Discounted Cash Flow (DCF) Analysis Unlevered

Jones Lang LaSalle Incorporated (JLL)

$181.3

-0.64 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: -361.71 | 181.3 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 7,932.4016,318.4017,983.2016,589.9019,36725,414.9433,351.5343,766.5657,434.0175,369.53
Revenue (%)
EBITDA 745.40936953.80788.601,443.401,659.242,177.392,857.343,749.634,920.57
EBITDA (%)
EBIT 578.20749.90751.40562.201,165.561,294.631,698.922,229.462,925.683,839.32
EBIT (%)
Depreciation 167.20186.10202.40226.40277.84364.60478.46627.88823.951,081.26
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 268480.90451.90574.30593.70781.041,024.941,345.011,765.032,316.21
Total Cash (%)
Account Receivables 2,829.204,403.405,038.805,362.305,293.307,640.9710,027.0913,158.3617,267.4622,659.75
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable -1,261.401,289.401,229.801,262.801,831.992,404.083,154.834,140.025,432.87
Accounts Payable (%)
Capital Expenditure -151.40-161.90-187.80-149.40-175.90-292.47-383.80-503.65-660.93-867.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 181.3
Beta 1.235
Diluted Shares Outstanding 51.94
Cost of Debt
Tax Rate 21.41
After-tax Cost of Debt 3.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.349
Total Debt 2,620.30
Total Equity 9,417.45
Total Capital 12,037.75
Debt Weighting 21.77
Equity Weighting 78.23
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 7,932.4016,318.4017,983.2016,589.9019,36725,414.9433,351.5343,766.5657,434.0175,369.53
EBITDA 745.40936953.80788.601,443.401,659.242,177.392,857.343,749.634,920.57
EBIT 578.20749.90751.40562.201,165.561,294.631,698.922,229.462,925.683,839.32
Tax Rate 51.59%31.37%23.27%24.00%21.41%30.33%30.33%30.33%30.33%30.33%
EBIAT 279.91514.63576.58427.28915.99901.991,183.671,553.312,038.382,674.92
Depreciation 167.20186.10202.40226.40277.84364.60478.46627.88823.951,081.26
Accounts Receivable --1,574.20-635.40-323.5069-2,347.67-2,386.13-3,131.27-4,109.10-5,392.29
Inventories ----------
Accounts Payable --28-59.6033569.19572.09750.75985.191,292.85
Capital Expenditure -151.40-161.90-187.80-149.40-175.90-292.47-383.80-503.65-660.93-867.33
UFCF 295.71-1,035.37-16.22121.181,119.93-804.35-535.70-702.99-922.51-1,210.60
WACC
PV UFCF -743.60-457.83-555.43-673.82-817.46
SUM PV UFCF -3,248.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.17
Free cash flow (t + 1) -1,234.81
Terminal Value -20,013.12
Present Value of Terminal Value -13,513.90

Intrinsic Value

Enterprise Value -16,762.04
Net Debt 2,026.60
Equity Value -18,788.64
Shares Outstanding 51.94
Equity Value Per Share -361.71