ISS A/S (ISS.CO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+48.2%

DKK 432.32

vs DKK 291.80 price

Levered DCF

DKK 278.40

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.94

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.96×	9.02×	85.97×	13.27×	37.88×	-3.74×	21.9×	122.67×
P/B	3.72×	2.13×	2.42×	2.68×	3.04×	2.99×	2.36×	2.73×
P/S	0.43×	0.28×	0.3×	0.36×	0.32×	0.28×	0.38×	0.46×
EV / EBITDA	8.68×	6.27×	7.52×	8.74×	11.5×	-12.32×	11.13×	13.63×
Gross margin	4.8%	91.0%	90.5%	91.4%	93.0%	91.9%	90.3%	90.5%
Operating margin	4.8%	4.6%	4.0%	3.8%	2.4%	-6.7%	3.2%	3.2%
Net margin	3.1%	3.1%	0.4%	2.7%	0.9%	-7.5%	1.7%	0.4%
Current ratio	0.73×	0.96×	0.96×	1.05×	0.98×	0.99×	1.09×	1.31×
Debt / equity	1.54×	1.65×	1.69×	1.66×	2.24×	2.86×	1.4×	1.42×
Interest coverage	5.1×	4.59×	5.49×	6.98×	4.42×	-8.91×	4.58×	5.83×
Dividend yield	1.5%	1.8%	1.6%	0.0%	0.0%	0.0%	4.8%	4.2%
Payout ratio	20.5%	16.5%	139.8%	0.0%	0.0%	0.0%	105.3%	506.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.6%	23.2%	2.8%	20.3%	8.1%	-79.9%	10.8%	2.3%
Return on invested capital	11.1%	9.1%	8.1%	8.0%	3.3%	-16.0%	4.7%	5.0%
Return on assets	5.6%	5.0%	0.6%	4.4%	1.4%	-11.9%	2.7%	0.6%
Free cash flow yield	9.1%	13.0%	11.2%	9.3%	11.2%	-5.5%	3.2%	6.8%
Earnings yield	7.2%	10.9%	1.2%	7.6%	2.7%	-26.7%	4.6%	0.8%
Enterprise value	DKK 49.7B	DKK 35.3B	DKK 34.5B	DKK 38.9B	DKK 36.7B	DKK 35.4B	DKK 44.4B	DKK 44.8B
Net debt / EBITDA	2.33×	2.05×	2.32×	2.63×	4.26×	-5.55×	3.72×	3.29×
Cash conversion cycle (days)	31	-269	-290	-312	-338	-258	-262	-8