1,776
  -1,852
  -1,932
  -2,016
  -2,105
  -2,199
Cash from investing activities, $m
  -922
  -1,028
  -1,139
  -1,252
  -1,370
  -1,490
  -1,615
  -1,742
  -1,874
  -2,010
  -2,150
  -2,295
  -2,444
  -2,599
  -2,759
  -2,926
  -3,099
  -3,279
  -3,467
  -3,661
  -3,865
  -4,077
  -4,299
  -4,531
  -4,773
  -5,027
  -5,292
  -5,569
  -5,860
  -6,165
Free cash flow, $m
  414
  478
  551
  632
  720
  815
  917
  1,026
  1,141
  1,263
  1,310
  1,444
  1,585
  1,732
  1,884
  2,043
  2,208
  2,380
  2,558
  2,744
  2,936
  3,136
  3,344
  3,560
  3,785
  4,020
  4,263
  4,518
  4,783
  5,059
Issuance/(repayment) of debt, $m
  787
  858
  924
  988
  1,050
  1,111
  1,171
  1,230
  1,288
  1,346
  1,404
  1,463
  1,522
  1,583
  1,645
  1,710
  1,777
  1,847
  1,920
  1,996
  2,076
  2,161
  2,250
  2,344
  2,443
  2,547
  2,657
  2,773
  2,896
  3,025
Issuance/(repurchase) of shares, $m
  79
  28
  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  
  866
  886
  924
  988
  1,050
  1,111
  1,171
  1,230
  1,288
  1,346
  1,404
  1,463
  1,522
  1,583
  1,645
  1,710
  1,777
  1,847
  1,920
  1,996
  2,076
  2,161
  2,250
  2,344
  2,443
  2,547
  2,657
  2,773
  2,896
  3,025
Total cash flow (excl. dividends), $m
  1,280
  1,365
  1,475
  1,620
  1,770
  1,926
  2,088
  2,256
  2,430
  2,609
  2,714
  2,907
  3,107
  3,315
  3,530
  3,753
  3,985
  4,227
  4,478
  4,740
  5,013
  5,297
  5,594
  5,904
  6,228
  6,567
  6,920
  7,291
  7,678
  8,084
Retained Cash Flow (-), $m
  -541
  -584
  -629
  -672
  -715
  -756
  -797
  -837
  -877
  -916
  -956
  -996
  -1,036
  -1,077
  -1,120
  -1,164
  -1,209
  -1,257
  -1,307
  -1,359
  -1,413
  -1,471
  -1,531
  -1,595
  -1,663
  -1,734
  -1,809
  -1,888
  -1,971
  -2,059
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
  740
  781
  846
  947
  1,055
  1,170
  1,291
  1,419
  1,553
  1,693
  1,758
  1,912
  2,071
  2,237
  2,410
  2,589
  2,776
  2,970
  3,171
  3,381
  3,599
  3,826
  4,063
  4,309
  4,565
  4,833
  5,112
  5,403
  5,707
  6,025
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
  709
  715
  737
  780
  818
  849
  872
  887
  892
  888
  835
  816
  787
  751
  707
  658
  604
  547
  488
  430
  372
  317
  266
  219
  178
  141
  110
  84
  62
  45
Current shareholders' claim on cash, %
  99.0
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7
  98.7

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 24.1
Price to Sales 1.1
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 35.6
Price to Free Cash Flow -75.8
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 $7932 million for the last fiscal year's total revenue generated by Jones Lang LaSalle. The default revenue input number comes from 2017 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 16.6% 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, 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 91.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $144 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.

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 43.7%.

Life of production assets of 10 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 -12.8%. 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 - $3243 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 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 $7.6 billion.

