olivLaw · European equity research
City Service SE CTS.WA
Poland · GPW Warszawa · Vertical: Listed companies from Poland
City Service SE is a Baltic group that administers residential and commercial buildings in Lithuania and Latvia, offering maintenance, cleaning and facilities management services. With 10 million m2 of buildings maintained in Lithuania and 0.7 million m2 in Latvia, the group is now focusing on service quality and digital and smart solutions after selling several subsidiaries outside the region in 2022 and 2023.
At the close of 05 Nov 2026, City Service SE (CTS.WA) stock was 6.25 PLN (+0.00% on the day), with beta -0.21, 52-week range 5.55–7.50 PLN.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.6
- neutral
- Bollinger (20, 2)
- 5.89 – 6.48
- in the upper half of the band · %B 0.61 · band width 9.5%
- SMA 50 / 200
- 6.17 / 5.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.8% | −0.6% | −0.1 pp | — |
| 3 months | +5.9% | −4.2% | +10.1 pp | — |
| 6 months | +6.8% | +4.3% | +2.5 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | +5.0% | +9.9% | −4.9 pp | +7.1% |
| 3 years | +13.6% | +49.8% | −36.2 pp | +3.3% |
| 5 years | −51.7% | +42.8% | −94.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | 84.4 m | 101.7 m |
| Revenue YoY | unavailable | +20.5% |
| Net income | -4.7 m | 5.9 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.15 | 0.19 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -5.5% | 5.8% |
| Free cash flow | 10.1 m | -5.5 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 9.2 m EUR
- Financial debt
- 19.3 m EUR
- Net debt
- 10.1 m EUR
- Equity
- 24.0 m EUR
- Total assets
- 83.0 m EUR
- Debt / equity
- 0.80x
- Current ratio
- unavailable
- ROE
- 27.9%
- ROA
- 7.3%
- FCF margin
- -5.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Revenue | 84.4 m | 101.7 m | esef· 08 May 2024verified |
| Cost of revenue | 60.2 m | 75.3 m | esef· 08 May 2024verified |
| Gross profit | 24.2 m | 26.4 m | esef· 08 May 2024verified |
| Operating income | 3.0 m | 6.6 m | esef· 08 May 2024verified |
| Interest expense | 899.0 k | 1.3 m | esef· 08 May 2024verified |
| Pre-tax income | 2.3 m | 7.4 m | esef· 08 May 2024verified |
| Income tax | 877.0 k | 1.5 m | esef· 08 May 2024verified |
| Net income | -4.7 m | 5.9 m | esef· 08 May 2024verified |
| Diluted EPS | -0.15 | 0.19 | esef· 08 May 2024verified |
Balance sheet · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 3.4 m | 9.2 m | esef· 08 May 2024verified |
| Inventories | 1.0 m | 672.0 k | esef· 08 May 2024verified |
| Property, plant & equipment, net | 994.0 k | 813.0 k | esef· 08 May 2024verified |
| Goodwill | 8.8 m | 8.8 m | esef· 08 May 2024verified |
| Intangibles (excl. goodwill) | 19.0 m | 19.0 m | esef· 08 May 2024verified |
| Total assets | 77.7 m | 83.0 m | esef· 08 May 2024verified |
| Short-term debt | 1.8 m | 9.0 m | esef· 08 May 2024verified |
| Long-term debt | 10.5 m | 10.3 m | esef· 08 May 2024verified |
| Total liabilities | 59.7 m | 59.0 m | esef· 08 May 2024verified |
| Equity | 18.0 m | 24.0 m | esef· 08 May 2024verified |
| Shares outstanding at year end | 31.1 m | 30.9 m | esef· 09 Jul 2024derived |
Cash flow · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 13.8 m | -3.0 m | esef· 08 May 2024verified |
| Capex | 3.7 m | 2.4 m | esef· 08 May 2024verified |
| Free cash flow | 10.1 m ≈ | -5.5 m ≈ | esef· 08 May 2024derived |
| Investing cash flow | -5.5 m | -1.9 m | esef· 08 May 2024verified |
| Financing cash flow | -11.1 m | 10.4 m | esef· 08 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
29% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.21 – 3.34 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.21 – 3.34 (Mid 2.10)17 companies used · median multiple 11.1x · quartiles 6.4x – 17.6x06N.WA, 1AT.WA, ACP.WA, ACT.WA, ALI.WA, AMB.WA, APN.WA, ARH.WA, ART.WA, ASE.WA, ATC.WA, ATG.WA, BBD.WA, BBT.WA, BCM.WA, BDX.WA, BRS.WA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.2% | 53 (vs peers) | 36% |
| Net margin · Quality | 5.8% | 56 (vs peers) | 21% |
| FCF conversion · Quality | -93.4% | 0 (on a fixed band) | 21% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.3x | 58 (on a fixed band) | 21% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial58/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality40/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
City Service SE (CTS.WA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 101.7 m EUR in 2023; YoY growth 20.5%; net margin 5.8%; ROE 28.2%.
