View ValuationCEZ a. s 将来の成長Future 基準チェック /06CEZ a. sの収益と利益は、それぞれ年間2.3%と0.8%減少すると予測されています。EPS は年間0.4%で 増加すると予想されています。自己資本利益率は 3 年後に11.1%になると予測されています。主要情報-0.8%収益成長率0.42%EPS成長率Electric Utilities 収益成長7.6%収益成長率-2.3%将来の株主資本利益率11.11%アナリストカバレッジGood最終更新日20 May 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesReported Earnings • 2hFirst quarter 2026 earnings released: EPS: Kč25.10 (vs Kč23.70 in 1Q 2025)First quarter 2026 results: EPS: Kč25.10 (up from Kč23.70 in 1Q 2025). Revenue: Kč84.4b (down 9.0% from 1Q 2025). Net income: Kč13.5b (up 6.3% from 1Q 2025). Profit margin: 16% (up from 14% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.Board Change • 2hNo independent directorsThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). Head of Legal Affairs & Executive Director Ondrej Landa was the last director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.お知らせ • May 07CEZ, a. s. to Report Q1, 2026 Results on May 14, 2026CEZ, a. s. announced that they will report Q1, 2026 results at 7:00 AM, Central European Standard Time on May 14, 2026お知らせ • Apr 29CEZ, a. s., Annual General Meeting, Jun 01, 2026CEZ, a. s., Annual General Meeting, Jun 01, 2026.Board Change • Dec 30No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (7 non-independent directors). Member of Supervisory Board Jirí Kadrnka was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.お知らせ • Dec 12+ 1 more updateCEZ, a. s. to Report Fiscal Year 2025 Results on Apr 30, 2026CEZ, a. s. announced that they will report fiscal year 2025 results at 9:15 AM, Central European Standard Time on Apr 30, 2026Board Change • Aug 18No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (7 non-independent directors). Member of Supervisory Board Jirí Kadrnka was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.お知らせ • Jun 25CEZ, a. s. announces Annual dividend, payable on August 01, 2025CEZ, a. s. announced Annual dividend of CZK 47.0000 per share payable on August 01, 2025, ex-date on June 26, 2025 and record date on June 27, 2025.お知らせ • May 23CEZ, a. s., Annual General Meeting, Jun 23, 2025CEZ, a. s., Annual General Meeting, Jun 23, 2025, at 09:00 Central European Standard Time.お知らせ • Apr 18Veolia Environnement SA (ENXTPA:VIE) completed the acquisition of an additional 15% stake in Veolia Energie CR, a.s. from CEZ, a. s. (SEP:CEZ).Veolia Environnement SA (ENXTPA:VIE) concluded an agreement to acquire an additional 15% stake in Veolia Energie CR, a.s. from CEZ, a. s. (SEP:CEZ) on February 4, 2025. The settlement of the transaction is subject to assessment by the Ministry of Industry and Trade of the Czech Republic and is expected in April or May this year. Veolia Environnement SA (ENXTPA:VIE) completed the acquisition of an additional 15% stake in Veolia Energie CR, a.s. from CEZ, a. s. (SEP:CEZ) on April 17, 2025. The transaction has approved by the Ministry of Industry and Trade of the Czech Republic.お知らせ • Feb 18CEZ, a. s. (SEP:CEZ) acquired Kabelová Televize Cz s.r.o. for approximately CZK 180 million.CEZ, a. s. (SEP:CEZ) acquired Kabelová Televize Cz s.r.o. for approximately CZK 180 million on May 31, 2022. A cash consideration of CZK 176 million will be paid by CEZ, a. s. As part of consideration, CZK 176 million is paid towards common equity of Kabelová Televize Cz s.r.o. CEZ, a. s. (SEP:CEZ) completed the acquisition of Kabelová Televize Cz s.r.o. for approximately CZK 180 million on May 31, 2022.お知らせ • Jan 03+ 5 more updatesCEZ, a. s. to Report Q1, 2025 Results on May 15, 2025CEZ, a. s. announced that they will report Q1, 2025 results on May 15, 2025Reported Earnings • Nov 14Third quarter 2024 earnings released: EPS: Kč4.40 (vs Kč14.00 in 3Q 2023)Third quarter 2024 results: EPS: Kč4.40 (down from Kč14.00 in 3Q 2023). Revenue: Kč82.4b (up 7.4% from 3Q 2023). Net income: Kč2.34b (down 69% from 3Q 2023). Profit margin: 2.8% (down from 9.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year.お知らせ • Oct 08CEZ, a. s. (SEP:CEZ) acquired unknown minority stake in Rolls-Royce SMR Ltd.CEZ, a. s. (SEP:CEZ) acquired unknown minority stake in Rolls-Royce SMR Ltd on October 7, 2024. CEZ, a. s. (SEP:CEZ) completed the acquisition of unknown minority stake in Rolls-Royce SMR Ltd on October 7, 2024.お知らせ • Aug 29CEZ, a. s. (SEP:CEZ) completed the acquisition of 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc.CEZ, a. s. (SEP:CEZ) agreed to acquire 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. for €846.5 million on March 20, 2024.The purchase price will be financed with a bridge loan underwritten by a syndicate of commercial banks, with a subsequent refinancing facilitated via the bond market. A loan agreement of €840 million has been signed by CEZ with seven banks including Barclays Bank; CaixaBank, Polish Branch; Citibank, London Branch; Commerzbank Aktiengesellschaft, Intesa Sanpaolo IMI-CIB, Komercni banka, and SMBC Bank EU. The completion of the transaction is subject to approvals by the European Commission and the Czech Ministry of Industry and Trade. The transaction is expected to reach financial close in Q3 2024. Morgan Stanley Australia Securities Limited acted as financial advisor to Macquarie Asset Management Inc. Jan Skuhravy of Allen & Overy acted as legal advisor to Macquarie Asset Management. Roman Janecek, Jiri Kindl, and Pavel Grim of Skils acted as legal advisor to CEZ. CEZ, a. s. (SEP:CEZ) completed the acquisition of 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. on August 29, 2024. The transaction has already been approved by the Czech Ministry of Industry and Trade and the European Commission.New Risk • Aug 11New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 116% Minor Risks High level of debt (47% net debt to equity). Profit margins are more than 30% lower than last year (8.6% net profit margin).Reported Earnings • Aug 09Second quarter 2024 earnings released: EPS: Kč14.10 (vs Kč21.31 in 2Q 2023)Second quarter 2024 results: EPS: Kč14.10 (down from Kč21.31 in 2Q 2023). Revenue: Kč74.3b (down 2.0% from 2Q 2023). Net income: Kč7.56b (down 34% from 2Q 2023). Profit margin: 10% (down from 15% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.お知らせ • May 26CEZ, a. s., Annual General Meeting, Jun 24, 2024CEZ, a. s., Annual General Meeting, Jun 24, 2024, at 09:00 Central European Standard Time.New Risk • May 17New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 48% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 145% Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risks High level of debt (48% net debt to equity). Profit margins are more than 30% lower than last year (9.8% net profit margin).Reported Earnings • May 15First quarter 2024 earnings released: EPS: Kč25.20 (vs Kč20.10 in 1Q 2023)First quarter 2024 results: EPS: Kč25.20 (up from Kč20.10 in 1Q 2023). Revenue: Kč87.4b (down 3.9% from 1Q 2023). Net income: Kč13.5b (up 26% from 1Q 2023). Profit margin: 16% (up from 12% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.Buy Or Sell Opportunity • May 09Now 21% undervaluedOver the last 90 days, the stock has risen 6.8% to €35.40. The fair value is estimated to be €44.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 70%. For the next 3 years, revenue is forecast to decline by 4.0% per annum. Earnings are also forecast to decline by 0.2% per annum over the same time period.Board Change • Apr 26No independent directorsThere are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. 5 highly experienced directors. No independent directors (7 non-independent directors). Chairman & CEO Daniel Benes is the most experienced director on the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors.Reported Earnings • Mar 24Full year 2023 earnings released: EPS: Kč55.00 (vs Kč151 in FY 2022)Full year 2023 results: EPS: Kč55.00 (down from Kč151 in FY 2022). Revenue: Kč336.8b (up 18% from FY 2022). Net income: Kč29.5b (down 64% from FY 2022). Profit margin: 8.8% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.お知らせ • Mar 21CEZ, a. s. (SEP:CEZ) agreed to acquire 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. for an enterprise value of €4 billion.CEZ, a. s. (SEP:CEZ) agreed to acquire 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. for an enterprise value of €4 billion on March 20, 2024. The transaction is expected to reach financial close in Q3 2024.お知らせ • Jan 05+ 4 more updatesCEZ, a. s. to Report Nine Months, 2024 Results on Nov 12, 2024CEZ, a. s. announced that they will report nine months, 2024 results on Nov 12, 2024Reported Earnings • Nov 10Third quarter 2023 earnings released: EPS: Kč14.00 (vs Kč34.80 in 3Q 2022)Third quarter 2023 results: EPS: Kč14.00 (down from Kč34.80 in 3Q 2022). Revenue: Kč76.8b (down 4.0% from 3Q 2022). Net income: Kč7.53b (down 60% from 3Q 2022). Profit margin: 9.8% (down from 23% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth.お知らせ • Oct 25CEZ, a. s. to Report Q3, 2023 Results on Nov 09, 2023CEZ, a. s. announced that they will report Q3, 2023 results at 7:00 AM, Central European Standard Time on Nov 09, 2023Reported Earnings • Aug 13Second quarter 2023 earnings released: EPS: Kč21.30 (vs Kč12.90 in 2Q 2022)Second quarter 2023 results: EPS: Kč21.30 (up from Kč12.90 in 2Q 2022). Revenue: Kč76.3b (up 40% from 2Q 2022). Net income: Kč11.5b (up 66% from 2Q 2022). Profit margin: 15% (up from 13% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth.お知らせ • Aug 03CEZ, a. s. to Report Q2, 2023 Results on Aug 10, 2023CEZ, a. s. announced that they will report Q2, 2023 results at 7:00 AM, Central European Standard Time on Aug 10, 2023Buying Opportunity • Jun 30Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be €48.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 79%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings is forecast to decline by 18% per annum over the same time period.Upcoming Dividend • Jun 22Upcoming dividend of Kč117 per share at 11% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 August 2023. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 11%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%).Valuation Update With 7 Day Price Move • May 19Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to €42.48, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 205% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €50.84 per share.Reported Earnings • May 12First quarter 2023 earnings released: EPS: Kč20.10 (vs Kč49.83 in 1Q 2022)First quarter 2023 results: EPS: Kč20.10 (down from Kč49.83 in 1Q 2022). Revenue: Kč93.4b (up 25% from 1Q 2022). Net income: Kč10.8b (down 60% from 1Q 2022). Profit margin: 12% (down from 36% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth.お知らせ • May 12CEZ, a. s., Annual General Meeting, Jun 26, 2023CEZ, a. s., Annual General Meeting, Jun 26, 2023.お知らせ • May 10CEZ, a. s. to Report Q1, 2023 Results on May 11, 2023CEZ, a. s. announced that they will report Q1, 2023 results at 7:00 AM, Central European Standard Time on May 11, 2023Reported Earnings • Mar 24Full year 2022 earnings released: EPS: Kč151 (vs Kč18.26 in FY 2021)Full year 2022 results: EPS: Kč151 (up from Kč18.26 in FY 2021). Revenue: Kč285.5b (up 27% from FY 2021). Net income: Kč80.8b (up Kč71.0b from FY 2021). Profit margin: 28% (up from 4.4% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.7% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Jan 28Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €39.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 140% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €55.49 per share.お知らせ • Jan 04+ 1 more updateCEZ, a. s. to Report First Half, 2023 Results on Aug 31, 2023CEZ, a. s. announced that they will report first half, 2023 results on Aug 31, 2023Board Change • Nov 16No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Vice Chairman of Supervisory Board Roman Binder was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Nov 11Third quarter 2022 earnings released: EPS: Kč34.80 (vs Kč9.60 in 3Q 2021)Third quarter 2022 results: EPS: Kč34.80 (up from Kč9.60 in 3Q 2021). Revenue: Kč80.5b (up 72% from 3Q 2021). Net income: Kč18.7b (up 265% from 3Q 2021). Profit margin: 23% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Oct 14Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €31.30, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 93% over the past three years.Valuation Update With 7 Day Price Move • Jul 02Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €38.98, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Electric Utilities industry in Europe. Total returns to shareholders of 133% over the past three years.Upcoming Dividend • Jun 24Upcoming dividend of Kč44.00 per shareEligible shareholders must have bought the stock before 01 July 2022. Payment date: 01 August 2022. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.5%).Reported Earnings • May 11First quarter 2022 earnings released: EPS: Kč49.80 (vs Kč15.70 in 1Q 2021)First quarter 2022 results: EPS: Kč49.80 (up from Kč15.70 in 1Q 2021). Revenue: Kč71.0b (up 22% from 1Q 2021). Net income: Kč26.7b (up 218% from 1Q 2021). Profit margin: 38% (up from 14% in 1Q 2021). Over the next year, revenue is forecast to grow 16% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings.Board Change • Apr 27No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Jan Kalina was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Mar 16Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: Kč18.30 (up from Kč10.16 in FY 2020). Revenue: Kč227.8b (up 8.7% from FY 2020). Net income: Kč9.79b (up 80% from FY 2020). Profit margin: 4.3% (up from 2.6% in FY 2020). Revenue exceeded analyst estimates by 7.6%. Over the next year, revenue is forecast to grow 12%, compared to a 4.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings.Reported Earnings • Nov 10Third quarter 2021 earnings released: EPS Kč9.60 (vs Kč2.20 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: Kč47.7b (down 1.4% from 3Q 2020). Net income: Kč5.13b (up Kč6.30b from 3Q 2020). Profit margin: 11% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings.Reported Earnings • Aug 11Second quarter 2021 earnings released: Kč13.00 loss per share (vs Kč1.20 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings and control over costs, although revenues were flat. Second quarter 2021 results: Revenue: Kč48.5b (flat on 2Q 2020). Net loss: Kč6.97b (down Kč7.60b from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings.Upcoming Dividend • Jun 25Upcoming dividend of Kč52.00 per shareEligible shareholders must have bought the stock before 01 July 2021. Payment date: 02 August 2021. Trailing yield: 5.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.8%).Reported Earnings • May 12First quarter 2021 earnings released: EPS Kč15.70 (vs Kč25.44 in 1Q 2020)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: Kč59.1b (up 5.3% from 1Q 2020). Net income: Kč8.40b (down 39% from 1Q 2020). Profit margin: 14% (down from 25% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.Reported Earnings • Mar 17Full year 2020 earnings released: EPS Kč10.16 (vs Kč26.85 in FY 2019)The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: Kč209.6b (up 3.8% from FY 2019). Net income: Kč5.44b (down 62% from FY 2019). Profit margin: 2.6% (down from 7.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.Is New 90 Day High Low • Jan 08New 90-day high: €19.62The company is up 19% from its price of €16.44 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.53 per share.Is New 90 Day High Low • Dec 18New 90-day high: €18.30The company is up 11% from its price of €16.42 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electric Utilities industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.31 per share.Analyst Estimate Surprise Post Earnings • Nov 13Revenue misses expectationsRevenue missed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 4.0%, compared to a 18% growth forecast for the Electric Utilities industry in Germany.Reported Earnings • Nov 13Third quarter 2020 earnings released: Kč2.20 loss per shareThe company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: Kč48.4b (up 2.6% from 3Q 2019). Net loss: Kč1.18b (down Kč1.26b from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year.Reported Earnings • Nov 11Third quarter 2020 earnings released: Kč2.20 loss per shareThe company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: Kč49.3b (up 4.5% from 3Q 2019). Net loss: Kč1.18b (down Kč1.26b from profit in 3Q 2019). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year.Analyst Estimate Surprise Post Earnings • Nov 11Revenue misses expectationsRevenue missed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 4.0%, compared to a 18% growth forecast for the Electric Utilities industry in Germany.お知らせ • Nov 11Deadline to Submit Initial Offers to Buy CEZ AssetsCompanies interested in buying Polish energy assets belonging to the CEZ, a. s. (SEP:CEZ) have until December 7, 2020 to submit their initial bids. On offer are two heat and power stations, CEZ Skawina and CEZ Chorzow, as well as CEZ Produkty Energetyczne Polska Sp. Z O.o., the firm in charge of combustion by-product management, and CEZ Polska Sp. z o.o. In the meantime, CEZ is in the process of selling four Poland-based wind farm projects, with the deal expected to be finalised by the end of 2020.Is New 90 Day High Low • Sep 26New 90-day low: €16.00The company is down 15% from its price of €18.82 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €35.33 per share.お知らせ • Jul 31CEZ, a. s. (SEP:CEZ) acquired remaining 49% stake in CEZ LDS, s.r.o from OIG Energy S.R.O and others.CEZ, a. s. (SEP:CEZ) acquired remaining 49% stake in CEZ LDS, s.r.o from OIG Energy S.R.O and others on March 31, 2020. CEZ, a. s. (SEP:CEZ) completed the acquisition of remaining 49% stake in CEZ LDS, s.r.o from OIG Energy S.R.O and others on March 31, 2020.業績と収益の成長予測DB:CEZ - アナリストの将来予測と過去の財務データ ( )CZK Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/2028290,18728,14035,00989,198412/31/2027296,92530,18518,52388,205912/31/2026305,02434,46933,751102,78193/31/2026322,30328,90210,19479,525N/A12/31/2025330,68528,1071,47764,193N/A9/30/2025338,01728,11617,30480,471N/A6/30/2025346,18824,76141,787102,451N/A3/31/2025346,36028,33258,851116,846N/A12/31/2024340,51329,16370,319124,435N/A9/30/2024334,35123,01360,995113,082N/A6/30/2024330,11128,38723,43072,660N/A3/31/2024330,76432,28653,16899,406N/A12/31/2023336,76729,52492,726138,203N/A9/30/2023319,90858,20988,027125,789N/A6/30/2023324,25969,38259,71398,020N/A3/31/2023303,88964,84913,86950,732N/A12/31/2022285,53380,786-28,8565,092N/A9/30/2022280,46455,5709,28846,113N/A6/30/2022246,74041,99243,91277,276N/A3/31/2022241,97428,09655,40287,059N/A12/31/2021225,0149,79126,93059,156N/A9/30/2021210,583-1,26314,23246,206N/A6/30/2021212,176-7,56633,00864,595N/A3/31/2021211,1863