View ValuationCEZ a. s 향후 성장Future 기준 점검 0/6CEZ a. s 의 수익과 수익은 각각 연간 2.3% 및 0.8% 감소할 것으로 예상됩니다. EPS는 연간 0.4% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 11.1% 로 예상됩니다.핵심 정보-0.8%이익 성장률0.42%EPS 성장률Electric Utilities 이익 성장7.6%매출 성장률-2.3%향후 자기자본이익률11.11%애널리스트 커버리지Good마지막 업데이트20 May 2026최근 향후 성장 업데이트Major Estimate Revision • Apr 14Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from Kč340.0b to Kč303.4b. EPS estimate unchanged from Kč65.45 per share at last update. Electric Utilities industry in Czech Republic expected to see average net income growth of 5.0% next year. Consensus price target broadly unchanged at Kč967. Share price rose 5.9% to Kč1,202 over the past week.Price Target Changed • Dec 27Price target decreased to Kč1,007Down from Kč1,101, the current price target is an average from 11 analysts. New target price is 31% above last closing price of Kč767. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of Kč122 for next year compared to Kč18.26 last year.Major Estimate Revision • Nov 17Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from Kč309.9b to Kč294.0b. EPS estimate rose from Kč112 to Kč125. Net income forecast to grow 5.1% next year vs 1.6% growth forecast for Electric Utilities industry in Czech Republic. Consensus price target broadly unchanged at Kč1,120. Share price was steady at Kč820 over the past week.모든 업데이트 보기Recent updatesNew Risk • May 15New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks High level of debt (58% net debt to equity). Dividend is not well covered by cash flows (221% cash payout ratio).공시 • 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, 2026공시 • Apr 29CEZ, a. s., Annual General Meeting, Jun 01, 2026CEZ, a. s., Annual General Meeting, Jun 01, 2026.Reported Earnings • Apr 29Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: Kč52.36 (down from Kč54.33 in FY 2024). Revenue: Kč330.7b (down 2.9% from FY 2024). Net income: Kč28.1b (down 3.6% from FY 2024). Profit margin: 8.5% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. 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 3.6%. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.Reported Earnings • Mar 15Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: Kč52.36 (down from Kč55.76 in FY 2024). Revenue: Kč330.7b (down 2.9% from FY 2024). Net income: Kč28.1b (down 6.1% from FY 2024). Profit margin: 8.5% (down from 8.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.분석 기사 • Feb 12CEZ, a. s. (SEP:CEZ) Shares Could Be 27% Below Their Intrinsic Value EstimateKey Insights CEZ a. s' estimated fair value is Kč1,644 based on 2 Stage Free Cash Flow to Equity CEZ a. s' Kč1,199...New Risk • Feb 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Czech stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (85% net debt to equity). Dividend is not well covered by cash flows (146% cash payout ratio). Share price has been volatile over the past 3 months (4.2% average weekly change).분석 기사 • Jan 28CEZ a. s (SEP:CEZ) Shareholders Will Want The ROCE Trajectory To ContinueIf you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...Valuation Update With 7 Day Price Move • Jan 20Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to Kč1,135, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč1,805 per share.분석 기사 • Dec 13CEZ a. s (SEP:CEZ) Takes On Some Risk With Its Use Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...공시 • 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, 2026분석 기사 • Nov 27CEZ, a. s.'s (SEP:CEZ) Shares May Have Run Too Fast Too SoonCEZ, a. s.'s ( SEP:CEZ ) price-to-earnings (or "P/E") ratio of 23.7x might make it look like a sell right now compared...Reported Earnings • Nov 12Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2025 results: EPS: Kč10.30 (up from Kč4.40 in 3Q 2024). Revenue: Kč72.9b (down 12% from 3Q 2024). Net income: Kč5.51b (up 135% from 3Q 2024). Profit margin: 7.6% (up from 2.8% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is expected to decline by 5.8% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 16% per year.분석 기사 • Nov 12Calculating The Fair Value Of CEZ, a. s. (SEP:CEZ)Key Insights CEZ a. s' estimated fair value is Kč1,268 based on 2 Stage Free Cash Flow to Equity CEZ a. s' Kč1,290...분석 기사 • Sep 26Investors Will Want CEZ a. s' (SEP:CEZ) Growth In ROCE To PersistFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...