JLL
Jones Lang LaSalle Incorporated
$362.30
Stable Earnings Power
75%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Overvalued
Trading 37.0% above fair value
You pay
$362.30
Bear
$211.55
Fair
$264.44
Bull
$317.33
Bear
$211.55
-41.6%
$16.40 × 13x P/E
Fair
$264.44
-27.0%
$16.40 × 16x P/E
Bull
$317.33
-12.4%
$16.40 × 19x P/E
Adjust Assumptions
16.1x
16.4$
Key Value Driver
Normalized P/E multiple (16x base case)
Implied Market Multiple
22.1x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (12 analysts)
$450.50
Divergence from AlphaVal
41%
Summary
Applying a 16x P/E to adjusted EPS of $16.40, the base-case value is $264.44 per share.
Warnings
Wall Street's average price target is $450.50 (from 12 analysts). Our estimate is 41% 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