732,58864,519N/A12/31/2020209,6455,43840,59972,157N/A9/30/2020209,34114,19623,82654,446N/A6/30/2020208,13215,45715,92746,132N/A3/31/2020206,96418,3546,81636,397N/A12/31/2019201,90714,373N/A42,931N/A9/30/2019196,82514,774N/A39,352N/A6/30/2019194,54316,171N/A42,184N/A3/31/2019186,86313,030N/A37,913N/A12/31/2018181,48710,327N/A35,351N/A9/30/2018184,78611,656N/A46,183N/A6/30/2018185,3039,960N/A43,325N/A3/31/2018192,32317,317N/A50,297N/A12/31/2017199,10718,765N/A45,812N/A9/30/2017202,52015,939N/A44,640N/A6/30/2017202,77716,966N/A46,657N/A3/31/2017203,16112,974N/A46,469N/A12/31/2016202,09614,281N/A48,953N/A9/30/2016200,76818,519N/A63,282N/A6/30/2016202,41018,993N/A69,796N/A3/31/2016204,47323,100N/A72,657N/A12/31/2015206,82120,739N/A72,579N/A9/30/2015201,45219,252N/A61,376N/A6/30/2015199,90620,506N/A62,902N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: CEZの収益は今後 3 年間で減少すると予測されています (年間-0.8% )。収益対市場: CEZの収益は今後 3 年間で減少すると予測されています (年間-0.8% )。高成長収益: CEZの収益は今後 3 年間で減少すると予測されています。収益対市場: CEZの収益は今後 3 年間で減少すると予想されています (年間-2.3% )。高い収益成長: CEZの収益は今後 3 年間で減少すると予測されています (年間-2.3% )。一株当たり利益成長率予想将来の株主資本利益率将来のROE: CEZの 自己資本利益率 は、3年後には低くなると予測されています ( 11.1 %)。成長企業の発掘7D1Y7D1Y7D1YUtilities 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/20 01:10終値2026/05/20 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋CEZ, a. s. 9 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。32 アナリスト機関Kamil KliszczBiuro maklerskie mBankuBenjamin LeyreBNP ParibasOlivier Van DoosselaereBNP Paribas29 その他のアナリストを表示
Reported Earnings • 2hFirst quarter 2026 earnings released: EPS: Kč25.10 (vs Kč23.70 in 1Q 2025)First quarter 2026 results: EPS: Kč25.10 (up from Kč23.70 in 1Q 2025). Revenue: Kč84.4b (down 9.0% from 1Q 2025). Net income: Kč13.5b (up 6.3% from 1Q 2025). Profit margin: 16% (up from 14% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings.
Board Change • 2hNo independent directorsThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). Head of Legal Affairs & Executive Director Ondrej Landa was the last director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
お知らせ • May 07CEZ, a. s. to Report Q1, 2026 Results on May 14, 2026CEZ, a. s. announced that they will report Q1, 2026 results at 7:00 AM, Central European Standard Time on May 14, 2026
お知らせ • Apr 29CEZ, a. s., Annual General Meeting, Jun 01, 2026CEZ, a. s., Annual General Meeting, Jun 01, 2026.
Board Change • Dec 30No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (7 non-independent directors). Member of Supervisory Board Jirí Kadrnka was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
お知らせ • Dec 12+ 1 more updateCEZ, a. s. to Report Fiscal Year 2025 Results on Apr 30, 2026CEZ, a. s. announced that they will report fiscal year 2025 results at 9:15 AM, Central European Standard Time on Apr 30, 2026
Board Change • Aug 18No independent directorsNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 6 highly experienced directors. No independent directors (7 non-independent directors). Member of Supervisory Board Jirí Kadrnka was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.
お知らせ • Jun 25CEZ, a. s. announces Annual dividend, payable on August 01, 2025CEZ, a. s. announced Annual dividend of CZK 47.0000 per share payable on August 01, 2025, ex-date on June 26, 2025 and record date on June 27, 2025.
お知らせ • May 23CEZ, a. s., Annual General Meeting, Jun 23, 2025CEZ, a. s., Annual General Meeting, Jun 23, 2025, at 09:00 Central European Standard Time.
お知らせ • Apr 18Veolia Environnement SA (ENXTPA:VIE) completed the acquisition of an additional 15% stake in Veolia Energie CR, a.s. from CEZ, a. s. (SEP:CEZ).Veolia Environnement SA (ENXTPA:VIE) concluded an agreement to acquire an additional 15% stake in Veolia Energie CR, a.s. from CEZ, a. s. (SEP:CEZ) on February 4, 2025. The settlement of the transaction is subject to assessment by the Ministry of Industry and Trade of the Czech Republic and is expected in April or May this year. Veolia Environnement SA (ENXTPA:VIE) completed the acquisition of an additional 15% stake in Veolia Energie CR, a.s. from CEZ, a. s. (SEP:CEZ) on April 17, 2025. The transaction has approved by the Ministry of Industry and Trade of the Czech Republic.
お知らせ • Feb 18CEZ, a. s. (SEP:CEZ) acquired Kabelová Televize Cz s.r.o. for approximately CZK 180 million.CEZ, a. s. (SEP:CEZ) acquired Kabelová Televize Cz s.r.o. for approximately CZK 180 million on May 31, 2022. A cash consideration of CZK 176 million will be paid by CEZ, a. s. As part of consideration, CZK 176 million is paid towards common equity of Kabelová Televize Cz s.r.o. CEZ, a. s. (SEP:CEZ) completed the acquisition of Kabelová Televize Cz s.r.o. for approximately CZK 180 million on May 31, 2022.