분석 기사 • Sep 11CEZ a. s (SEP:CEZ) Takes On Some Risk With Its Use Of DebtHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Buy Or Sell Opportunity • Sep 02Now 20% undervaluedOver the last 90 days, the stock has risen 8.2% to Kč1,301. The fair value is estimated to be Kč1,629, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 49%. Revenue is forecast to decline by 15% in 2 years. Earnings are forecast to grow by 33% in the next 2 years.Reported Earnings • Aug 10Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: EPS: Kč7.40 (down from Kč14.03 in 2Q 2024). Revenue: Kč74.2b (up 3.4% from 2Q 2024). Net income: Kč3.99b (down 47% from 2Q 2024). Profit margin: 5.4% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.New Risk • Aug 08New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks High level of debt (68% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.분석 기사 • Aug 01CEZ, a. s. (SEP:CEZ) Shares Could Be 25% Below Their Intrinsic Value EstimateKey Insights CEZ a. s' estimated fair value is Kč1,675 based on 2 Stage Free Cash Flow to Equity CEZ a. s is estimated...공시 • 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.분석 기사 • Jun 16Returns At CEZ a. s (SEP:CEZ) Are On The Way UpIf we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...분석 기사 • Jun 01There's Reason For Concern Over CEZ, a. s.'s (SEP:CEZ) PriceCEZ, a. s.'s ( SEP:CEZ ) price-to-earnings (or "P/E") ratio of 22.3x might make it look like a sell right now compared...공시 • 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.Reported Earnings • May 02Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: Kč55.76 (up from Kč55.00 in FY 2023). Revenue: Kč340.5b (up 1.1% from FY 2023). Net income: Kč29.9b (up 1.4% from FY 2023). Profit margin: 8.8% (in line with FY 2023). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.1%. 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 7% per year, which means it is well ahead of earnings.공시 • 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.Reported Earnings • Mar 13Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: Kč55.80 (up from Kč55.00 in FY 2023). Revenue: Kč344.7b (up 2.4% from FY 2023). Net income: Kč29.9b (up 1.4% from FY 2023). Profit margin: 8.7% (down from 8.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.0%. 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 7% per year, which means it is well ahead of earnings.공시 • 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.공시 • 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 13Third 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 5.1% 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.공시 • 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.공시 • 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 10New 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.공시 • 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.Reported Earnings • Mar 24Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behindFull 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 exceeded analyst estimates by 6.4%. Earnings per share (EPS) missed analyst estimates by 16%. 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 15% per year, which means it is significantly lagging earnings growth.공시 • 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.Buying Opportunity • Jan 17Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 7.1%. The fair value is estimated to be Kč1,181, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 82%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings is forecast to decline by 6.6% per annum over the same time period.공시 • 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, 2024New Risk • Nov 10New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 62% 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 Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Minor Risks High level of debt (62% net debt to equity). Dividend is not well covered by earnings (134% payout ratio).공시 • 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 26% per year, which means it is significantly lagging earnings growth.공시 • 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, 2023Upcoming 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 Czech dividend payers (9.0%). Higher than average of industry peers (4.9%).Valuation Update With 7 Day Price Move • May 18Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to Kč1,041, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Electric Utilities industry in Europe. Total returns to shareholders of 167% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč1,106 per share.