JLL — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($313.64)
DCF	$10339.39	+3196.6%
Graham Number	$242.84	-22.6%
Reverse DCF	—	implied g: 4.4%
DDM	—	—
EV/EBITDA	$316.20	+0.8%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $985.45M

Near-term growth (yrs 1–5)(%)Rev: 11.7% / EPS: 68.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.23%

Computed WACC: 10.23%

Cost of equity (Re)12.04%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.94%

Debt weight (D/V)15.06%

Results

Intrinsic Value / share$8151.72

Current Price$313.64

Upside / Downside+2499.1%

Net Debt (used)$2.02B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	60.1%	64.1%	68.1%	72.1%	76.1%
7.0%	$13111.10	$14824.66	$16712.85	$18788.71	$21065.93
8.0%	$10146.52	$11471.08	$12930.45	$14534.71	$16294.40
9.0%	$8129.22	$9189.16	$10356.85	$11640.31	$13047.98
10.0%	$6677.72	$7547.34	$8505.24	$9557.99	$10712.48
11.0%	$5590.28	$6317.38	$7118.18	$7998.16	$8963.09

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $16.40

Book Value / share($)Yahoo: $159.82

Results

Graham Number$242.84

Current Price$313.64

Margin of Safety-22.6%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.23%

Terminal growth rate(%)

Computed WACC: 10.23%

Cost of equity (Re)12.04%(Rf 4.30% + β 1.41 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)84.94%

Debt weight (D/V)15.06%

Results

Current Price$313.64

Implied Near-term FCF Growth7.5%

Historical Revenue Growth11.7%

Historical Earnings Growth68.1%

Base FCF (TTM)$985.45M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$313.64

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.54B

Target EV/EBITDA multipleCurrent: 11.0×

Net Debt($B)Default: $2.02B

Results

Implied Equity Value / share$316.20

Current Price$313.64

Upside / Downside+0.8%

Implied EV$16.84B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$24.70M	$1.02B	$2.02B	$3.02B	$4.02B
7.0x	$227.71	$206.37	$185.02	$163.68	$142.34
9.0x	$293.30	$271.95	$250.61	$229.27	$207.92
11.0x	$358.88	$337.54	$316.20	$294.85	$273.51
13.0x	$424.47	$403.13	$381.78	$360.44	$339.09
15.0x	$490.06	$468.71	$447.37	$426.02	$404.68

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