Jones Lang LaSalle Q1 revenue rises 11%, adjusted EPS up 48%; beat estimates

Overview

• Commercial real estate services firm's Q1 revenue rose 11%, beating analyst expectations

• Adjusted EPS for Q1 increased 48%, beating analyst expectations

• Company repurchased $300 mln of shares, including $200 mln accelerated buyback

Outlook

• JLL says its Accelerate 2030 strategy positions it for long-term sustainable growth

Result Drivers

• CAPITAL MARKETS SERVICES - Growth driven by investment sales and debt advisory transactions across most sectors and geographies, with robust equity advisory activity

• LEASING ADVISORY - Revenue increase led by continued momentum in office and acceleration in industrial, especially in the U.S. and UK, with larger deal sizes and higher volumes

• REAL ESTATE MANAGEMENT SERVICES - Growth supported by Workplace Management and Project Management, reflecting new client wins and mandate expansions

Company press release: ID:nPnc77TYRa

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the real estate services peer group is "buy"

• Wall Street's median 12-month price target for Jones Lang LaSalle Inc is $380.00, about 12.2% above its April 29 closing price of $338.66

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 17 three months ago

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