Rankings Construction & materials ISS
ISS
88
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Margin−5
- Multiples vs own history−5
- Debt and liquidity−4
Strengths
- Raised guidance+3
- Customer retention+1
How the score is built
From 100 to 88, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 292.40 DKK
- Median analyst target
- 337.50 DKK
- Upside to median
- +15.4%
- Analysts
- 12
- Target range
- 258.00 – 370.00 DKK
- 52-week change
- +44%
- P/E (trailing)
- 17.1
- Forward P/E
- 13.7
- PEG
- 0.29
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −5MarginOperating margin before other items 4.6% in H1 2026 and about 5.25% guided for 2026; net margin 3.2% (TTM). Even the 2028 target of 5.5–6.0% is a thin margin in a labour-intensive industry with low barriers to entry.
- −2Quality of growthRevenue has only grown from DKK 71.4bn to 84.7bn in 2021–2025 (about 4% a year), and much of 2026 growth is price increases; management itself expects the price contribution to fall towards 2028. H1 growth of 8.2% is also lifted by a one-off adjustment from the DTAG settlement.
- −2Capital allocationThe 2026 buyback programme has been raised to DKK 3.1bn; with dividends (about 0.5bn) payouts exceed FCF guidance of over DKK 3.1bn, while acquisitions are being made at the same time (Tomagruppen, ISS Türkiye). Net debt rose from DKK 13.2bn to 15.8bn in H1.
Price
Today's multiples against the company's own history and its peers. · 1 finding−5 of −35
- −5Multiples vs own historyP/B 4.83 is a record (1.95–3.33 in 2021–2025); trailing P/E 17.0 above 9.0–13.5 in 2022, 2024 and 2025; forward P/E 13.5 at the top of 8.1–14.4. EV/EBITDA 10.7 is mid-range of 8.5–12.6. The share price is up 44% in a year and has more than doubled since the end of 2024.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−10 of −35
- −4Debt and liquidityGross debt DKK 18.6bn and net debt 15.8bn incl. leases (3.3 times EBITDA); debt/equity 2.0 and current ratio 0.86. A new EUR 750m bond in May for refinancing.
- −3Contract lossThree large contracts expired without renewal in the period; contract retention is 95% (LTM). Large key accounts are a significant share of revenue, so single losses show up.
- −2One-off items (DTAG)The settlement with Deutsche Telekom (ISS had write-downs and restructuring of DKK 937m in 2023) produced a one-off adjustment of prior-year revenue that lifted H1 growth and margin; the underlying lift is only 10–15 bp a year.
- −1Acquisitions and hyperinflationBuying Tomagruppen (about DKK 1.8bn of annual revenue) and a further 39.9% of ISS Türkiye (now 90%) raises integration risk and exposure to Turkish hyperinflation (IAS 29).
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Raised guidance2026 guidance raised: organic growth above 6% (from above 5%), operating margin about 5.25% (from above 5.0%) and FCF above DKK 3.1bn (from above 2.5bn); H1 FCF +0.6bn vs −0.5bn a year earlier.
- +1Customer retentionThe partnership with Deutsche Telekom has been extended to the end of 2035, and 14 large key accounts were extended in the period.
Caveats
What the score does not capture, or where the data is weak.
Facility services does not fit the industry list – placed under Construction & materials as the closest (building operations). TTM FCF of DKK 4.5bn is lifted by working capital; ISS itself guides above 3.1bn for 2026. H1 growth and margin are affected by a one-off revenue adjustment from the DTAG settlement. Peers (Sodexo, Compass, ABM) and wage pressure have not been examined.
Also in Construction & materials
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