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ISS cleans up and is still 'undervalued'
Shares in the world's biggest cleaning company, ISS, soared some 14 percent by midday on Thursday after Denmark's biggest IPO in twenty years. Saxo Bank's Head of Equity Strategy, Peter Garnry, says even at these levels, the company's still undervalued.
ISS's offer price was fixed at 160 Danish kroner per share and it nudged 185 DKK mid-morning. The group says that 90 percent of new shares were allocated to institutional investors. Peter says that's a very high ratio but it should give extra stability to the share price. He says ISS is expected to create shareholder value over the next twelve months. He suggests this could be an excellent stock to hold as part of a balanced portfolio.
Peter has more analysis on the company here:
01:57 minutes
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