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1. Company Snapshot

1.a. Company Description

Jones Lang LaSalle Incorporated, a professional services company, provides real estate and investment management services in Americas, Europe, the Middle East, Africa, and the Asia Pacific.The company offers a range of real estate services, including agency leasing and tenant representation services; and capital market services, such as debt advisory, loan sales, equity advisory, loan servicing, merger and acquisition, corporate advisory, and investment sales and advisory services.It also provides on-site management services for office, industrial, retail, multifamily residential, and specialty properties; integrated facilities management services; designing, building, management, and consulting services to tenants of leased space, owners in self-occupied buildings, and owners of real estate investments; and advisory, consulting, valuation, and energy and sustainability services.


In addition, the company offers investment management services to institutional and retail investors, including high-net-worth individuals.It provides its services to real estate owners, occupiers, investors, and developers for various property types, including cultural, educational, government, healthcare, laboratory, hotel, hospitality, and sports facilities; industrial and warehouse, office, and residential properties; retail and shopping malls; critical environment, data, transportation, and sort and fulfillment centers; infrastructure projects; and military housings.The company was formerly known as LaSalle Partners Incorporated and changed its name to Jones Lang LaSalle Incorporated in March 1999.


Jones Lang LaSalle Incorporated was incorporated in 1997 and is headquartered in Chicago, Illinois.

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1.b. Last Insights on JLL

Jones Lang LaSalle Incorporated's recent performance faced negative drivers, including macroeconomic uncertainties affecting its transaction-based businesses. Despite achieving a record fourth-quarter diluted earnings per share of $8.34, up 66% year-over-year, the company's growth faces challenges. Additionally, some institutional investors, such as ABN Amro Investment Solutions and Massachusetts Financial Services Co. MA, reduced their holdings in the company. However, others like Channing Capital Management LLC increased their stakes. According to Marketbeat.com, analysts have a consensus recommendation of "Moderate Buy" for JLL.

1.c. Company Highlights

2. Jones Lang LaSalle's Strong 2025 Performance Sets Stage for Continued Growth

Jones Lang LaSalle Incorporated reported a strong financial performance for the fourth quarter and full year of 2025, with revenue up 10% in the quarter driven by accelerated transactional revenue and continued growth of its resilient business line. The company's adjusted EPS came in at $8.34, beating analyst estimates of $7.25. For the full year, the company achieved new highs across key top and bottom line consolidated financial metrics, including revenue, adjusted EBITDA, and adjusted EPS, as well as free cash flow. The company's disciplined operating rigor and focus on enhancing platform efficiency have driven strong margin expansion.

Publication Date: Feb -19

📋 Highlights
  • Revenue & EPS Growth:: Achieved 7th consecutive quarter of double-digit revenue growth (10% Q4) and 9th quarter of double-digit EPS growth in 2025.
  • Capital Solutions Momentum:: Investment sales, debt, and equity advisory revenue surged 26% in Q4, driven by sustained investor confidence and robust real estate debt markets.
  • 2026 EBITDA Outlook:: Targeting $1.575B–$1.675B adjusted EBITDA (12% growth at midpoint), reflecting strong pipelines and market tailwinds.
  • AI & Productivity Gains:: Delivered revenue growth without significant headcount additions, leveraging AI and tech-enabled tools to enhance productivity and client outcomes.

Transactional Businesses Drive Growth

The company's deep global expertise across capital solutions drove broad-based growth in investment sales, debt, and equity advisory, up 26% during the quarter. The investment markets demonstrated sustained momentum through 2025, with investor confidence rising and more investors deploying capital. The company's leasing business also showed signs of improvement, with revenue increasing 17% in the quarter led by significant growth in the US, as well as notable contributions from India and the UK. As Kelly Howe noted, "The revenue growth, along with our ongoing focus on operating efficiency, produced meaningful margin expansion and earnings growth in the quarter and full year."

Outlook for 2026

Looking ahead to 2026, the company expects ongoing growth in its leasing business based on an overall improved sentiment and a robust global economy. The company is targeting an adjusted EBITDA range of $1,575,000,000 to $1,675,000,000, reflecting 12% growth at the midpoint. The company's strong pipelines and underlying business trends are expected to drive continued momentum in both capital markets and leasing.

Valuation

With a P/E Ratio of 18.7 and an EV/EBITDA of 8.89, the company's valuation multiples suggest that the market is pricing in a certain level of growth. The company's ROE of 11.09% and ROIC of 8.71% indicate a strong ability to generate returns on equity and invested capital. The company's Net Debt / EBITDA ratio of -0.92 suggests a healthy balance sheet. Given the company's strong performance and outlook, it remains to be seen whether the current valuation multiples are justified.

AI and Disruption Risk

The company's investments in AI and data are expected to drive better outcomes for clients and higher revenues per head for the company's transactional people. Christian Ulbrich stated that the company is well-positioned to take advantage of AI, citing proprietary data as a key differentiator. The company's large client base and network effects are also expected to help protect it against disruption.

3. NewsRoom

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JLL Income Property Trust Announces Q4 2025 Earnings Call

Apr -01

Source: prnewswire.com

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Jones Lang LaSalle: Eyes On Growth And Valuations

Mar -31

Source: seekingalpha.com

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JLL Income Property Trust Announces Monthly Distributions to Investors

Mar -31

Source: prnewswire.com

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Innovation is spreading across an ever-wider range of cities globally, intensifying competition for premium real estate

Mar -31

Source: prnewswire.com

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Wealth Enhancement Advisory Services LLC Acquires 11,213 Shares of Jones Lang LaSalle Incorporated $JLL

Mar -30

Source: defenseworld.net

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Richard Bloxam Sells 5,440 Shares of Jones Lang LaSalle (NYSE:JLL) Stock

Mar -27

Source: defenseworld.net

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JLL CEO on how volatility creates opportunity

Mar -26

Source: youtube.com

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JLL CEO on the AI impact in real estate

Mar -26

Source: youtube.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.62%)

6. Segments

Work Dynamics

Expected Growth: 6.5%

Jones Lang LaSalle Incorporated's 6.5% growth in Work Dynamics is driven by increasing demand for flexible workspaces, rising adoption of hybrid work models, and growing need for companies to optimize their real estate portfolios. Additionally, the company's expertise in workplace strategy and technology integration has enabled it to capitalize on the trend towards more efficient and productive work environments.

Markets Advisory

Expected Growth: 6.8%

The 6.8% growth in Markets Advisory from Jones Lang LaSalle Incorporated is driven by increasing demand for strategic advisory services, expansion into new markets, and growing need for real estate investment advice. Additionally, the rise of e-commerce and logistics has fueled demand for industrial and logistics properties, further boosting the segment's growth.

Capital Markets

Expected Growth: 7.2%

The 7.2% growth in Capital Markets from Jones Lang LaSalle Incorporated is driven by increasing demand for commercial real estate, fueled by economic expansion, urbanization, and low interest rates. Additionally, the rise of e-commerce and logistics has boosted demand for industrial and warehouse spaces, contributing to the segment's growth.

LaSalle

Expected Growth: 6.2%

LaSalle's 6.2% growth is driven by increasing demand for alternative investments, expansion into new markets, and strategic acquisitions. The segment benefits from a strong brand reputation, diversified client base, and a robust investment management platform. Additionally, LaSalle's focus on ESG and sustainable investing resonates with clients, contributing to its growth momentum.

JLL Technologies

Expected Growth: 7.5%

JLL Technologies' 7.5% growth driven by increasing demand for digital transformation in real estate, expansion of PropTech solutions, and strategic acquisitions. Growing adoption of cloud-based services, artificial intelligence, and data analytics in commercial real estate also fuels growth. Additionally, JLL's strong brand reputation and global presence contribute to the segment's rapid expansion.

7. Detailed Products

Agency Leasing

Jones Lang LaSalle Incorporated provides agency leasing services to property owners, helping them to lease their properties to tenants.

Tenant Representation

Jones Lang LaSalle Incorporated provides tenant representation services to companies looking for office or industrial space, helping them to find and negotiate the best possible lease terms.

Capital Markets

Jones Lang LaSalle Incorporated provides capital markets services, including investment sales, debt and equity financing, and joint ventures, to help clients buy, sell, and finance commercial properties.

Property Management

Jones Lang LaSalle Incorporated provides property management services to property owners, including day-to-day management, financial reporting, and maintenance and repairs.

Project and Development Services

Jones Lang LaSalle Incorporated provides project and development services, including project management, construction management, and development consulting, to help clients develop and deliver complex projects.

Valuation Advisory

Jones Lang LaSalle Incorporated provides valuation advisory services, including property valuations, to help clients make informed investment decisions.

8. Jones Lang LaSalle Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Jones Lang LaSalle Incorporated is medium due to the presence of alternative real estate services providers, but the company's strong brand and global presence mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for Jones Lang LaSalle Incorporated due to the company's diversified client base and the lack of concentration of clients.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for Jones Lang LaSalle Incorporated due to the presence of multiple suppliers, but the company's scale and global presence give it some bargaining power.

Threat Of New Entrants

The threat of new entrants is low for Jones Lang LaSalle Incorporated due to the high barriers to entry in the real estate services industry, including the need for significant capital and expertise.

Intensity Of Rivalry

The intensity of rivalry is high for Jones Lang LaSalle Incorporated due to the presence of several large and established players in the real estate services industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.29%
Debt Cost 4.84%
Equity Weight 72.71%
Equity Cost 11.13%
WACC 9.41%
Leverage 37.54%

11. Quality Control: Jones Lang LaSalle Incorporated passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 4.9/10

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

306.05$

Current Price

306.05$

Potential

-0.00%

Expected Cash-Flows