ISS initiation of coverage NEUTRAL – DKK115
Undeniable strengths but ambitious turn-around targetsThe group is a leading global provider of workplaceand facility service solutions established for morethan a century. Until now, the group’s offer hasbeen particularly resilient to macroeconomicdevelopments with just one year of negative organicgrowth over the past 25 years, generating robustoperating margin (average EBITDA margin of 5.5%since 1997) thank to an inherently flexible businessmodel with most expenditure contract-related, andstrong free cash flow with low capital intensity.
ISS is a Facility Services company based in Denmark. Co.'s focus of operations is on providing its customers a full range of facility services required to meet each customers needs. Co. offers a wide range of services such as: Facility Management, Cleaning Services, Support Services, Property Services, Catering Services and Security Services. Co. maintains operations in more than 50 countries across Europe, Asia, North America, Latin America and Pacific, serving public and private sector customers in business services and information technology, manufacturing, healthcare, retail, transportation and infrastructure, energy, leisure, food and beverage, pharmaceutical, and other sectors.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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