DCF Tool

JLL

Jones Lang Lasalle Inc. – Offices of Real Estate Agents and Brokers
Analysis Results
Intrinsic Value $1,230.26
Latest Price $186.48
Relative Value 85% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 16.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 16.4%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 1.12 1.09
2023 1.3 1.23
2024 1.51 1.39
2025 1.76 1.57
2026 2.05 1.78
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 61.5 billion. This corresponds to a present value of 51.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 7.06 billion. Adding in the terminal value gives a total present value of 59.0 billion.

There are presently 47.9 million outstanding shares, so the intrinsic value per share is 1230.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 6,387,700,000
Current Cash 593,700,000
Current Liabilities 6,486,500,000
Current Debt 422,600,000
Non-Cash Working Capital (NCWC) -269,900,000
Change in NCWC -83,500,000
EBIT 1,337,600,000
Tax Provision 264,300,000
Depreciation and Amortization 217,500,000
Capital Expenditure -175,900,000
Unlevered Free Cash Flow 1,006,775,776
Current Assets 6,453,700,000
Current Cash 574,300,000
Current Liabilities 6,127,800,000
Current Debt 62,000,000
Non-Cash Working Capital (NCWC) -186,400,000
Change in NCWC -233,000,000
EBIT 709,500,000
Tax Provision 106,900,000
Depreciation and Amortization 226,400,000
Capital Expenditure -149,400,000
Unlevered Free Cash Flow 410,287,103
Current Assets 5,868,600,000
Current Cash 451,900,000
Current Liabilities 5,490,200,000
Current Debt 120,100,000
Non-Cash Working Capital (NCWC) 46,600,000
Change in NCWC 50,600,000
EBIT 936,100,000
Tax Provision 159,700,000
Depreciation and Amortization 202,400,000
Capital Expenditure -187,800,000
Unlevered Free Cash Flow 787,000,731
Current Assets 5,206,000,000
Current Cash 480,900,000
Current Liabilities 4,761,800,000
Current Debt 32,700,000
Non-Cash Working Capital (NCWC) -4,000,000
Change in NCWC 41,700,000
EBIT 739,700,000
Tax Provision 214,300,000
Depreciation and Amortization 186,100,000
Capital Expenditure -161,900,000
Unlevered Free Cash Flow 581,070,665
Current Assets 3,354,900,000
Current Cash 268,000,000
Current Liabilities 3,210,000,000
Current Debt 77,400,000
Non-Cash Working Capital (NCWC) -45,700,000
Change in NCWC -210,100,000
EBIT 581,300,000
Tax Provision 267,800,000
Depreciation and Amortization 167,200,000
Capital Expenditure -151,400,000
Unlevered Free Cash Flow 90,538,107
Current Assets 3,299,700,000
Current Cash 258,500,000
Current Liabilities 2,966,300,000
Current Debt 89,500,000
Non-Cash Working Capital (NCWC) 164,400,000
Change in NCWC 186,152,000
EBIT 474,400,000
Tax Provision 108,000,000
Depreciation and Amortization 141,800,000
Capital Expenditure -216,200,000
Unlevered Free Cash Flow 470,340,065
Current Assets 2,650,807,000
Current Cash 216,583,000
Current Liabilities 2,505,193,000
Current Debt 49,217,000
Non-Cash Working Capital (NCWC) -21,752,000
Change in NCWC 137,873,000
EBIT 607,273,000
Tax Provision 132,805,000
Depreciation and Amortization 108,142,000
Capital Expenditure -149,076,000
Unlevered Free Cash Flow 564,957,147
Current Assets 2,118,176,000
Current Cash 250,413,000
Current Liabilities 2,047,011,000
Current Debt 19,623,000
Non-Cash Working Capital (NCWC) -159,625,000
Change in NCWC -97,225,000
EBIT 513,929,000
Tax Provision 97,588,000
Depreciation and Amortization 94,337,000
Capital Expenditure -156,927,000
Unlevered Free Cash Flow 250,834,599
Current Assets 1,724,228,000
Current Cash 152,726,000
Current Liabilities 1,658,424,000
Current Debt 24,522,000
Non-Cash Working Capital (NCWC) -62,400,000
Change in NCWC 203,968,000
EBIT 400,162,000
Tax Provision 92,092,000
Depreciation and Amortization 79,853,000
Capital Expenditure -110,684,000
Unlevered Free Cash Flow 472,458,053
Current Assets 1,515,529,000
Current Cash 152,159,000
Current Liabilities 1,661,971,000
Current Debt 32,233,000
Non-Cash Working Capital (NCWC) -266,368,000
Change in NCWC -99,272,000
EBIT 358,681,000
Tax Provision 69,244,000
Depreciation and Amortization 78,810,000
Capital Expenditure -94,758,000
Unlevered Free Cash Flow 154,148,996

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