Discounted Cash Flow

Jones Lang Lasalle Inc.

JLL · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $6.8b $318.2m $-1.7m 4.7% $7.04
2017 $7.9b (16.6%) $254.2m (-20.1%) $637.8m (37617.6%) 3.2% (-31.5%) $5.60 (-20.5%)
2018 $16.3b (105.7%) $484.5m (90.6%) $442.2m (-30.7%) 3.0% (-7.4%) $10.64 (90.0%)
2019 $18.0b (10.2%) $535.3m (10.5%) $296.0m (-33.1%) 3.0% (0.3%) $10.98 (3.2%)
2020 $16.6b (-7.7%) $402.5m (-24.8%) $965.3m (226.1%) 2.4% (-18.5%) $7.79 (-29.1%)
2021 $19.4b (16.7%) $961.6m (138.9%) $796.5m (-17.5%) 5.0% (104.6%) $18.89 (142.5%)
2022 $20.9b (7.7%) $654.5m (-31.9%) $-5.9m (-100.7%) 3.1% (-36.8%) $13.51 (-28.5%)
2023 $20.8b (-0.5%) $225.4m (-65.6%) $388.9m (6691.5%) 1.1% (-65.4%) $4.73 (-65.0%)
2024 $23.4b (12.9%) $546.8m (142.6%) $599.8m (54.2%) 2.3% (114.9%) $11.51 (143.3%)
2025 $26.1b (11.4%) $792.1m (44.9%) $978.5m (63.1%) 3.0% (30.0%) $16.73 (45.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model