Cushman & Wakefield Ltd (CWK) is undervalued and Jones Lang Lasalle Inc (JLL) is slightly undervalued.
Against our estimates of intrinsic value, CWK trades at the wider discount: a margin of safety of +25%, against +11% for JLL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.5% (average of 2 methods) values the shares at $17.06; the price of $12.86 is 25% below that value, and 78% of that value comes from beyond year five.
Leak Score 41/100 on 3 of 12 signals
Discounting its cash flows at 9.9% (average of 3 methods) values the shares at $377.66; the price of $335.36 is 11% below that value, and 73% of that value comes from beyond year five.
Leak Score 65/100 on 3 of 12 signals
| Metric | CWK | JLL |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $12.86 | $335.36 |
| Intrinsic value | $17.06 | $377.66 |
| Margin of safety | +25% | +11% |
| Leak Score | 41/100 (3/12) | 65/100 (3/12) |
| Market cap | $3.0B | $15.4B |
| Revenue growth, 5 years | 5.6% | 9.5% |
| Operating margin | 3.8% | 4.9% |
| Net margin | 0.6% | 3.6% |
| Return on equity | 3.5% | 13.8% |
| Debt to equity | 1.50 | 0.46 |
| P/E | 44.3x | 16.1x |
| Forward P/E | 7.5x | 11.9x |
| P/B | 1.5x | 2.1x |