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Jones Lang LaSalle Incorporated JLL, popularly known as JLL, is expected to benefit from the continued strength of its resilient lines of business and favorable outsourcing trends. However, persistent macroeconomic uncertainty remains a concern.
What’s Aiding JLL?
JLL has a broad range of real estate products and services as well as an extensive knowledge of domestic and international real estate markets, thus enabling it to operate as a single-source provider of real estate solutions. Its superior client services and strategic investment in technology and innovation are expected to help grow market share and win relationships. Strategic technology investments enable the company to navigate challenging times.
Moreover, JLL's diversified and resilient platform and cost-optimization efforts are expected to support its adjusted EBITDA. Given its strong performance in the first half of 2024, management projects 2024 adjusted EBITDA to be within the range of $1.0 - $1.2 billion, up from the earlier guided band of $950 - $1,150 million. We expect fee revenues to increase 3.7% and 8.1% year over year in 2024 and 2025, respectively. Adjusted EBITDA margin is projected to be 13.7% in 2024, 15.6% in 2025 and 17.4% in 2026.
JLL’s Work Dynamics segment is well-positioned to benefit from favorable trends in the outsourcing business. Corporations are looking for the company’s wide-ranging knowledge and the breadth of its services, including sustainability. In the post-pandemic period, the trend for organizations to outsource real estate services and seek strategic advice on reimagining their workspaces and workstyles to boost culture, attract talent and drive performance has gathered more strength.
Amid the rising trend of outsourcing real estate needs by companies, new contract wins and the expansion of services with existing clients are likely to aid JLL’s performance in the upcoming period. Considering its global platform capabilities, strong demand and a significant market opportunity, management remains confident about Work Dynamics’ revenue and profit growth opportunity over the coming years. We expect a year-over-year increase of 11.8% in Work Dynamics' total revenues in 2024.
JLL is focused on maintaining balance sheet strength and adequate liquidity to enjoy operational flexibility. The company exited the second quarter of 2024 with $2.45 billion of corporate liquidity and a net leverage of 1.7X. As of June 30, 2024, it had investment grade ratings of Baa1 from Moody’s and BBB+ from S&P Global, which highlight financial and balance-sheet strength, enabling it to borrow at a favorable rate. Hence, with a solid balance sheet, the company is well-poised to sail through challenging times and capitalize on solid opportunities.
Shares of this Zacks Rank #3 (Hold) company have gained 21.5% over the past three months, outperforming the industry’s 15.3% growth.
What’s Hurting JLL?
Persistent macroeconomic uncertainty and geopolitical unrest have resulted in an uneven recovery in the global economy. Capital markets have also slowed down due to restrictive underwriting assumptions and rising debt costs amid a high-interest rate environment.
Occupiers continue to adopt a cautious approach under present market circumstances, awaiting greater price discovery and causing a delay in the closing timeline for transactions. As a result, an industry-wide slowdown in investment sales and leasing activity across several asset types has led to an underperformance in JLL’s transaction-based businesses in recent years. With subdued consumer and business sentiment expected in the near term, the company’s transaction-based businesses are likely to remain choppy.
Competition from other real estate service providers and institutional players on the international, regional and local ground is a concern for JLL. Also, some of them are larger on a regional or local basis or have a stronger position in a specific market segment or service offering. This could curb JLL’s ability to raise fees, affecting profitability.
Stocks to Consider
Some better-ranked stocks from the real estate operations sector are CBRE Group CBRE and Colliers International Group Inc. CIGI. Both CBRE Group and Colliers International have a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CBRE Group’s current-year earnings per share (EPS) of $4.75 indicates a 23.7% increase year over year.
The consensus estimate for Colliers International’s 2024 EPS has increased 1.8% over the past two months to $6.12.
Zacks Investment Research
Riyadh, Saudi Arabia – Guided by the ambitious Vision 2030 agenda of economic transformation and diversification, Saudi Arabia’s strategic initiatives and substantial investments in infrastructure developments and giga projects continue to drive growth and resilience in the Kingdom’s real estate market.
JLL’s latest KSA Real Estate Market Dynamics Report states that the residential and hospitality sectors stood out for their strong performance in H1 2024, supported by the government’s efforts to boost home ownership and the introduction of tourist visas, the expansion of entertainment offerings, and the promotion of sports and new experiences to position the Kingdom as a global leisure destination.
The residential sector’s strong start in 2024 was marked by the delivery of 27,500 units in Riyadh and Jeddah in H1, increasing the total stock to about 1.46 million units in the capital and 891,000 units in Jeddah. Around 16,000 units each will be added to the stock in the two cities later this year.
Residential sale prices experienced a noteworthy 10% year-on-year increase in H1 in Riyadh and average rents grew by 9% annually. In Jeddah, the pace of growth was slightly slower, with sale prices rising by 5% and rents increasing by 4% year-on-year during the same period. Despite the rising construction costs and other challenges impacting the development of this sector, KSA’s residential market is on a positive trajectory toward further expansion and development.
Residential development in the Dammam Metropolitan Area (DMA) is shifting towards inland locations, with Khobar witnessing the majority of activity. Average sale prices have remained stable, while rents have seen a modest annual increase of 4%.
As Saudi Arabia prepares to welcome 150 million visitors in 2030, the hospitality sector also witnessed impressive growth in H1 2024. Year-on-year in the year to date to June 2024, Saudi Arabia's average occupancy rate increased by one percentage point and its average daily rate (ADR) increased by 7%, which resulted in its revenue per available room (RevPAR) increasing by 8%. In the Holy Cities of Makkah and Medina, KPIs have largely trended up year-on-year in the year to June 2024, where RevPARs increased by 4% and 15%, respectively. Over the same period, in Riyadh, due to an increase in corporate visitation based on the centring of corporate events in the capital, we have seen ADR increase by 25%.
The tourism industry’s leading role in Saudi Arabia’s economic diversification efforts cements a positive outlook for the hospitality sector with planned investments of USD 800 billion over the next decade and a robust pipeline of flagship events such as the Asian Cup 2027, Asian Winter Games 2029, Expo 2030, and FIFA World Cup 2034. The newly introduced star rating system is helping address short-term quality challenges and supporting long-term market improvement.
Based on insights gathered from industry sources and experts, JLL’s H1 2024 KSA report reveals that the office market remains competitive with landlords driving rental negotiations and new entrants establishing their presence in the Kingdom while existing tenants expand or upgrade their space. Approximately 52,000 sq. m of office space was added in the capital city in H1 2024, resulting in a total existing supply of 5.2 million sq. m. while Jeddah maintained a stable total stock of 1.21 million sq. m. Significant new supply, around 249,000 sq. m. in Riyadh and 48,000 sq. m. in Jeddah is expected in the latter half of the year. Office demand in the DMA is primarily being driven by government-related entities, leading to an increase of 10% in average Grade A rents in the year to Q2 2024.
The demand for quality institutional grade properties soared especially in the northern region of Riyadh, which is less affected by traffic congestion issues, is easily accessible, and has high-quality office options. Accordingly, average Grade A rents rose by 19% y-o-y to SAR 2,090 per sq. m. per annum in the capital while in Jeddah, an 11% annual increase saw average Grade A rents touch SAR 1,335 per sq. m. per annum.
The northern region of the capital also appealed to retailers who remained cautious of increased market competition and postponed expansion plans due to anticipated new market supply. The noticeable shift in the retail sector towards experiential offerings reinforces the increasing preference for e-commerce in the Kingdom, which has adapted well to rapid socio-economic changes with the integration of cinemas, F&B, and entertainment facilities. The retail market in Dammam and Dhahran is focused on super regional and regional malls, while Khobar offers a unique retail experience centred around the corniche.
While no major malls were completed in Riyadh during the first half of 2024, Jeddah expanded its retail space by completing several zones at Souq 7, adding 106,000 sq. m. and bringing the total supply to 2.16 million sq. m. In Jeddah, average rents for super regional malls increased by 4% y-o-y, while regional malls saw a 4% decline. The sector is poised for a positive long-term outlook, although Riyadh's retail space remained stable at 3.48 million sq. m., an additional 77,000 sq. m. is expected later in the year.
Saud Alsulaimani, Country Head, KSA at JLL, said: “The dynamic and fast-paced evolution of the real estate landscape in Saudi Arabia is marked by expansion and opportunities for growth as the Kingdom moves closer to achieving its Vision 2030 goals. The robust demand for properties across asset classes is boosted by a rise in population, infrastructure development, and strategic government-backed initiatives, accelerating unprecedented growth in the Kingdom’s real estate sector. The continued development will not only have a profound impact on the economic landscape but will also create sustainable and diversified opportunities across the real estate spectrum, positioning it for long-term resilience and success.”
‘Looking ahead to 2024, the key themes in KSA's real estate sector will revolve around a focus on priorities, alignment, and collaboration between government projects. Effective engagement with the private sector will also be crucial, along with strategic talent management for sustainable growth. These initiatives will enable us to drive progress, foster innovation, and unlock the full potential of the Kingdom's real estate industry’ he added.
About JLL
For over 200 years, JLL , a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage, and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About JLL MEA
Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 1650 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Johannesburg and Nairobi. For further information, visit jll-mena.com
Media Contact:
Medha Sandrasagara
JLL MEA | +971 4 426 6999
Medha.Sandrasagara@jll.com
Nisha Celina | Janine Alamir
Burson
nisha.celina@bursonglobal.com | janine.alamir@bursonglobal.com
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CoStar Group, Inc. , headquartered in Washington, D.C., is a leading provider of commercial real estate information, analytics, and online marketplaces, serving clients globally. With a market cap of $32.21 billion, CoStar is at the forefront of the real estate sector, offering mission-critical data and technology solutions that empower clients to make informed decisions in property markets.
Companies valued at $10 billion or more are generally classified as "large-cap stocks," and CoStar Group rightly fits into this category as a dominant player in the commercial real estate sector.
CSGP shares are trading 21.4% below their 52-week high of $100.38, which they hit on Mar. 18. Also, the stock has gained 4.9% over the past three months, significantly underperforming the Dow Jones Industrial Average Index’s ($DOWI) 7.1% returns over the same time frame.
In the longer term, CSGP is down 9.8% on a YTD basis, and the shares have declined 2.7% over the past 52 weeks. The Dow has gained 9.8% in 2024 and 19.7% over the past year.
To confirm its bearish price trend, CSGP has been trading below its 200-day moving average since late May. However, it is trading above the 50-day moving average since mid-August.
On Jul. 23, CoStar Group reported its Q2 earnings, and its stock has outperformed CSGP and the border index, with a 50.1% gain over the 52 weeks.
Despite CSGP's recent underperformance compared to the Dow, analysts are moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy" from 13 analysts in coverage. The mean price target is $94.58, which suggests a premium of 19.9% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
** Shares of Jindalee Lithium JLL.AX rise as much as 17.4% to A$0.270, set for best day since Dec. 27 2023 - if current gains hold
** Lithium miner says its unit has been approved by the US Department of Energy's Office of Energy Efficiency and Renewable Energy for a research and development partnership
** Agreement aims to develop extraction methods for Jindalee's McDermitt lithium project in the United States
** Stock hits highest level since Aug. 16
** JLL down 76.45 YTD, as of 0114 GMT
(Reporting by Adwitiya Srivastava in Bengaluru)
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