공시 • May 12CEZ, a. s., Annual General Meeting, Jun 26, 2023CEZ, a. s., Annual General Meeting, Jun 26, 2023.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 37% per year, which means it is significantly lagging earnings growth.공시 • 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, 2023Major Estimate Revision • Apr 14Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from Kč340.0b to Kč303.4b. EPS estimate unchanged from Kč65.45 per share at last update. Electric Utilities industry in Czech Republic expected to see average net income growth of 5.0% next year. Consensus price target broadly unchanged at Kč967. Share price rose 5.9% to Kč1,202 over the past week.Reported Earnings • Mar 24Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull 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 missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 22%. 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 36% per year, which means it is significantly lagging earnings growth.공시 • 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, 2023Price Target Changed • Dec 27Price target decreased to Kč1,007Down from Kč1,101, the current price target is an average from 11 analysts. New target price is 31% above last closing price of Kč767. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of Kč122 for next year compared to Kč18.26 last year.Major Estimate Revision • Nov 17Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from Kč309.9b to Kč294.0b. EPS estimate rose from Kč112 to Kč125. Net income forecast to grow 5.1% next year vs 1.6% growth forecast for Electric Utilities industry in Czech Republic. Consensus price target broadly unchanged at Kč1,120. Share price was steady at Kč820 over the past week.Reported Earnings • Nov 16Third 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: Kč79.9b (up 71% 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 3.5% 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 17% per year, which means it is significantly lagging earnings growth.이익 및 매출 성장 예측SEP:CEZ - 애널리스트 향후 추정치 및 과거 재무 데이터 (CZK Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/2028290,18728,14035,00989,198412/31/2027296,92530,18518,52388,205912/31/2026305,02434,46933,751102,78193/31/2026322,30328,90210,19479,525N/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/A더 보기애널리스트 향후 성장 전망수입 대 저축률: CEZ 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -0.8%).수익 vs 시장: CEZ 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -0.8%).고성장 수익: CEZ 의 수익은 향후 3년간 감소할 것으로 예상됩니다.수익 대 시장: CEZ 의 수익은 향후 3년간 감소할 것으로 예상됩니다(연간 -2.3%).고성장 매출: CEZ 의 수익은 향후 3년 동안 감소할 것으로 예상됩니다(연간 -2.3%).주당순이익 성장 예측향후 자기자본이익률미래 ROE: CEZ의 자본 수익률은 3년 후 11.1%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YUtilities 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/22 21:31종가2026/05/22 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스CEZ, a. s.는 32명의 분석가가 다루고 있습니다. 이 중 9명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Kamil KliszczBiuro maklerskie mBankuBenjamin LeyreBNP ParibasOlivier Van DoosselaereBNP Paribas29명의 분석가 더 보기
Major Estimate Revision • Apr 14Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from Kč340.0b to Kč303.4b. EPS estimate unchanged from Kč65.45 per share at last update. Electric Utilities industry in Czech Republic expected to see average net income growth of 5.0% next year. Consensus price target broadly unchanged at Kč967. Share price rose 5.9% to Kč1,202 over the past week.
Price Target Changed • Dec 27Price target decreased to Kč1,007Down from Kč1,101, the current price target is an average from 11 analysts. New target price is 31% above last closing price of Kč767. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of Kč122 for next year compared to Kč18.26 last year.
Major Estimate Revision • Nov 17Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from Kč309.9b to Kč294.0b. EPS estimate rose from Kč112 to Kč125. Net income forecast to grow 5.1% next year vs 1.6% growth forecast for Electric Utilities industry in Czech Republic. Consensus price target broadly unchanged at Kč1,120. Share price was steady at Kč820 over the past week.
New Risk • May 15New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks High level of debt (58% net debt to equity). Dividend is not well covered by cash flows (221% cash payout ratio).
공시 • 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
공시 • Apr 29CEZ, a. s., Annual General Meeting, Jun 01, 2026CEZ, a. s., Annual General Meeting, Jun 01, 2026.
