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	7,932.40	16,318.40	17,983.20	16,589.90	19,367	25,414.94	33,351.53	43,766.56	57,434.01	75,369.53
Revenue (%)
EBITDA	745.40	936	953.80	788.60	1,443.40	1,659.24	2,177.39	2,857.34	3,749.63	4,920.57
EBITDA (%)
EBIT	578.20	749.90	751.40	562.20	1,165.56	1,294.63	1,698.92	2,229.46	2,925.68	3,839.32
EBIT (%)
Depreciation	167.20	186.10	202.40	226.40	277.84	364.60	478.46	627.88	823.95	1,081.26
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	268	480.90	451.90	574.30	593.70	781.04	1,024.94	1,345.01	1,765.03	2,316.21
Total Cash (%)
Account Receivables	2,829.20	4,403.40	5,038.80	5,362.30	5,293.30	7,640.97	10,027.09	13,158.36	17,267.46	22,659.75
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	-	1,261.40	1,289.40	1,229.80	1,262.80	1,831.99	2,404.08	3,154.83	4,140.02	5,432.87
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	7,932.40	16,318.40	17,983.20	16,589.90	19,367	25,414.94	33,351.53	43,766.56	57,434.01	75,369.53
EBITDA	745.40	936	953.80	788.60	1,443.40	1,659.24	2,177.39	2,857.34	3,749.63	4,920.57
EBIT	578.20	749.90	751.40	562.20	1,165.56	1,294.63	1,698.92	2,229.46	2,925.68	3,839.32
Tax Rate	51.59%	31.37%	23.27%	24.00%	21.41%	30.33%	30.33%	30.33%	30.33%	30.33%
EBIAT	279.91	514.63	576.58	427.28	915.99	901.99	1,183.67	1,553.31	2,038.38	2,674.92
Depreciation	167.20	186.10	202.40	226.40	277.84	364.60	478.46	627.88	823.95	1,081.26
Accounts Receivable	-	-1,574.20	-635.40	-323.50	69	-2,347.67	-2,386.13	-3,131.27	-4,109.10	-5,392.29
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-	28	-59.60	33	569.19	572.09	750.75	985.19	1,292.85
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	-16.22	121.18	1,119.93	-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