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Jones Lang LaSalle Inc JLL

Morningstar Rating
$197.75 +1.80 (0.92%)
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Company Report

JLL Earnings: Leasing and Outsourcing Businesses Drove Strong Results; Maintaining Our Valuation

Narrow-moat-rated Jones Lang LaSalle reported a good set of numbers in the first quarter as the leasing and outsourcing businesses performed well while the capital markets business is starting to see some signs of a future recovery. The company reported that global investment sales were down 4% during the first quarter, with the Americas down 6%, EMEA down 17%, and Asia-Pacific up 26%. The renewed volatility in US interest rates is weighing on the recovery of investment volumes in the Americas. It was encouraging to see that the global office leasing volumes were up 7% in the first quarter compared with the first quarter of 2023, but they are still materially below prepandemic levels. In the industrial sector, gross leasing volumes were down 2% in the Americas, down 15% in EMEA, and up 5% in Asia-Pacific on a year-over-year basis.

Price vs Fair Value

JLL is trading at a 46% premium.
Price
$196.02
Fair Value
$119.00
Uncertainty
High
1-Star Price
$437.20
5-Star Price
$224.00
Economic Moat
Yycty
Capital Allocation
Tqnfhgfm

Bulls Say, Bears Say

Bulls

As one of the largest of only a few truly international one-stop shops, JLL is poised to continue taking share from competitors in a growing industry that increasingly rewards scale.

Bears

The effects of technological disintermediation have the potential to erode the value of the expertise and services that JLL provides to its clients, negatively impacting its capital markets.

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News

Trading Information

Previous Close Price
$195.95
Day Range
$195.69198.08
52-Week Range
$119.51209.31
Bid/Ask
$197.58 / $197.95
Market Cap
$9.40 Bil
Volume/Avg
78,314 / 272,188

Key Statistics

Price/Earnings (Normalized)
23.30
Price/Sales
0.45
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
1.20%

Company Profile

Jones Lang LaSalle provides a wide range of real estate-related services to owners, occupiers, and investors worldwide, including leasing, property and project management, and capital markets advisory. JLL’s investment management arm, LaSalle Investment Management, manages over $74 billion for clients across diverse public and private real estate strategies.
Sector
Real Estate
Industry
Real Estate Services
Stock Style Box
Small Value
Total Number of Employees
106,100

Competitors

Valuation

Metric
JLL
CWK
CBRE
Price/Earnings (Normalized)
23.3013.5223.64
Price/Book Value
1.501.513.33
Price/Sales
0.450.260.86
Price/Cash Flow
10.898.5217.12
Price/Earnings
JLL
CWK
CBRE

Financial Strength

Metric
JLL
CWK
CBRE
Quick Ratio
1.121.021.06
Current Ratio
1.241.131.15
Interest Coverage
3.471.128.94
Quick Ratio
JLL
CWK
CBRE

Profitability

Metric
JLL
CWK
CBRE
Return on Assets (Normalized)
2.62%2.64%5.23%
Return on Equity (Normalized)
6.70%12.48%14.33%
Return on Invested Capital (Normalized)
5.33%8.01%9.01%
Return on Assets
JLL
CWK
CBRE
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