ISS A/S (ISS.CO) | Investment Case

1. Company Snapshot

1.a. Company Description

ISS A/S provides workplace management and facility services.It offers office, hospital, laboratory, food hygiene, hospitality and events cleaning services; and hospitality, catering, fine dining and event catering, and micro-kitchens and vending services, as well as operates restaurants, pop-up or high street concept stores, coffee bars, and power plants.The company also provides security services comprising security awareness training, surveillance, workplace safety and emergency management, consulting, security risk management, and technical installation services.

In addition, it offers support services, which include front desk and reception, meeting and conference management, switchboards and service desk, concierge, mail and courier, document, executive and administrative support, and experience curation and management services.Further, the company provides energy management, asset management, building structure and fabric, critical environments, property maintenance, and waste management services.Additionally, it designs and delivers workplace strategies and solutions, such as portfolio strategy, curated experience and workplace strategy, workplace design, service design, relocation strategy, capital projects, mental rebuild, and co-working services.

ISS A/S was founded in 1901 and is headquartered in Søborg, Denmark.

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1.b. Last Insights on ISS

Breaking News: ISS A/S announced on February 20 2025 a new share buyback programme in accordance with the Market Abuse Regulation The programme is being executed as per Regulation EU No 596/2014 and Commission Delegated Regulation On December 1 2025 the company made a company announcement No 66/2025 regarding transactions in connection with the share buyback programme No recent earnings release was found Analysts at have a recommendation on the stock

1.c. Company Highlights

Last Price	207.4
Change Percentage	1.57%
Open	204.8
Previous Close	204.2
Market Cap ( Millions)	33783
Volume	381263
Year High	214.8
Year Low	121
M A 50	206.43
M A 200	183.51

FCF Yield	10.49%
Dividend Yield	1.49%
ROE	26.23%
Debt / Equity	224.33%
Net Debt / EBIDTA	261.62%
Price To Book	3.68
Price Earnings Ratio	13.07
Price To FCF	9.54
Price To sales	0.4
EV / EBITDA	8.78

2. Transcript Summary

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3. NewsRoom

Transactions in connection with share buyback programme

Dec -01

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Transactions in connection with share buyback programme

Nov -24

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Transactions in connection with share buyback programme

Nov -17

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Transactions in connection with share buyback programme

Nov -10

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Trading update for 1 January – 30 September 2025

Nov -05

Source:

Transactions in connection with share buyback programme

Nov -03

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Transactions in connection with share buyback programme

Oct -27

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Transactions in connection with share buyback programme

Oct -13

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.60%)

6. Segments

Office-based

Expected Growth: 3.5%

ISS A/S's 3.5% office-based segment growth is driven by increasing demand for outsourced facility management services, cost savings from bundled services, and a growing need for companies to focus on their core business. Additionally, ISS's expertise in sustainability and energy efficiency solutions resonates with environmentally conscious clients, contributing to the segment's growth.

Production-based

Expected Growth: 3.8%

ISS A/S's 3.8% growth in production-based segment is driven by increasing demand for facility management services, expansion into emerging markets, and strategic acquisitions. Additionally, investments in digitalization and process optimization have improved operational efficiency, enabling the company to capitalize on growing outsourcing trends in the industry.

Other

Expected Growth: 3.2%

ISS A/S's 3.2% growth is driven by increasing demand for facility management services, expansion into emerging markets, and strategic acquisitions. Additionally, the company's focus on sustainability and energy-efficient solutions resonates with environmentally conscious clients, contributing to its growth momentum.

Healthcare

Expected Growth: 4.2%

Healthcare segment growth of 4.2% driven by increasing demand for hygiene and sanitation products, aging population, and rising healthcare expenditure. Additionally, ISS A/S's focus on innovation, digitalization, and sustainability initiatives contribute to the growth. The company's ability to provide integrated facility services, including healthcare support services, also supports the growth momentum.

7. Detailed Products

Facility Management

ISS A/S provides facility management services that include maintenance, repairs, and operations of buildings and facilities.

Cleaning Services

ISS A/S offers cleaning services for offices, hospitals, schools, and other institutions, ensuring a clean and healthy environment.

Catering Services

ISS A/S provides catering services, including food preparation and delivery, for various institutions and events.

Security Services

ISS A/S offers security services, including manned guarding, event security, and security consulting.

Property Services

ISS A/S provides property services, including property management, maintenance, and repairs.

Support Services

ISS A/S offers support services, including reception, mailroom, and helpdesk services.

Technical Services

ISS A/S provides technical services, including HVAC, electrical, and plumbing maintenance and repairs.

8. ISS A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for ISS A/S is medium, as there are some alternatives to the company's services, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for ISS A/S is low, as the company has a diverse customer base and no single customer has significant bargaining power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for ISS A/S is medium, as the company relies on a few large suppliers for some of its inputs, but has some flexibility to switch suppliers if needed.

Threat Of New Entrants

The threat of new entrants for ISS A/S is low, as the company has significant barriers to entry, including high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for ISS A/S is high, as the company operates in a highly competitive industry with many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	62.83%
Debt Cost	4.38%
Equity Weight	37.17%
Equity Cost	10.91%
WACC	6.81%
Leverage	169.00%

11. Quality Control: ISS A/S passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

ISS

A-Score: 5.9/10

Value: 6.1

Growth: 5.3

Quality: 5.2

Yield: 1.9

Momentum: 8.5

Volatility: 8.7

1-Year Total Return ->

Elis

A-Score: 5.8/10

Value: 6.5

Growth: 5.9

Quality: 4.6

Yield: 3.1

Momentum: 6.5

Volatility: 8.0

1-Year Total Return ->

Intertek

A-Score: 5.3/10

Value: 3.4

Growth: 4.4

Quality: 5.9

Yield: 5.0

Momentum: 3.5

Volatility: 9.7

1-Year Total Return ->

Sodexo

A-Score: 5.0/10

Value: 7.6

Growth: 3.9

Quality: 3.7

Yield: 8.1

Momentum: 0.5

Volatility: 6.0

1-Year Total Return ->

ID Logistics

A-Score: 4.4/10

Value: 3.6

Growth: 7.9

Quality: 2.4

Yield: 0.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

InPost

A-Score: 3.5/10

Value: 3.6

Growth: 8.0

Quality: 5.3

Yield: 0.0

Momentum: 0.5

Volatility: 3.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-3.90%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.81%

ISS A/S - DK0060542181

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on ISS

1.c. Company Highlights

Lower Growth

Fairly Valued

Average Quality

Earnings Beats

Revenues Beats

Average Yield

Medium Volatility

Average Growth

Earnings Miss

Less Volatile

Strong Momentum

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.60%)

6. Segments

Office-based

Expected Growth: 3.5%

Production-based

Expected Growth: 3.8%

Other

Expected Growth: 3.2%

Healthcare

Expected Growth: 4.2%

7. Detailed Products

Facility Management

Cleaning Services

Catering Services

Security Services

Property Services

Support Services

Technical Services

8. ISS A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: ISS A/S passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

207.4$

Current Price

207.4$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA