JLL Posts Solid First-Quarter Results on Back of Strong Brokerage Activity

Narrow-moat-rated Jones Lang LaSalle posted a solid set of first-quarter results on the back of strong brokerage activity, comfortably beating the FactSet consensus earnings per share estimate of $2.14 with reported adjusted EPS of $3.47. JLL delivered impressive results on all fronts with companywide fee revenue of $1.90 billion, a 36% increase year over year. Adjusted EBITDA also came in strong for the current quarter at $274 million, 47% higher compared with the first quarter of 2021. This resulted in an adjusted EBITDA margin of 14.4% for the quarter, up 110 basis points compared with the first quarter of last year. We are reducing our fair value estimate to $254 per share from $266 as we fully incorporate the first-quarter results in our model.