The more than 11.000 employees in ISS Thailand will soon work for new owners as ISS will be listed on the Copenhagen Stock Exchange on March 18.
According to ISS Thailand the local business is good and growing.
ISS was bought in 2005 by private equity funds EQT and Goldman Sachs and then delisted from the Copenhagen Stock Exchange. Now the owners are relisting the company and are looking for 13,3 billion Danish kroner which will be spent on downsizing debt.
In 2010 ISS showed a turnover of 74 billion Danish kroner, the organic growth reached 3.5% and the operating margin was 5.8%. Thailand counts for less than one percent of the business as the turnover in ISS Thailand was 686 million Danish crowns.
In the published prospectus for the listing the company targets organic growth of 6% and operation margin of 6.5%.
The ISS stocks are offered at the price range from 110 to 135 Danish kroner in presale.
Jyske Bank is recommending the ISS stocks. The bank describes ISS as a “a well run company”, which overall is well positioned for the overall positive trends in the industry the coming years.
The Danish analyst media, AktieUgebrevet says:
“The longer term risk is too great in relation to the valuation. While we doubt that the management can meet the implicit expectations for organic growth and profitability.”
Sydbank looks at ISS as a resonable buy, but can not recommend to pay more than 110 Danish kroner per share.
ISS has registred the following companies in Thailand
Golden Mind Manufacturing Co., Ltd.
Golden Mind Marketing Co., Ltd.
Golden Mind Transportation Co., Ltd.
ISS Facility Services Co., Ltd.
ISS Security Services Co Ltd.
ISS Support Services Co., Ltd.
Job Golden Co., Ltd.
Notre-Bel Co., Ltd.