Reported Earnings • Apr 29Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: Kč52.36 (down from Kč54.33 in FY 2024). Revenue: Kč330.7b (down 2.9% from FY 2024). Net income: Kč28.1b (down 3.6% from FY 2024). Profit margin: 8.5% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. 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 3.6%. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
Reported Earnings • Mar 15Full year 2025 earnings: Revenues and EPS in line with analyst expectationsFull year 2025 results: EPS: Kč52.36 (down from Kč55.76 in FY 2024). Revenue: Kč330.7b (down 2.9% from FY 2024). Net income: Kč28.1b (down 6.1% from FY 2024). Profit margin: 8.5% (down from 8.8% in FY 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
분석 기사 • Feb 12CEZ, a. s. (SEP:CEZ) Shares Could Be 27% Below Their Intrinsic Value EstimateKey Insights CEZ a. s' estimated fair value is Kč1,644 based on 2 Stage Free Cash Flow to Equity CEZ a. s' Kč1,199...
New Risk • Feb 04New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Czech stocks, typically moving 4.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (85% net debt to equity). Dividend is not well covered by cash flows (146% cash payout ratio). Share price has been volatile over the past 3 months (4.2% average weekly change).
분석 기사 • Jan 28CEZ a. s (SEP:CEZ) Shareholders Will Want The ROCE Trajectory To ContinueIf you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Valuation Update With 7 Day Price Move • Jan 20Investor sentiment deteriorates as stock falls 17%After last week's 17% share price decline to Kč1,135, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Electric Utilities industry in Europe. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč1,805 per share.
분석 기사 • Dec 13CEZ a. s (SEP:CEZ) Takes On Some Risk With Its Use Of DebtThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
공시 • 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
분석 기사 • Nov 27CEZ, a. s.'s (SEP:CEZ) Shares May Have Run Too Fast Too SoonCEZ, a. s.'s ( SEP:CEZ ) price-to-earnings (or "P/E") ratio of 23.7x might make it look like a sell right now compared...
Reported Earnings • Nov 12Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2025 results: EPS: Kč10.30 (up from Kč4.40 in 3Q 2024). Revenue: Kč72.9b (down 12% from 3Q 2024). Net income: Kč5.51b (up 135% from 3Q 2024). Profit margin: 7.6% (up from 2.8% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 12%. Revenue is expected to decline by 5.8% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 16% per year.
분석 기사 • Nov 12Calculating The Fair Value Of CEZ, a. s. (SEP:CEZ)Key Insights CEZ a. s' estimated fair value is Kč1,268 based on 2 Stage Free Cash Flow to Equity CEZ a. s' Kč1,290...
분석 기사 • Sep 26Investors Will Want CEZ a. s' (SEP:CEZ) Growth In ROCE To PersistFinding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
분석 기사 • Sep 11CEZ a. s (SEP:CEZ) Takes On Some Risk With Its Use Of DebtHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Buy Or Sell Opportunity • Sep 02Now 20% undervaluedOver the last 90 days, the stock has risen 8.2% to Kč1,301. The fair value is estimated to be Kč1,629, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 49%. Revenue is forecast to decline by 15% in 2 years. Earnings are forecast to grow by 33% in the next 2 years.
Reported Earnings • Aug 10Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behindSecond quarter 2025 results: EPS: Kč7.40 (down from Kč14.03 in 2Q 2024). Revenue: Kč74.2b (up 3.4% from 2Q 2024). Net income: Kč3.99b (down 47% from 2Q 2024). Profit margin: 5.4% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings.
New Risk • Aug 08New major risk - Revenue and earnings growthEarnings are forecast to decline by an average of 11% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks High level of debt (68% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
분석 기사 • Aug 01CEZ, a. s. (SEP:CEZ) Shares Could Be 25% Below Their Intrinsic Value EstimateKey Insights CEZ a. s' estimated fair value is Kč1,675 based on 2 Stage Free Cash Flow to Equity CEZ a. s is estimated...
공시 • 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.
분석 기사 • Jun 16Returns At CEZ a. s (SEP:CEZ) Are On The Way UpIf we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...