The estimated value range is 1.21–3.34 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- FCF conversion: -93.4%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Poland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BDX.WABudimex Spółka Akcyjna | 19.3 bn | 36.1 | 41.5% | 6.2% | +8.9% | +21% / +36% |
| ACP.WAAsseco Poland S.A. | 19.2 bn | 38.1 | 7.8% | 2.9% | +19.8% | +19% / +202% |
| BFT.WABenefit Systems Spółka Akcyjna | 18.1 bn | 131.1 | 20.8% | 7.2% | +99.9% | +74% / +221% |
| ASE.WAAsseco South Eastern Europe Spółka Akcyjna | 3.7 bn | 19.8 | 18.1% | 12.0% | +36.5% | +7% / +52% |
| 1AT.WAAtal Spółka Akcyjna | 2.3 bn | 6.4 | 29.8% | 22.2% | −1.3% | +7% / +8% |
| ATT.WAGrupa Azoty Spółka Akcyjna | 1.7 bn | — | -37.9% | -20.8% | −45.1% | −10% / −22% |
| ARH.WAArchicom Spółka Akcyjna | 1.3 bn | 12.1 | 15.9% | 22.1% | −21.6% | +13% / +89% |
| ACT.WAAction S.A. | 997.4 m | 27.1 | 8.3% | 1.5% | +6.1% | +70% / +170% |
| BRS.WABoryszew Spółka Akcyjna | 889.2 m | 8.3 | 6.3% | 1.6% | +8.4% | −24% / −26% |
| AGO.WAAgora Spółka Akcyjna | 601.9 m | — | -14.2% | -9.2% | +15.2% | +40% / +21% |
| AMB.WAAmbra S.A. | 468.0 m | 7.6 | 16.4% | 7.0% | +12.9% | +5% / −33% |
| ATC.WAArctic Paper Spółka Akcyjna | 357.2 m | 1.4 | 16.3% | 7.0% | −27.5% | −38% / −75% |
| ATG.WA"atm Grupa Spółka Akcyjna" | 299.3 m | 11.1 | 8.9% | 11.6% | −22.0% | −11% / +3% |
| ART.WAArtifex Mundi S.A. | 226.6 m | 17.4 | 35.7% | 33.3% | +51.9% | +46% / +12% |
| APN.WAAPLISENS Spółka Akcyjna | 194.6 m | 9.5 | 11.4% | 13.8% | +21.8% | −1% / −21% |
| BMC.WABumech Spółka Akcyjna | 155.7 m | — | -3.4% | -3.9% | −40.0% | −37% / −49% |
| ALI.WAALTUS Spolka Akcyjna | 153.9 m | 16.8 | 7.9% | 16.9% | +30.3% | +34% / +48% |
| BBT.WABoomBit Spółka Akcyjna | 71.4 m | 4.5 | 20.7% | 6.4% | −16.5% | −19% / −57% |
| BBD.WABbi Development S.A. | 54.1 m | 1.1 | 36.0% | 208.3% | +50.2% | +1% / +9% |
| ALG.WAAll in! Games Spółka Akcyjna | 39.8 m | — | — | -156.9% | −72.2% | −27% / −56% |
| BMX.WABioMaxima Spółka Akcyjna | 37.0 m | 63.2 | 1.2% | 1.3% | −67.5% | −29% / −45% |
| 06N.WAMagna Polonia Spółka Akcyjna | 31.3 m | 0.5 | 115.4% | 964.7% | +13.0% | −28% / −42% |
| BCM.WABETACOM Spółka Akcyjna | 26.7 m | 17.6 | 8.0% | 0.9% | +21.3% | +8% / +4% |
| AWM.WAAirway Medix Spółka Akcyjna | 14.3 m | — | -25.8% | -117,400.0% | −97.7% | −23% / −43% |
| ASM.WAAsm Group Spółka Akcyjna | 7.2 m | — | -6.6% | -1.2% | +1.9% | −70% / unavailable |
1- and 3-year price returns: for CTS.WA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
City Service SE is a Baltic group that administers residential and commercial buildings in Lithuania and Latvia, offering maintenance, cleaning and facilities management services. With 10 million m2 of buildings maintained in Lithuania and 0.7 million m2 in Latvia, the group is now focusing on service quality and digital and smart solutions after selling several subsidiaries outside the region in 2022 and 2023.
SWOT
Strengths
- The group holds a solid position in apartment building administration in Lithuania with a stable and growing contract base 1.
- The BonoDomo digital platform and in-house products such as Smart Home and Exergio differentiate the group from competitors offering only traditional services 1.
- Customer satisfaction rose significantly in 2023, indicating better service quality with a possible effect on retention 1.
Weaknesses
- Managed area has fallen considerably in recent years because of subsidiary sales, weakening the group's scale 1.
- Activity is geographically concentrated in two small countries, which makes the group sensitive to local regulatory changes 1.
- Many subsidiaries were liquidated or sold in 2023, showing a corporate structure in reorganisation with transition costs 1.
