JLL
Jones Lang LaSalle Incorporated
$322.80
Stable Earnings Power
75%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Overvalued
Trading 5.6% above fair value
You pay
$322.80
Bear
$244.49
Fair
$305.61
Bull
$366.74
Bear
$244.49
-24.3%
$17.56 × 13x P/E
Fair
$305.61
-5.3%
$17.56 × 16x P/E
Bull
$366.74
+13.6%
$17.56 × 19x P/E
Key Value Driver
Normalized P/E multiple (16x base case)
Implied Market Multiple
18.4x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $395.50 from 12 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $305.61 per share.
Warnings
Wall Street's average price target is $395.50 (from 12 analysts). Our estimate is 28% below the consensus -- consider that gap carefully.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples