ISS (Buy, TP: DKK168.00) - Q3 could be the turning point
While the Q3 report is likely to inflict additional pain from the OneISS review and potential one-offs, consensus now seems fair for the 2023 EBITA margin following recent revisions. We believe Q3 could be the turning point for the stock, as focus shifts to a >5% EBITA margin and cash distributions in 2024, and we find consensus too pessimistic for 2024–2025e. We reiterate our BUY, but have lowered our target price to DKK168 (174).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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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