분석 기사 • Jun 01There's Reason For Concern Over CEZ, a. s.'s (SEP:CEZ) PriceCEZ, a. s.'s ( SEP:CEZ ) price-to-earnings (or "P/E") ratio of 22.3x might make it look like a sell right now compared...
공시 • 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.
Reported Earnings • May 02Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: Kč55.76 (up from Kč55.00 in FY 2023). Revenue: Kč340.5b (up 1.1% from FY 2023). Net income: Kč29.9b (up 1.4% from FY 2023). Profit margin: 8.8% (in line with FY 2023). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 2.1%. 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 7% per year, which means it is well ahead of earnings.
공시 • 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.
Reported Earnings • Mar 13Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: Kč55.80 (up from Kč55.00 in FY 2023). Revenue: Kč344.7b (up 2.4% from FY 2023). Net income: Kč29.9b (up 1.4% from FY 2023). Profit margin: 8.7% (down from 8.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to grow by 3.0%. 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 7% per year, which means it is well ahead of earnings.
공시 • 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.
공시 • 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 13Third 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 5.1% 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.
공시 • 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.
공시 • 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 10New 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.
공시 • 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.
Reported Earnings • Mar 24Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behindFull 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 exceeded analyst estimates by 6.4%. Earnings per share (EPS) missed analyst estimates by 16%. 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 15% per year, which means it is significantly lagging earnings growth.
공시 • 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.
Buying Opportunity • Jan 17Now 20% undervalued after recent price dropOver the last 90 days, the stock is down 7.1%. The fair value is estimated to be Kč1,181, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 82%. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings is forecast to decline by 6.6% per annum over the same time period.
공시 • 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
New Risk • Nov 10New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 62% 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 Earnings are forecast to decline by an average of 7.2% per year for the foreseeable future. Minor Risks High level of debt (62% net debt to equity). Dividend is not well covered by earnings (134% payout ratio).
공시 • 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 26% per year, which means it is significantly lagging earnings growth.
공시 • 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
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 Czech dividend payers (9.0%). Higher than average of industry peers (4.9%).
Valuation Update With 7 Day Price Move • May 18Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to Kč1,041, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Electric Utilities industry in Europe. Total returns to shareholders of 167% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Kč1,106 per share.
공시 • May 12CEZ, a. s., Annual General Meeting, Jun 26, 2023CEZ, a. s., Annual General Meeting, Jun 26, 2023.
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 37% per year, which means it is significantly lagging earnings growth.
공시 • 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
Major Estimate Revision • Apr 14Consensus revenue estimates decrease by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from Kč340.0b to Kč303.4b. EPS estimate unchanged from Kč65.45 per share at last update. Electric Utilities industry in Czech Republic expected to see average net income growth of 5.0% next year. Consensus price target broadly unchanged at Kč967. Share price rose 5.9% to Kč1,202 over the past week.
Reported Earnings • Mar 24Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behindFull 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 missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 22%. 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 36% per year, which means it is significantly lagging earnings growth.
공시 • 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
Price Target Changed • Dec 27Price target decreased to Kč1,007Down from Kč1,101, the current price target is an average from 11 analysts. New target price is 31% above last closing price of Kč767. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of Kč122 for next year compared to Kč18.26 last year.
Major Estimate Revision • Nov 17Consensus forecasts updatedThe consensus outlook for 2022 has been updated. 2022 revenue forecast fell from Kč309.9b to Kč294.0b. EPS estimate rose from Kč112 to Kč125. Net income forecast to grow 5.1% next year vs 1.6% growth forecast for Electric Utilities industry in Czech Republic. Consensus price target broadly unchanged at Kč1,120. Share price was steady at Kč820 over the past week.
Reported Earnings • Nov 16Third 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: Kč79.9b (up 71% 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 3.5% 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 17% per year, which means it is significantly lagging earnings growth.