Industry

Industrials

Sector

Commercial Services & Supplies

Country

Denmark

Company description

ISS is an international facility services company that was founded in Copenhagen, Denmark in 1901. The company offers a range of services including cleaning services, property services, catering services, support services, security services and facility management services. The company has close to 500,000 employees worldwide and is active in approximately 75 countries across Europe, Asia, North America, Latin America and Pacific.

Market cap.

DKKm 33,619

Share price

DKK 182

Earnings per share (EPS)

DKK 2

Dividend per share (DPS)

DKK 8

Price / earnings

119.6x

Price / sales

0.5x

Price / book value

2.7x

Enterprise value / EBITDA

9.1x

CEO

Jeff Gravenhorst

Chairman of the Board of Directors

Charles Allen

CFO

Pierre-Francois Riolacci

Investor relations

Martin Hansen

Ticker symbol

ISS

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060542181

Phone

0045 3817 0000

Website

issworld.com

Address

Buddingevej 197, 2860 Soeborg

Income statements

DKKm 20112012201320142015201620172018
Sales 77,64479,45478,45974,10579,57978,65879,91273,592
Other income 00000000
Total income 77,64479,45478,45974,10579,57978,65879,91273,592
Total expenses -72,394-74,305-73,218-69,146-74,084-73,555-75,219-68,567
EBITDA 5,2505,1495,2414,9595,4955,1034,6935,025
Depreciation tangible assets -715-706-646-588-577-541-534-520
Write-downs tangible assets 0000000-13
EBITA 4,5354,4434,5954,3714,9184,5624,1594,492
Amortisation intangible assets -1,348-1,211-1,803-1,183-908-995-802-2,106
Income from associated companies 00000000
Earnings before interest and taxes (EBIT) 3,1873,2322,7923,1884,0103,5673,3572,386
Financial income 197217170228111563837
Financial expenses -2,999-2,943-2,446-1,524-820-521-576-627
Income from associated companies 04600000
Earnings before taxes (EBT) 3855105221,8923,3013,1022,8191,796
Taxes -888-960-919-878-1,083-874-713-573
Profit from continuing operations -503-450-3971,0142,2182,2282,1061,223
Discontinued operations 00000-8-99-932
Minorities -7-3-2-3-7-4-5-10
Net profit or loss -510-453-3991,0112,2112,2162,002281

Cash flow statements

DKKm 20112012201320142015201620172018
EBITDA 5,2505,1495,2414,9595,4955,1034,6935,025
Net interest paid -2,224-2,236-1,599-782-345-276-340-454
Taxes paid -749-885-933-1,082-867-871-812-663
Investments in working capital -31711680-71-34-11416940
Other operating cash items 1,7161,711926-629-543-152-97-601
Cash flow from operations (CFFO) 3,6763,8553,7152,3953,7063,6903,6133,347
Capital expenditures (capex) -1,004-899-838-764-871-780-914-988
Acquisitions -89-60-14-19-446-155-1,650-35
Disposals 7612122,1831,33547718722938
Other investing cash items 00000000
Cash flow from investing activities -332-7471,331552-840-748-2,335-985
Free cash flow to equity holders (FCFE) 3,3443,1085,0462,9472,8662,9421,2782,362
Dividends paid 0000-901-2,092-1,418-1,425
Share buy-backs 000-160-204-14900
New share issues 0007,78833000
Increase/(decrease) in debt -642-437-3,558-10,379-853-8422,3610
Other financing cash flows -3,180-1,7398428-85-246-378
Cash flow from financing activities (CFFF) -642-3,617-5,297-2,667-1,897-3,168697-1,803
Discontinued activities and other 0000000
Net cash flow / Change in cash position -509-251280969-2261,975559

