Stock CEZ CEZ, A.S.
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Financials CEZ, a.s. Warsaw S.E.

Equities

CEZ

CZ0005112300

Electric Utilities

Delayed Warsaw S.E.
Other stock markets
 12:30:00 20/05/2024 pm IST 		5-day change 1st Jan Change
158 PLN +1.80% Intraday chart for CEZ, a.s. -0.32% -6.51%
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14/05 Transcript : CEZ, a. s., Q1 2024 Earnings Call, May 14, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,72,514 2,75,751 4,42,837 4,13,283 5,14,533 4,90,645 - -
Enterprise Value (EV) 1 4,34,652 4,19,251 5,53,537 4,13,283 5,14,533 6,50,145 6,62,463 6,54,661
P/E ratio 19 x 50.5 x 45.2 x 5.12 x 17.4 x 16.1 x 16 x 15.1 x
Yield 4.71% 10.1% 5.32% - - 5.92% 5.31% 5.32%
Capitalization / Revenue 1.32 x 1.29 x 1.94 x 1.43 x 1.51 x 1.28 x 1.54 x 1.57 x
EV / Revenue 2.11 x 1.96 x 2.43 x 1.43 x 1.51 x 1.69 x 2.08 x 2.1 x
EV / EBITDA 7.22 x 6.47 x 8.75 x 3.14 x 4.12 x 5.41 x 6.01 x 7 x
EV / FCF 27.7 x 10.2 x 20.2 x - - 18.7 x 16 x 17.7 x
FCF Yield 3.61% 9.8% 4.95% - - 5.35% 6.24% 5.65%
Price to Book 1.09 x 1.18 x 2.76 x - - 2.02 x 2.14 x 1.92 x
Nbr of stocks (in thousands) 5,34,865 5,35,439 5,35,474 5,36,731 5,36,810 5,36,810 - -
Reference price 2 509.5 515.0 827.0 770.0 958.5 914.0 914.0 914.0
Announcement Date 17/03/20 16/03/21 15/03/22 21/03/23 21/03/24 - - -
1CZK in Million2CZK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,06,192 2,13,737 2,27,793 2,88,485 3,40,585 3,84,111 3,19,227 3,11,760
EBITDA 1 60,175 64,783 63,240 1,31,568 1,24,839 1,20,143 1,10,312 93,554
EBIT 1 26,429 12,585 16,098 1,01,927 84,512 80,414 70,258 52,751
Operating Margin 12.82% 5.89% 7.07% 35.33% 24.81% 20.94% 22.01% 16.92%
Earnings before Tax (EBT) 1 18,411 7,906 13,426 99,623 79,016 70,867 61,191 41,188
Net income 1 14,373 5,438 9,791 80,786 29,524 31,237 30,881 34,408
Net margin 6.97% 2.54% 4.3% 28% 8.67% 8.13% 9.67% 11.04%
EPS 2 26.80 10.20 18.30 150.5 55.00 56.71 57.07 60.44
Free Cash Flow 1 15,679 41,066 27,398 - - 34,754 41,318 36,998
FCF margin 7.6% 19.21% 12.03% - - 9.05% 12.94% 11.87%
FCF Conversion (EBITDA) 26.06% 63.39% 43.32% - - 28.93% 37.46% 39.55%
FCF Conversion (Net income) 109.09% 755.17% 279.83% - - 111.26% 133.8% 107.53%
Dividend per Share 2 24.00 52.00 44.00 - - 54.12 48.50 48.66
Announcement Date 17/03/20 16/03/21 15/03/22 21/03/23 21/03/24 - - -
1CZK in Million2CZK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1,06,253 1,08,250 94,352 75,997 54,523 1,30,520 80,535 77,430 93,380 76,317 1,69,697 76,769 94,119 87,395 - - - - -
EBITDA 38,691 31,596 15,720 43,737 15,683 59,420 30,003 42,285 32,534 29,834 - 32,645 29,826 40,317 - - - - -
EBIT 22,000 6,144 5,735 36,189 8,011 44,200 20,961 36,737 24,298 21,020 45,318 21,815 17,379 31,648 - - - - -
Operating Margin 20.71% 5.68% 6.08% 47.62% 14.69% 33.86% 26.03% 47.45% 26.02% 27.54% 26.71% 28.42% 18.46% 36.21% - - - - -
Earnings before Tax (EBT) - 4,272 - - - - - - - 19,678 - - - - - - - - -
Net income 14,437 1,433 4,044 26,275 7,325 33,600 18,705 28,400 10,772 11,458 22,230 7,532 -238 13,534 - - - - -
Net margin 13.59% 1.32% 4.29% 34.57% 13.43% 25.74% 23.23% 36.68% 11.54% 15.01% 13.1% 9.81% -0.25% 15.49% - - - - -
EPS - - - - - - - - - - - - - - - - - - -
Dividend per Share 1 - - - - - - - - - - - - - - 10.75 10.75 10.75 9.250 9.250
Announcement Date 11/08/20 10/08/21 15/03/22 10/05/22 09/08/22 09/08/22 10/11/22 21/03/23 11/05/23 10/08/23 10/08/23 09/11/23 21/03/24 14/05/24 - - - - -
1CZK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,62,138 1,43,500 1,10,700 - - 1,59,500 1,71,819 1,64,016
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.694 x 2.215 x 1.75 x - - 1.328 x 1.558 x 1.753 x
Free Cash Flow 1 15,679 41,066 27,398 - - 34,754 41,318 36,998
ROE (net income / shareholders' equity) 5.92% 2% 4.96% - - 12.7% 13.7% 12.5%
ROA (Net income/ Total Assets) 2.04% 3.25% - - - 6.2% 4.5% 4.1%
Assets 1 7,06,012 1,67,393 - - - 5,03,818 6,86,253 8,39,223
Book Value Per Share 2 466.0 435.0 300.0 - - 454.0 427.0 475.0
Cash Flow per Share 80.20 135.0 110.0 - - - - -
Capex 1 27,252 31,200 32,226 - - 46,225 50,104 52,997
Capex / Sales 13.22% 14.6% 14.15% - - 12.03% 15.7% 17%
Announcement Date 17/03/20 16/03/21 15/03/22 21/03/23 21/03/24 - - -
1CZK in Million2CZK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CEZ, a.s.

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
13
Last Close Price
914 CZK
Average target price
839.5 CZK
Spread / Average Target
-8.15%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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