JLL
Jones Lang LaSalle Incorporated
$291.69
Stable Earnings Power
75%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 4.0% below fair value
You pay
$291.69
Bear
$243.17
Fair
$303.96
Bull
$364.76
Bear
$243.17
-16.6%
$17.56 × 13x P/E
Fair
$303.96
+4.2%
$17.56 × 16x P/E
Bull
$364.76
+25.0%
$17.56 × 19x P/E
Key Value Driver
Normalized P/E multiple (16x base case)
Implied Market Multiple
16.6x
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 $387.25 from 12 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $303.96 per share.
Warnings
Wall Street's average price target is $387.25 (from 12 analysts). Our estimate is 27% 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