Balance sheets

DKKm 20112012201320142015201620172018
Goodwill 27,17025,84123,15522,79622,86822,35422,89420,911
Other intangible assets 6,9276,1285,1914,6694,3744,0073,7713,395
Total intangible assets 34,09731,96928,34627,46527,24226,36126,66524,306
Fixed tangible assets 2,0771,8871,7151,6381,6131,5721,5931,558
Shares and associated companies 711500000
Other financial assets 300427302431425358331304
Deferred tax assets 535550627755931861700706
Other non-current assets 00000000
Total fixed assets 37,01634,84430,99530,28930,21129,15229,28926,874
Inventories 334312309309299276286257
Trade receivables 11,87111,43310,29910,44610,77011,30711,5839,676
Other current assets 1,7223,7713,6962,1333,4793,7473,4026,170
Cash and cash equivalents 4,0373,5283,2773,5574,5264,3006,2756,834
Total current assets 17,96419,04417,58116,44519,07419,63021,54622,937
Total assets 54,98053,88848,57646,73449,28548,78250,83549,811
Equity 2,1275,0974,23712,91014,49413,91013,80412,458
Non-controlling interests (minorities) 121091010101014
Shareholders equity 2,1395,1074,24612,92014,50413,92013,81412,472
Pension liabilities 1,0991,4338381,4151,6831,6381,2911,161
Deferred tax liabilities 2,0511,7551,5901,4151,4751,3831,2671,130
Long-term provisions 338352470348277256218158
Convertible debt 00000000
Long-term debt 28,18124,01120,41614,88714,92615,05517,29017,382
Other long-term liabilities 00000000
Total long-term liabilities 31,66927,55123,31418,06518,36118,33220,06619,831
Short-term debt 5,7785,6075,6481,338752283381278
Trade payables 3,4663,6693,4363,5623,4114,0684,4284,219
Other current liabilities 11,92811,95411,93210,84912,25712,17912,14613,011
Total current liabilities 21,17221,23021,01615,74916,42016,53016,95517,508
Total equity and liabilities 54,98053,88848,57646,73449,28548,78250,83549,811

Growth rates

[%] 20112012201320142015201620172018
Sales growth 0.0%2.0%-1.0%-6.0%7.0%-1.0%2.0%-8.0%
EBITDA growth 0.0%-2.0%2.0%-5.0%11.0%-7.0%-8.0%7.0%
EBITA growth 0.0%-2.0%3.0%-5.0%13.0%-7.0%-9.0%8.0%
EBIT growth 0.0%1.0%-14.0%14.0%26.0%-11.0%-6.0%-29.0%
EBT growth 0.0%32.0%2.0%262.0%74.0%-6.0%-9.0%-36.0%
Earnings growth 0.0%-11.0%-12.0%-353.0%119.0%0.0%-10.0%-86.0%

Margins

[%] 20112012201320142015201620172018
EBITDA-margin 7.0%6.0%7.0%7.0%7.0%6.0%6.0%7.0%
EBITA-margin 6.0%6.0%6.0%6.0%6.0%6.0%5.0%6.0%
EBIT-margin 4.0%4.0%4.0%4.0%5.0%5.0%4.0%3.0%
EBT-margin 1.0%1.0%1.0%3.0%4.0%4.0%4.0%2.0%
Earnings-margin -1.0%-1.0%-1.0%1.0%3.0%3.0%3.0%0.0%

Other key figures

DKKm 20112012201320142015201620172018
Tax rate 231.0%188.0%176.0%46.0%33.0%28.0%25.0%32.0%
Net working capital balance (NWC) -1,467-107-1,064-1,523-1,120-917-1,303-1,127
Net interest bearing debt (NIBD) 31,02127,52323,62514,08312,83512,67612,68711,987
Invested capital (including goodwill) 33,16032,63027,87127,00327,33926,59626,50124,459
Invested capital (excluding goodwill) 5,9906,7894,7164,2074,4714,2423,6073,548
Enterprise value (EV) 31,02127,52323,62546,99558,56956,43456,94045,606

Share data

20112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 000185184184184185
Market capitalisation (DKKm) 00032,91245,73443,75844,25333,619
Market capitalisation (DKKm) 00032,91245,73443,75844,25333,619
Share price (DKK) 0.00.00.0178.1248.7238.4240.3182.1
Earnings per share (EPS), (DKK) -5.1-4.0-3.05.812.012.110.91.5
Dividend per share (DPS), (DKK) 0.00.00.04.97.47.77.77.7

Price multiples

20112012201320142015201620172018
Price/Earnings (P/E) 0.0x0.0x0.0x32.6x20.7x19.8x22.1x119.6x
Price/Sales (P/S) 0.0x0.0x0.0x0.4x0.6x0.6x0.6x0.5x
Price/Book value (P/B) 0.0x0.0x0.0x2.6x3.2x3.2x3.2x2.7x

Enterprise value (EV) multiples

20112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.4x0.4x0.3x0.6x0.7x0.7x0.7x0.6x
Enterprise value/EBITDA (EV/EBITDA) 5.9x5.4x4.5x9.5x10.7x11.1x12.1x9.1x
Enterprise value/EBITA (EV/EBITA) 6.8x6.2x5.1x10.8x11.9x12.4x13.7x10.2x
Enterprise value/EBIT (EV/EBIT) 9.7x8.5x8.5x14.7x14.6x15.8x17.0x19.1x