Company Valuation: CEZ,

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 442,837 413,283 514,533 513,727 695,169 724,157 - -
Change - -6.67% 24.5% -0.16% 35.32% 4.17% - -
Enterprise Value (EV) 1 553,537 413,283 672,551 719,552 926,659 951,617 957,120 961,931
Change - -25.34% 62.73% 6.99% 28.78% 2.69% 0.58% 0.5%
P/E 45.2x 5.12x 17.4x 17.2x 24.7x 20.9x 22.3x 25.1x
PBR 2.76x - 2.11x 2.15x 2.88x 2.85x 2.81x 2.76x
PEG - 0x -0.3x 11.83x -4.05x 0.9x -3.51x -2.2x
Capitalization / Revenue 1.94x 1.43x 1.51x 1.49x 2.09x 2.28x 2.4x 2.43x
EV / Revenue 2.43x 1.43x 1.97x 2.09x 2.78x 3x 3.18x 3.23x
EV / EBITDA 8.75x 3.14x 5.39x 5.23x 6.76x 8.45x 8.96x 9.27x
EV / EBIT 34.4x 4.05x 7.96x 7.7x 11.6x 16.2x 17.5x 18.4x
EV / FCF 20.2x - 7.25x 10.2x 36.7x 27.9x 43.1x 33.9x
FCF Yield 4.95% - 13.8% 9.77% 2.72% 3.58% 2.32% 2.95%
Dividend per Share 2 44 - 52 47 47 46.31 48.57 43.48
Rate of return 5.32% - 5.43% 4.91% 3.63% 3.43% 3.6% 3.22%
EPS 2 18.3 150.5 55 55.8 52.4 64.62 60.51 53.74
Distribution rate 240% - 94.5% 84.2% 89.7% 71.7% 80.3% 80.9%
Net sales 1 227,793 288,485 340,585 344,709 333,388 317,493 301,224 297,875
EBITDA 1 63,240 131,568 124,839 137,462 137,038 112,651 106,847 103,773
EBIT 1 16,098 101,927 84,512 93,443 80,145 58,618 54,622 52,345
Net income 1 9,791 80,786 29,524 29,933 28,107 34,545 32,441 29,551
Net Debt 1 110,700 - 158,018 205,825 231,490 227,460 232,963 237,774
Reference price 2 827.00 770.00 958.50 957.00 1,295.00 1,349.00 1,349.00 1,349.00
Nbr of stocks (in thousands) 535,474 536,731 536,810 536,810 536,810 536,810 - -
Announcement Date 15/03/22 21/03/23 21/03/24 13/03/25 12/03/26 - - -
1CZK in Million2CZK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.88x3x8.45x3.43% 33.86B
31.11x5.25x38.18x0.21% 255B
18.9x8.6x14.83x3.25% 159B
20.03x4.13x11.33x3.57% 150B
12.25x1.82x6.45x5.79% 101B
18.54x5.61x12.3x3.67% 95.34B
20.83x3.19x12.98x0.65% 93.28B
16.8x5.38x10.8x3.84% 88.38B
18.39x4.99x12.07x3.25% 64.43B
16.93x5.96x12.54x4.4% 53.37B
Average 19.47x 4.79x 13.99x 3.21% 109.35B
Weighted average by Cap. 21.19x 5.08x 17.85x 2.74%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield