Report published September 14, 2026

ISS (ISS.CO) CMD First Take: Goldman Sachs on Mid-Term Financial Targets

Goldman Sachs · September 14, 2026

Goldman Sachs views ISS's new mid-term financial targets released at its Copenhagen CMD favourably, highlighting 2028 operating margin guidance of 5.5-6.0% which implies c.5% upside to consensus EBIT. Goldman Sachs reiterates a Buy rating and a 12-month price target of Dkr 340.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.ISS's 2028 operating margin target of 5.5-6.0% is above consensus/GSe (5.5%/5.6%), implying around 5% upside to consensus 2028 EBIT at the midpoint.
2.Organic revenue growth guidance of >5.0% on average over 2026-2028 is solid with higher quality, including at least 2% from volume growth/net wins.
3.Cash conversion guidance of >60% implies upside relative to consensus modeling roughly 61% in 2027-2028.

Exhibit 1: Summary of key financial targets vs. GSe/consensus
Valuation and risks
Investment thesis

Report data

Exhibit 1: Summary of key financial targets vs. GSe/consensus — as of September 11, 2026.

Metric	Estimate	Context
Operating Margin Target (ex IAS 29)	5.5-6.0%	Company mid-term guidance announced at CMD vs. consensus at 5.5% and GSe at 5.6%.
Average Annual Organic Revenue Growth Target	>5.0%	Company mid-term guidance announced at CMD vs. consensus at 5.6% and GSe at 5.7%.
Cash Conversion Guidance	>60%	Company mid-term guidance vs. consensus modeling c.61% in 2027-28.
12-month Price Target	340.00 DKK	Price target based on fundamental valuation (85% weight) and M&A theoretical valuation (15% weight).
Closing Share Price	279.80 DKK	Closing price as of 11 Sep 2026.