Research note · 2 October 2026

Jones Lang LaSalle Incorporated JLL

LONG price $306.81 · base case $366.96 · expected +23% over 540 days

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The call

JLL trades at 14.7x trailing P/E, well below its five-year median of 20.5x, despite record Q2 2026 diluted EPS of $4.59 (up 100% in local currency), year-to-date operating income growth of 56%, and management raising full-year Adjusted EPS targets by 34% at the midpoint. The base case assumes 10% EPS growth to $22.93 and a 16x multiple, yielding $366.96 versus the $306.81 price, a 19.6% upside. The discount reflects the market's memory of the 2021-2023 transaction-cycle drawdown (operating income fell 44.75%, EPS fell 74.72%) and fear that the current spike in Capital Markets (+24%) and Leasing (+12%) revenues is unsustainable.

Why the opportunity exists, in the desk's view: a cyclical trough.

What decides the case

• Transaction-based revenue sustainability
• AUM trajectory and Investment Management fees
• Margin expansion through technology and platform leverage

Exposures

• Interest rates, negative for the equity
• Currencies, mixed for the equity

Model-authored research with an editorial gate; every figure traces to the filing or a stated assumption and every calculation was reproduced before publication. Not investment advice. Do not redistribute.