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
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 |