ISS (Buy, TP: DKK170.00) - Legal risks more than priced in
Looking at the ongoing arbitration case against Deutsche Telekom (DTAG), we find the risks more balanced than is currently reflected in the share price (which appears to be pricing in a worst-case scenario). Our conversations with legal experts have reassured us that ISS has a good, albeit not clear-cut case, and we consider a settlement the most likely outcome. We reiterate our BUY and DKK171 target price.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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