お知らせ • Jan 03+ 5 more updatesCEZ, a. s. to Report Q1, 2025 Results on May 15, 2025CEZ, a. s. announced that they will report Q1, 2025 results on May 15, 2025
Reported Earnings • Nov 14Third quarter 2024 earnings released: EPS: Kč4.40 (vs Kč14.00 in 3Q 2023)Third quarter 2024 results: EPS: Kč4.40 (down from Kč14.00 in 3Q 2023). Revenue: Kč82.4b (up 7.4% from 3Q 2023). Net income: Kč2.34b (down 69% from 3Q 2023). Profit margin: 2.8% (down from 9.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.2%. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year.
お知らせ • Oct 08CEZ, a. s. (SEP:CEZ) acquired unknown minority stake in Rolls-Royce SMR Ltd.CEZ, a. s. (SEP:CEZ) acquired unknown minority stake in Rolls-Royce SMR Ltd on October 7, 2024. CEZ, a. s. (SEP:CEZ) completed the acquisition of unknown minority stake in Rolls-Royce SMR Ltd on October 7, 2024.
お知らせ • Aug 29CEZ, a. s. (SEP:CEZ) completed the acquisition of 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc.CEZ, a. s. (SEP:CEZ) agreed to acquire 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. for €846.5 million on March 20, 2024.The purchase price will be financed with a bridge loan underwritten by a syndicate of commercial banks, with a subsequent refinancing facilitated via the bond market. A loan agreement of €840 million has been signed by CEZ with seven banks including Barclays Bank; CaixaBank, Polish Branch; Citibank, London Branch; Commerzbank Aktiengesellschaft, Intesa Sanpaolo IMI-CIB, Komercni banka, and SMBC Bank EU. The completion of the transaction is subject to approvals by the European Commission and the Czech Ministry of Industry and Trade. The transaction is expected to reach financial close in Q3 2024. Morgan Stanley Australia Securities Limited acted as financial advisor to Macquarie Asset Management Inc. Jan Skuhravy of Allen & Overy acted as legal advisor to Macquarie Asset Management. Roman Janecek, Jiri Kindl, and Pavel Grim of Skils acted as legal advisor to CEZ. CEZ, a. s. (SEP:CEZ) completed the acquisition of 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. on August 29, 2024. The transaction has already been approved by the Czech Ministry of Industry and Trade and the European Commission.
New Risk • Aug 11New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 98% Cash payout ratio: 116% Minor Risks High level of debt (47% net debt to equity). Profit margins are more than 30% lower than last year (8.6% net profit margin).
Reported Earnings • Aug 09Second quarter 2024 earnings released: EPS: Kč14.10 (vs Kč21.31 in 2Q 2023)Second quarter 2024 results: EPS: Kč14.10 (down from Kč21.31 in 2Q 2023). Revenue: Kč74.3b (down 2.0% from 2Q 2023). Net income: Kč7.56b (down 34% from 2Q 2023). Profit margin: 10% (down from 15% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.
お知らせ • May 26CEZ, a. s., Annual General Meeting, Jun 24, 2024CEZ, a. s., Annual General Meeting, Jun 24, 2024, at 09:00 Central European Standard Time.
New Risk • May 17New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 48% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 134% Cash payout ratio: 145% Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risks High level of debt (48% net debt to equity). Profit margins are more than 30% lower than last year (9.8% net profit margin).
Reported Earnings • May 15First quarter 2024 earnings released: EPS: Kč25.20 (vs Kč20.10 in 1Q 2023)First quarter 2024 results: EPS: Kč25.20 (up from Kč20.10 in 1Q 2023). Revenue: Kč87.4b (down 3.9% from 1Q 2023). Net income: Kč13.5b (up 26% from 1Q 2023). Profit margin: 16% (up from 12% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth.
Buy Or Sell Opportunity • May 09Now 21% undervaluedOver the last 90 days, the stock has risen 6.8% to €35.40. The fair value is estimated to be €44.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 70%. For the next 3 years, revenue is forecast to decline by 4.0% per annum. Earnings are also forecast to decline by 0.2% per annum over the same time period.
Board Change • Apr 26No independent directorsThere are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. 5 highly experienced directors. No independent directors (7 non-independent directors). Chairman & CEO Daniel Benes is the most experienced director on the board, commencing their role in 2005. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors.
Reported Earnings • Mar 24Full year 2023 earnings released: EPS: Kč55.00 (vs Kč151 in FY 2022)Full year 2023 results: EPS: Kč55.00 (down from Kč151 in FY 2022). Revenue: Kč336.8b (up 18% from FY 2022). Net income: Kč29.5b (down 64% from FY 2022). Profit margin: 8.8% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth.
