Skip to Content

Jones Lang LaSalle Inc JLL

Rating as of

Morningstar’s Analysis

Currency in USD
Is it the right time to buy or sell?
Find out with Morningstar Premium
Is it the right time to buy or sell?
Find out with Morningstar Premium

1-Star Price


5-Star Price


Economic Moat


Capital Allocation


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.

Read Full Analysis

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.

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