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Jones Lang LaSalle Inc JLL

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Morningstar’s Analysis

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JLL Reports Sharp Second-Quarter Revenue Declines as Investment Volumes Freeze Up

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Jones Lang LaSalle reported second-quarter results that demonstrate the dramatic nature of investment volume declines in the commercial real estate industry. Companywide fee revenue for the quarter was $1.2 billion, a 22% decline compared with the second quarter of 2019. The decline was driven by weak performance from the capital markets and leasing businesses, with outsourced corporate solutions displaying resilience. The current environment presents significant uncertainty for Jones Lang LaSalle, with the transaction-based nature of many of its business lines amplifying risk in the current environment. Despite the deterioration in performance, we are maintaining our $168 fair value estimate for narrow-moat-rated Jones Lang LaSalle, having already incorporated a period of near-term weakness into our valuation model.

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Company Profile

Business Description

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 $60 billion for clients across diverse public and private real estate strategies.

Contact
200 East Randolph Drive
Chicago, IL, 60601
T +1 312 782-5800
Sector Real Estate
Industry Real Estate Services
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 93,400

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