Financials ISS A/S

Equities

ISS

DK0060542181

Business Support Services

Market Closed - Nasdaq Copenhagen Other stock markets 10:59:52 2024-04-26 am EDT			5-day change	1st Jan Change
130.7 ^DKK	+3.16%		+2.75%	+1.36%

Apr. 11	ISS A/S Approves Election of Henriette Hallberg Thygesen as New Member of the Board of Director	CI
Apr. 09	ONET S.A. completed the acquisition of ISS Abilis France S.A. from ISS A/S.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,524	19,467	23,087	27,211	23,899	24,108	-	-
Enterprise Value (EV) ¹	44,359	35,269	36,538	38,751	36,684	34,218	33,110	32,861
P/E ratio	21.9 x	-3.74 x	37.9 x	13.4 x	86 x	9.12 x	7.92 x	7.14 x
Yield	4.82%	-	-	1.43%	1.78%	2.96%	3.52%	4.2%
Capitalization / Revenue	0.38 x	0.28 x	0.32 x	0.36 x	0.3 x	0.29 x	0.28 x	0.27 x
EV / Revenue	0.56 x	0.51 x	0.51 x	0.51 x	0.47 x	0.42 x	0.39 x	0.36 x
EV / EBITDA	9.04 x	-25.4 x	10.3 x	8.88 x	7.66 x	5.99 x	5.43 x	5.16 x
EV / FCF	47.6 x	-19.7 x	21.1 x	22.3 x	20.7 x	18 x	12.8 x	13.1 x
FCF Yield	2.1%	-5.09%	4.75%	4.47%	4.84%	5.55%	7.81%	7.66%
Price to Book	2.36 x	2.99 x	3.04 x	2.68 x	2.21 x	2.13 x	1.87 x	1.69 x
Nbr of stocks (in thousands)	184,698	184,698	184,698	184,729	185,333	184,454	-	-
Reference price ²	159.8	105.4	125.0	147.3	129.0	130.7	130.7	130.7
Announcement Date	2/26/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	78,555	69,823	71,363	76,538	78,681	82,360	85,756	90,061
EBITDA ¹	4,907	-1,386	3,536	4,364	4,789	5,708	6,098	6,364
EBIT ¹	3,290	-3,226	1,776	2,876	3,300	4,151	4,477	4,684
Operating Margin	4.19%	-4.62%	2.49%	3.76%	4.19%	5.04%	5.22%	5.2%
Earnings before Tax (EBT) ¹	1,854	-5,272	1,045	2,446	2,531	3,495	3,812	4,174
Net income ¹	1,350	-5,205	615	2,058	279	2,597	2,919	3,086
Net margin	1.72%	-7.45%	0.86%	2.69%	0.35%	3.15%	3.4%	3.43%
EPS ²	7.300	-28.20	3.300	11.00	1.500	14.33	16.51	18.32
Free Cash Flow ¹	931	-1,794	1,735	1,734	1,775	1,899	2,586	2,517
FCF margin	1.19%	-2.57%	2.43%	2.27%	2.26%	2.31%	3.02%	2.79%
FCF Conversion (EBITDA)	18.97%	-	49.07%	39.73%	37.06%	33.27%	42.4%	39.55%
FCF Conversion (Net income)	68.96%	-	282.11%	84.26%	636.2%	73.11%	88.59%	81.56%
Dividend per Share ²	7.700	-	-	2.100	2.300	3.863	4.606	5.491
Announcement Date	2/26/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹DKK in Million²DKK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 S1	2025 S2
Net sales ¹	40,669	35,927	34,342	34,404	18,480	18,747	36,959	18,075	18,868	36,943	19,300	20,295	39,595	19,731	39,661	19,973	19,047	39,020	20,149	19,852	40,183	20,722	21,166	41,904	-	42,163	43,622
EBITDA	2,723	31	-1,432	1,286	-	682.2	2,250	-	903	-	-	-	-	-	1,967	-	-	-	-	-	2,378	-	-	3,212	-	-	-
EBIT ¹	1,872	-785	-2,464	508	529	529	1,268	-	495.5	1,061	-	-	1,803	-	1,250	-	-	2,050	781.1	781.1	1,679	1,172	1,172	2,580	-	1,868	2,796
Operating Margin	4.6%	-2.18%	-7.17%	1.48%	2.86%	2.82%	3.43%	-	2.63%	2.87%	-	-	4.55%	-	3.15%	-	-	5.25%	3.88%	3.93%	4.18%	5.65%	5.54%	6.16%	-	4.43%	6.41%
Earnings before Tax (EBT)	1,128	-2,332	-2,963	183	-	-	-	-	-	-	-	-	-	-	-354	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	960	-	-	-	185	185	-	441.5	441.5	-	587.5	588	-	-	-589	-	-	-	487.1	487.1	-	730.6	730.6	-	-	-	-
Net margin	2.36%	-	-	-	1%	0.99%	-	2.44%	2.34%	-	3.04%	2.9%	-	-	-1.49%	-	-	-	2.42%	2.45%	-	3.53%	3.45%	-	-	-	-
EPS ²	5.200	-	-	-	1.000	1.000	-	2.380	2.380	-	3.120	3.080	-	-	-	-	-	-	2.668	2.668	-	4.003	4.003	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	2.100	-	-	-	-	-	-	1.069	1.069	-	1.069	1.069	-	1.175	-	-
Announcement Date	2/26/20	8/12/20	2/25/21	8/11/21	2/23/23	2/24/22	2/24/22	5/2/22	8/10/22	8/10/22	11/2/22	2/23/23	2/23/23	8/9/23	8/9/23	11/22/23	2/22/24	2/22/24	-	-	-	-	-	-	-	-	-

