In short: Rogers: commercial-real-estate services #1/#2 globally (with CBRE) — leasing, transactions, outsourced managed services, money management. The AI-replaces-brokers fear shows no evidence on complex deals, and JLL uses AI to get more efficient. ~35% discount to his ~$450 private-market value; double-digit EPS growth; historically ~18x forward.
JLL is one of the world's two big commercial-real-estate service firms (with CBRE) — leasing buildings, brokering sales, managing properties, running a money-management arm. The stock is flat because investors fear AI will replace brokers; Rogers sees no evidence of that in complex deals, and notes JLL is using AI to cut its own costs. At a ~35% discount to his ~$450 estimate of what the business would fetch privately, with double-digit earnings growth, he prefers it to the pricier CBRE.
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