お知らせ • Mar 21CEZ, a. s. (SEP:CEZ) agreed to acquire 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. for an enterprise value of €4 billion.CEZ, a. s. (SEP:CEZ) agreed to acquire 55.21% stake in Czech Grid Holding, a.s. from Macquarie Asset Management Inc. for an enterprise value of €4 billion on March 20, 2024. The transaction is expected to reach financial close in Q3 2024.
お知らせ • Jan 05+ 4 more updatesCEZ, a. s. to Report Nine Months, 2024 Results on Nov 12, 2024CEZ, a. s. announced that they will report nine months, 2024 results on Nov 12, 2024
Reported Earnings • Nov 10Third quarter 2023 earnings released: EPS: Kč14.00 (vs Kč34.80 in 3Q 2022)Third quarter 2023 results: EPS: Kč14.00 (down from Kč34.80 in 3Q 2022). Revenue: Kč76.8b (down 4.0% from 3Q 2022). Net income: Kč7.53b (down 60% from 3Q 2022). Profit margin: 9.8% (down from 23% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth.
お知らせ • Oct 25CEZ, a. s. to Report Q3, 2023 Results on Nov 09, 2023CEZ, a. s. announced that they will report Q3, 2023 results at 7:00 AM, Central European Standard Time on Nov 09, 2023
Reported Earnings • Aug 13Second quarter 2023 earnings released: EPS: Kč21.30 (vs Kč12.90 in 2Q 2022)Second quarter 2023 results: EPS: Kč21.30 (up from Kč12.90 in 2Q 2022). Revenue: Kč76.3b (up 40% from 2Q 2022). Net income: Kč11.5b (up 66% from 2Q 2022). Profit margin: 15% (up from 13% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth.
お知らせ • Aug 03CEZ, a. s. to Report Q2, 2023 Results on Aug 10, 2023CEZ, a. s. announced that they will report Q2, 2023 results at 7:00 AM, Central European Standard Time on Aug 10, 2023
Buying Opportunity • Jun 30Now 22% undervalued after recent price dropOver the last 90 days, the stock is down 16%. The fair value is estimated to be €48.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 79%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings is forecast to decline by 18% per annum over the same time period.
Upcoming Dividend • Jun 22Upcoming dividend of Kč117 per share at 11% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 August 2023. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 11%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%).
Valuation Update With 7 Day Price Move • May 19Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to €42.48, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 205% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €50.84 per share.
Reported Earnings • May 12First quarter 2023 earnings released: EPS: Kč20.10 (vs Kč49.83 in 1Q 2022)First quarter 2023 results: EPS: Kč20.10 (down from Kč49.83 in 1Q 2022). Revenue: Kč93.4b (up 25% from 1Q 2022). Net income: Kč10.8b (down 60% from 1Q 2022). Profit margin: 12% (down from 36% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth.
お知らせ • May 12CEZ, a. s., Annual General Meeting, Jun 26, 2023CEZ, a. s., Annual General Meeting, Jun 26, 2023.
お知らせ • May 10CEZ, a. s. to Report Q1, 2023 Results on May 11, 2023CEZ, a. s. announced that they will report Q1, 2023 results at 7:00 AM, Central European Standard Time on May 11, 2023
Reported Earnings • Mar 24Full year 2022 earnings released: EPS: Kč151 (vs Kč18.26 in FY 2021)Full year 2022 results: EPS: Kč151 (up from Kč18.26 in FY 2021). Revenue: Kč285.5b (up 27% from FY 2021). Net income: Kč80.8b (up Kč71.0b from FY 2021). Profit margin: 28% (up from 4.4% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 3.7% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Jan 28Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €39.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 140% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €55.49 per share.
お知らせ • Jan 04+ 1 more updateCEZ, a. s. to Report First Half, 2023 Results on Aug 31, 2023CEZ, a. s. announced that they will report first half, 2023 results on Aug 31, 2023
Board Change • Nov 16No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Vice Chairman of Supervisory Board Roman Binder was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Nov 11Third quarter 2022 earnings released: EPS: Kč34.80 (vs Kč9.60 in 3Q 2021)Third quarter 2022 results: EPS: Kč34.80 (up from Kč9.60 in 3Q 2021). Revenue: Kč80.5b (up 72% from 3Q 2021). Net income: Kč18.7b (up 265% from 3Q 2021). Profit margin: 23% (up from 11% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Oct 14Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €31.30, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Electric Utilities industry in Europe. Total returns to shareholders of 93% over the past three years.
Valuation Update With 7 Day Price Move • Jul 02Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to €38.98, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Electric Utilities industry in Europe. Total returns to shareholders of 133% over the past three years.
Upcoming Dividend • Jun 24Upcoming dividend of Kč44.00 per shareEligible shareholders must have bought the stock before 01 July 2022. Payment date: 01 August 2022. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.5%).
