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Jones Lang LaSalle Inc JLL

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JLL Posts Encouraging Q1 Results on Back of Rebounding Commercial Real Estate Market

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Narrow-moat-rated Jones Lang LaSalle posted encouraging first-quarter results as the commercial estate market continues to rebound from the effects of the pandemic, which essentially brought the industry to a grinding halt last year. We are increasingly seeing evidence of a broad-based recovery in the global commercial real estate market with steady improvement in investment, rent collection, and leasing activity. JLL reported first-quarter companywide fee revenue of $1.44 billion, only a 4% decrease from $1.50 billion during the first quarter of 2020. Adjusted EBITDA increased to $190 million, almost doubling the $96 million in the same period last year. The adjusted EBITDA margin for the first quarter, calculated on a fee revenue basis, was 13.2% compared with 6.4% in the first quarter of 2020. Management expects the adjusted EBITDA margin to be in the 14%-16% target range for the full year. We do not plan to materially alter our $191 fair value estimate as we fully incorporate these results.

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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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 90,800

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