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COMPANY NEWS

▶ [$$] Millennials drive Red Planets pan-Asia expansion   [Jul-22-18 06:00AM  Financial Times]
▶ Cushman & Wakefields IPO: Here are 5 things to know   [Jul-21-18 11:05AM  MarketWatch]
▶ Whitley Penn inks deal to move headquarters into Fort Worths newest high-rise   [Jul-19-18 02:38PM  American City Business Journals]
▶ Dallas-area jobs boom in the burbs, while 'highly educated' workers cluster downtown   [Jul-18-18 07:39AM  American City Business Journals]
▶ JLL Report: Vacancy rates for downtown's 17 top-rated buildings   [Jul-16-18 08:10AM  American City Business Journals]
▶ JLL in, Cushman out as leasing agent for Capitol Crossing   [Jul-13-18 03:08PM  American City Business Journals]
▶ Spaghetti Warehouse's downtown Houston property sold, building to be renovated   [Jul-09-18 01:40PM  American City Business Journals]
▶ Exclusive: Hines to buy Walnut Creek office complex for $221 million   [Jul-06-18 09:50AM  American City Business Journals]
▶ Washington Dulles Gateway sells for $82.5 million   [Jul-05-18 11:52AM  American City Business Journals]
▶ Real estate transparency improves globally   [Jun-27-18 12:56PM  PR Newswire]
▶ JLL surpasses carbon emission reduction targets   [Jun-26-18 08:00AM  PR Newswire]
▶ JLL hires former Chuck E. Cheese executive to lead retail, entertainment initiative   [Jun-25-18 03:57PM  American City Business Journals]
▶ Former Halliburton campus in Houstons Westchase District sold   [Jun-20-18 10:41AM  American City Business Journals]
▶ Exclusive: New leader takes over at one of D.C.'s top CRE shops   [Jun-19-18 04:10PM  American City Business Journals]
▶ JLL secures $251M in equity, debt for CBSK Ironstate   [Jun-18-18 04:17PM  PR Newswire]
▶ JLL names Alan Tse general counsel   [Jun-14-18 03:15PM  PR Newswire]
▶ Exclusive: Carlyle Group to consolidate D.C., Rosslyn offices   [Jun-13-18 05:40PM  American City Business Journals]
▶ [$$] Is Paddingtons property a bear market?   [06:00AM  Financial Times]
▶ Construction has begun on new West Loop office space (PHOTOS)   [May-31-18 01:59PM  American City Business Journals]
▶ [$$] Landlords urge action to halt retail rent abuses   [May-26-18 12:34AM  Financial Times]
▶ [$$] New high-end housing takes shape in Liverpool   [May-25-18 12:01AM  Financial Times]
▶ JLL continues its climb up Fortune 500   [May-21-18 04:19PM  PR Newswire]
▶ [$$] Warehouses reach for the sky as urban demand soars   [May-20-18 11:01PM  Financial Times]
▶ THE LIST: Charlotte's largest commercial property management companies   [May-18-18 06:55AM  American City Business Journals]
▶ [$$] Suffolk County Pitches Long Islands First Convention Center   [May-10-18 01:16AM  The Wall Street Journal]
▶ [$$] Suffolk County Pitches Long Island's First Convention Center   [May-09-18 06:03PM  The Wall Street Journal]
▶ Jones Lang LaSalle: 1Q Earnings Snapshot   [May-08-18 10:02AM  Associated Press]
▶ JLL's Blackbird proptech application secures US patent   [May-03-18 11:01AM  PR Newswire]
▶ JLL one of America's Best Employers according to Forbes   [May-01-18 12:38PM  PR Newswire]
▶ [$$] Abu Dhabis housing market cools down   [Apr-18-18 12:00AM  Financial Times]
▶ Philadelphia beats Boston, San Francisco in attracting skilled workers, analysis finds   [Apr-12-18 02:06PM  American City Business Journals]
▶ Food halls lure shoppers to malls   [09:11AM  American City Business Journals]
▶ JLL earns ENERGY STAR® honor for seventh straight year   [Apr-02-18 10:15AM  PR Newswire]
▶ Report: Cushman & Wakefield inches closer to IPO   [Mar-28-18 05:02PM  American City Business Journals]
▶ Report: TPG-backed Cushman & Wakefield inches closer to IPO   [01:35PM  American City Business Journals]
▶ [$$] How to manage a Brexit-enforced move   [Mar-24-18 10:00PM  Financial Times]
▶ JLL makes LinkedIn's Top Companies list again   [Mar-21-18 07:00AM  PR Newswire]
▶ WeWork's latest expansion brings it back to where it started in D.C.   [Mar-20-18 12:23PM  American City Business Journals]
▶ [$$] Presidents Club scandal casts cloud over Mipim   [Mar-16-18 01:07AM  Financial Times]
▶ My Most Painful Investing Mistake: 2017 Edition   [Feb-26-18 02:46PM  Motley Fool]
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