Reported Earnings • May 11First quarter 2022 earnings released: EPS: Kč49.80 (vs Kč15.70 in 1Q 2021)First quarter 2022 results: EPS: Kč49.80 (up from Kč15.70 in 1Q 2021). Revenue: Kč71.0b (up 22% from 1Q 2021). Net income: Kč26.7b (up 218% from 1Q 2021). Profit margin: 38% (up from 14% in 1Q 2021). Over the next year, revenue is forecast to grow 16% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings.
Board Change • Apr 27No independent directorsFollowing the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Jan Kalina was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Mar 16Full year 2021 earnings: EPS in line with analyst expectations despite revenue beatFull year 2021 results: EPS: Kč18.30 (up from Kč10.16 in FY 2020). Revenue: Kč227.8b (up 8.7% from FY 2020). Net income: Kč9.79b (up 80% from FY 2020). Profit margin: 4.3% (up from 2.6% in FY 2020). Revenue exceeded analyst estimates by 7.6%. Over the next year, revenue is forecast to grow 12%, compared to a 4.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings.
Reported Earnings • Nov 10Third quarter 2021 earnings released: EPS Kč9.60 (vs Kč2.20 loss in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: Kč47.7b (down 1.4% from 3Q 2020). Net income: Kč5.13b (up Kč6.30b from 3Q 2020). Profit margin: 11% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings.
Reported Earnings • Aug 11Second quarter 2021 earnings released: Kč13.00 loss per share (vs Kč1.20 profit in 2Q 2020)The company reported a poor second quarter result with weaker earnings and control over costs, although revenues were flat. Second quarter 2021 results: Revenue: Kč48.5b (flat on 2Q 2020). Net loss: Kč6.97b (down Kč7.60b from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings.
Upcoming Dividend • Jun 25Upcoming dividend of Kč52.00 per shareEligible shareholders must have bought the stock before 01 July 2021. Payment date: 02 August 2021. Trailing yield: 5.4%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.8%).
Reported Earnings • May 12First quarter 2021 earnings released: EPS Kč15.70 (vs Kč25.44 in 1Q 2020)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: Kč59.1b (up 5.3% from 1Q 2020). Net income: Kč8.40b (down 39% from 1Q 2020). Profit margin: 14% (down from 25% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
Reported Earnings • Mar 17Full year 2020 earnings released: EPS Kč10.16 (vs Kč26.85 in FY 2019)The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: Kč209.6b (up 3.8% from FY 2019). Net income: Kč5.44b (down 62% from FY 2019). Profit margin: 2.6% (down from 7.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings.
Is New 90 Day High Low • Jan 08New 90-day high: €19.62The company is up 19% from its price of €16.44 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €30.53 per share.
Is New 90 Day High Low • Dec 18New 90-day high: €18.30The company is up 11% from its price of €16.42 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electric Utilities industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €31.31 per share.
Analyst Estimate Surprise Post Earnings • Nov 13Revenue misses expectationsRevenue missed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 4.0%, compared to a 18% growth forecast for the Electric Utilities industry in Germany.
Reported Earnings • Nov 13Third quarter 2020 earnings released: Kč2.20 loss per shareThe company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: Kč48.4b (up 2.6% from 3Q 2019). Net loss: Kč1.18b (down Kč1.26b from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year.
Reported Earnings • Nov 11Third quarter 2020 earnings released: Kč2.20 loss per shareThe company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: Kč49.3b (up 4.5% from 3Q 2019). Net loss: Kč1.18b (down Kč1.26b from profit in 3Q 2019). Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year.
Analyst Estimate Surprise Post Earnings • Nov 11Revenue misses expectationsRevenue missed analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 4.0%, compared to a 18% growth forecast for the Electric Utilities industry in Germany.
お知らせ • Nov 11Deadline to Submit Initial Offers to Buy CEZ AssetsCompanies interested in buying Polish energy assets belonging to the CEZ, a. s. (SEP:CEZ) have until December 7, 2020 to submit their initial bids. On offer are two heat and power stations, CEZ Skawina and CEZ Chorzow, as well as CEZ Produkty Energetyczne Polska Sp. Z O.o., the firm in charge of combustion by-product management, and CEZ Polska Sp. z o.o. In the meantime, CEZ is in the process of selling four Poland-based wind farm projects, with the deal expected to be finalised by the end of 2020.
Is New 90 Day High Low • Sep 26New 90-day low: €16.00The company is down 15% from its price of €18.82 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €35.33 per share.
お知らせ • Jul 31CEZ, a. s. (SEP:CEZ) acquired remaining 49% stake in CEZ LDS, s.r.o from OIG Energy S.R.O and others.CEZ, a. s. (SEP:CEZ) acquired remaining 49% stake in CEZ LDS, s.r.o from OIG Energy S.R.O and others on March 31, 2020. CEZ, a. s. (SEP:CEZ) completed the acquisition of remaining 49% stake in CEZ LDS, s.r.o from OIG Energy S.R.O and others on March 31, 2020.