¹DKK in Million²DKK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,835	15,802	13,451	11,540	12,785	10,110	9,002	8,753
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.023 x	-11.4 x	3.804 x	2.644 x	2.67 x	1.771 x	1.476 x	1.375 x
Free Cash Flow ¹	931	-1,794	1,735	1,734	1,775	1,899	2,586	2,517
ROE (net income / shareholders' equity)	10.8%	-39.3%	10.9%	23.2%	18.6%	25.1%	25.5%	25.9%
ROA (Net income/ Total Assets)	2.7%	-7.98%	1.41%	4.54%	0.59%	5.38%	5.81%	6.12%
Assets ¹	49,935	65,201	43,629	45,330	47,352	48,253	50,229	50,462
Book Value Per Share ²	67.80	35.30	41.10	55.00	58.40	61.20	69.80	77.40
Cash Flow per Share ²	11.10	-1.950	17.30	17.80	18.00	19.40	28.70	32.10
Capex ¹	1,095	681	586	809	719	940	1,028	974
Capex / Sales	1.39%	0.98%	0.82%	1.06%	0.91%	1.14%	1.2%	1.08%
Announcement Date	2/26/20	2/25/21	2/24/22	2/23/23	2/22/24	-	-	-

¹DKK in Million²DKK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for ISS A/S

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

130.7 DKK

Average target price

160.8 DKK

Spread / Average Target

+23.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Business Support Services

	1st Jan change	Capi.
ISS A/S	+1.36%	3.45B
CINTAS CORPORATION	+10.55%	67.6B
JACOBS SOLUTIONS INC.	+11.64%	18.21B
RB GLOBAL, INC.	+9.40%	13.37B
INTERTEK GROUP PLC	+16.53%	9.94B
TELEPERFORMANCE SE	-32.90%	5.74B
GENPACT LIMITED	-10.98%	5.57B
MAXIMUS, INC.	-4.09%	4.91B
EXLSERVICE HOLDINGS, INC.	-4.83%	4.87B
PLUXEE N.V.	0.00%	4.3B

Other Business Support Services