CEZ, a. s.

WSE:CEZ Stock Report

Market Cap: zł90.4b

CEZ a. s Valuation

Is CEZ undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CEZ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
zł254.38
Fair Value
32.8% undervalued intrinsic discount
10
Number of Analysts

Below Fair Value: CEZ (PLN171) is trading below our estimate of fair value (PLN254.38)

Significantly Below Fair Value: CEZ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CEZ?

Key metric: As CEZ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CEZ. This is calculated by dividing CEZ's market cap by their current earnings.
What is CEZ's PE Ratio?
PE Ratio23.5x
EarningsKč23.20b
Market CapKč544.86b

Price to Earnings Ratio vs Peers

How does CEZ's PE Ratio compare to its peers?

The above table shows the PE ratio for CEZ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.4x
ENA ENEA
3.8x-16.7%zł7.5b
ZEP ZE PAK
2.1x-28.8%zł934.1m
VER VERBUND
14.8x-8.3%€24.7b
PPL PPL
28.9x13.6%US$25.6b
CEZ CEZ a. s
23.5x10.4%zł544.9b

Price-To-Earnings vs Peers: CEZ is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the peer average (12.4x).

Price to Earnings Ratio vs Industry

How does CEZ's PE Ratio compare vs other companies in the European Electric Utilities Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
CEZ 23.5xIndustry Avg. 11.5xNo. of Companies11PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CEZ is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the European Electric Utilities industry average (11.5x).

Price to Earnings Ratio vs Fair Ratio

What is CEZ's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CEZ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.5x
Fair PE Ratio6.8x

Price-To-Earnings vs Fair Ratio: CEZ is expensive based on its Price-To-Earnings Ratio (23.5x) compared to the estimated Fair Price-To-Earnings Ratio (6.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CEZ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentzł171.00
zł143.02
-16.4%
14.6%zł187.21zł117.09n/a10
Feb ’26zł179.40
zł147.10
-18.0%
14.1%zł190.74zł119.30n/a11
Jan ’26zł161.70
zł147.50
-8.8%
14.1%zł191.26zł119.62n/a11
Dec ’25zł164.50
zł144.25
-12.3%
13.6%zł174.44zł110.52n/a11
Nov ’25zł154.00
zł144.81
-6.0%
14.4%zł175.29zł110.19n/a12
Oct ’25zł149.00
zł144.44
-3.1%
14.4%zł175.32zł110.21n/a12
Sep ’25zł148.10
zł145.33
-1.9%
14.3%zł176.91zł111.21n/a12
Aug ’25zł153.50
zł145.23
-5.4%
14.7%zł177.14zł107.93n/a12
Jul ’25zł149.50
zł145.61
-2.6%
14.7%zł177.60zł108.21n/a12
Jun ’25zł160.00
zł146.55
-8.4%
14.6%zł178.79zł108.94n/a12
May ’25zł147.50
zł145.26
-1.5%
16.4%zł177.39zł102.93n/a12
Apr ’25zł146.90
zł145.24
-1.1%
20.0%zł212.17zł104.81n/a11
Mar ’25zł139.50
zł147.84
+6.0%
20.2%zł211.72zł104.58n/a10
Feb ’25zł153.90
zł160.23
+4.1%
18.0%zł219.39zł112.95zł179.4010
Jan ’25zł169.00
zł164.29
-2.8%
15.7%zł221.13zł131.08zł161.7010
Dec ’24zł176.00
zł167.28
-5.0%
15.6%zł221.83zł131.49zł164.509
Nov ’24zł179.00
zł175.50
-2.0%
16.0%zł235.34zł139.88zł154.009
Oct ’24zł183.20
zł176.14
-3.9%
16.2%zł237.06zł140.90zł149.009
Sep ’24zł177.90
zł176.31
-0.9%
20.7%zł258.55zł137.35zł148.1011
Aug ’24zł177.80
zł175.51
-1.3%
20.6%zł256.41zł136.21zł153.5011
Jul ’24zł169.70
zł183.13
+7.9%
20.1%zł264.44zł140.48zł149.5011
Jun ’24zł199.00
zł184.16
-7.5%
20.1%zł265.68zł141.14zł160.0011
May ’24zł224.80
zł191.41
-14.9%
19.2%zł275.58zł156.29zł147.5011
Apr ’24zł208.40
zł188.81
-9.4%
21.0%zł275.71zł136.57zł146.9011
Mar ’24zł209.40
zł197.31
-5.8%
26.7%zł325.77zł138.50zł139.5011
Feb ’24zł179.50
zł193.42
+7.8%
27.0%zł321.08zł136.50zł153.9011
Analyst Price Target
Consensus Narrative from 10 Analysts
zł145.08
Fair Value
17.9% overvalued intrinsic discount
10
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/23 02:45
End of Day Share Price 2025/02/21 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

CEZ, a. s. is covered by 39 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kamil KliszczBiuro maklerskie mBanku
Benjamin LeyreBNP Paribas Exane
Olivier Van DoosselaereBNP Paribas Exane