Opportunities
Risks
- Geographic concentrationmedium
Activity in Lithuania and Latvia exposes the group to economic and regulatory shifts in a narrow area 1.
- Shrinking portfoliohigh
Subsidiary sales have significantly reduced managed area, and future revenue depends on the group's ability to replace these assets 1.
- Labour costsmedium
With a large workforce, wage increases could compress margins if they cannot be passed on to clients 1.
- Dependence on management contractsmedium
Revenue depends on contracts with building owners and administrators that can be terminated or not renewed 1.
- Technology investmentlow
Developing digital platforms and smart products requires ongoing spending, and results could fall short of expectations 1.
Investment thesis
What would need to be true (bull case)
- If the group keeps winning new contracts in Lithuania and digital platform adoption grows, recurring service revenue could become more predictable 1.
- Improving customer satisfaction and smart energy products could support better pricing and higher retention in contracts 1.
- Integrating the commercial segment results and Exergio solutions could lift group margins over the longer term 1.
What would break the thesis
- If asset sales continue, the group's scale could shrink further, reducing its cost advantage against larger competitors 1.
- Wage pressure and local competition could limit the group's ability to pass costs on to clients 1.
- If digitalisation investments do not translate into revenue, technology spending could weigh on net results 1.
What to watch
- Development of managed area in Lithuania and Latvia2024
- Number of active accounts on the BonoDomo platform2024
- Growth of facilities management contracts2024
- Expansion of Exergio into foreign marketsnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The City Service SE group provides apartment building administration services, including keeping main structures in good condition, repairing minor defects, carrying out preventive maintenance and managing heating and hot water systems, in Lithuania and Latvia, according to its annual report for fiscal 2023 1. The group had 1485 employees at year end 2023, of which 1341 were in Lithuania and 144 in Latvia 1.
In 2023 the group signed new contracts to maintain 103 apartment buildings in Lithuania covering almost 225,000 square meters, and focused more on service quality and customer satisfaction, which rose by 24 percent from the previous year 1. The BonoDomo digital self-service platform had 150,000 active accounts at year end 2023, pointing to a shift toward digital customer services 1.
Commercial building management is carried out through City Service Engineering, which signed 29 new customer contracts in Lithuania in 2023 and provides maintenance for electric car charging stations 1. Exergio, developed from Apex Intelligence, offers AI-based optimisation of building energy systems and expanded into foreign markets including Poland and Hungary 1.
Segments
Apartment building administration
This is the main segment, covering administration, technical maintenance and repairs of residential buildings, with 10 million m2 managed in Lithuania and 0.7 million m2 in Latvia at year end 2023 1. The group introduced the Smart Home product, which uses AI algorithms to regulate a building's heating station and which the company says can save up to 15 percent of heat 1.
Commercial building management
This segment provides facilities management for business centres, shopping centres and corporate headquarters, with new contracts in 2023 and a major project for the headquarters of a logistics company in Lithuania 1. Maintenance of electric vehicle charging stations has become a new area of development 1.
Grounds maintenance and cleaning
City Service Cleaning provides cleaning in commercial premises, sports clubs, exhibition halls and industrial facilities across several Lithuanian cities, and since May 2023 uses only environmentally friendly cleaning products 1. In Latvia the group takes care of cleanliness in apartment buildings 1.
Market context
The group operates in Lithuania, where most of its managed buildings are, and in Latvia, where it works in Riga, Liepāja, Ventspils and Ogre 1. Growth in managed area comes organically through new contracts with building owners and through small acquisitions such as SIA MultiHouse in Liepāja, which administered ten buildings 1.
Trends
- Digitalisation of customer servicestailwind
The BonoDomo platform and the request management and invoicing systems are used more and more by customers, which could reduce operating costs if adoption continues 1.
- Energy efficiency and green transitiontailwind
Buying wind-generated electricity for common areas and the Smart Home product could attract customers seeking lower consumption and emissions, with the group reporting 2,241 tons of CO2 saved by year end 2023 1.
- Reduction of assets outside the regionheadwind
Disposals in 2022 and 2023 reduced the group's scale, and a smaller portfolio could limit revenue if not offset by new contracts in Lithuania and Latvia 1.
Competitive position
The annual report does not explicitly name competitors, but its activity in building administration, cleaning and facilities management places it against local building management firms and real estate service operators in Lithuania and Latvia 1. Exergio, also active in Poland, competes with providers of digital building solutions 1.
The group's advantage rests on regional scale, its digital platform and large contracts with institutional and corporate clients, but the sources consulted give no comparative data on market share or pricing 1.
- Local apartment building administrators in Lithuania
Private or cooperative firms competing for apartment building administration contracts, not listed in the US 1.
- Regional commercial cleaning providers
Regional companies offering cleaning in shopping centres and office spaces in Lithuania 1.
- Facilities management firms in Latvia
Local operators managing commercial and public buildings in Riga and other Latvian cities 1.
- Smart building solution providers
Companies offering energy optimisation and predictive maintenance that compete with Exergio 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202309 Jul 2024
- Annual report 202308 May 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / City Service SE · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.