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

Equities

CEZ

CZ0005112300

Electric Utilities

Market Closed - Warsaw S.E. Other stock markets 16:55:41 07/06/2024 BST			5-day change	1st Jan Change
168 ^PLN	+0.72%		+5.00%	-0.59%

05-14	Global markets live: Apple, Sony, Vodafone, Booking, Walmart...
05-14	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	272,514	275,751	442,837	413,283	514,533	513,996	-	-
Enterprise Value (EV) ¹	434,652	419,251	553,537	413,283	514,533	724,948	721,669	718,928
P/E ratio	19 x	50.5 x	45.2 x	5.12 x	17.4 x	16 x	16.7 x	15.8 x
Yield	4.71%	10.1%	5.32%	-	-	5.57%	5.09%	5.09%
Capitalization / Revenue	1.32 x	1.29 x	1.94 x	1.43 x	1.51 x	1.48 x	1.59 x	1.62 x
EV / Revenue	2.11 x	1.96 x	2.43 x	1.43 x	1.51 x	2.09 x	2.23 x	2.27 x
EV / EBITDA	7.22 x	6.47 x	8.75 x	3.14 x	4.12 x	5.95 x	6.45 x	7.47 x
EV / FCF	27.7 x	10.2 x	20.2 x	-	-	20.9 x	17.5 x	19.4 x
FCF Yield	3.61%	9.8%	4.95%	-	-	4.79%	5.73%	5.15%
Price to Book	1.09 x	1.18 x	2.76 x	-	-	2.24 x	2.23 x	2.01 x
Nbr of stocks (in thousands)	534,865	535,439	535,474	536,731	536,810	536,810	-	-
Reference price ²	509.5	515.0	827.0	770.0	958.5	955.5	955.5	955.5
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	206,192	213,737	227,793	288,485	340,585	347,566	323,541	317,281
EBITDA ¹	60,175	64,783	63,240	131,568	124,839	121,793	111,920	96,186
EBIT ¹	26,429	12,585	16,098	101,927	84,512	83,883	70,989	54,378
Operating Margin	12.82%	5.89%	7.07%	35.33%	24.81%	24.13%	21.94%	17.14%
Earnings before Tax (EBT) ¹	18,411	7,906	13,426	99,623	79,016	77,043	61,986	42,926
Net income ¹	14,373	5,438	9,791	80,786	29,524	32,410	31,235	35,892
Net margin	6.97%	2.54%	4.3%	28%	8.67%	9.32%	9.65%	11.31%
EPS ²	26.80	10.20	18.30	150.5	55.00	59.80	57.22	60.61
Free Cash Flow ¹	15,679	41,066	27,398	-	-	34,754	41,318	36,998
FCF margin	7.6%	19.21%	12.03%	-	-	10%	12.77%	11.66%
FCF Conversion (EBITDA)	26.06%	63.39%	43.32%	-	-	28.53%	36.92%	38.47%
FCF Conversion (Net income)	109.09%	755.17%	279.83%	-	-	107.23%	132.28%	103.08%
Dividend per Share ²	24.00	52.00	44.00	-	-	53.20	48.62	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	106,253	108,250	94,352	75,997	54,523	130,520	80,535	77,430	93,380	76,317	169,697	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	-	-	-	-	-	-	-	-	-	-	-	-	-	-	11.50	11.50	11.50	9.500	9.500
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	162,138	143,500	110,700	-	-	210,952	207,673	204,932
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.694 x	2.215 x	1.75 x	-	-	1.732 x	1.856 x	2.131 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%	-	-	13.8%	13.8%	12.6%
ROA (Net income/ Total Assets)	2.04%	3.25%	-	-	-	6.2%	4.5%	4.1%
Assets ¹	706,012	167,393	-	-	-	522,741	694,104	875,411
Book Value Per Share ²	466.0	435.0	300.0	-	-	426.0	428.0	476.0
Cash Flow per Share	80.20	135.0	110.0	-	-	-	-	-
Capex ¹	27,252	31,200	32,226	-	-	45,493	50,104	52,997
Capex / Sales	13.22%	14.6%	14.15%	-	-	13.09%	15.49%	16.7%
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

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

955.5 CZK

Average target price

847.5 CZK

Spread / Average Target

-11.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
NEXTERA ENERGY	+24.23%	158B
SOUTHERN COMPANY	+11.22%	86B
IBERDROLA, S.A.	+2.57%	84.41B
DUKE ENERGY CORPORATION	+5.77%	79.38B
CONSTELLATION ENERGY CORPORATION	+69.30%	63.87B
AMERICAN ELECTRIC POWER COMPANY, INC.	+8.79%	46.76B
GE VERNOVA INC.	0.00%	43.94B
DOMINION ENERGY, INC.	+9.48%	43.81B
PG&E CORPORATION	+0.22%	38.92B

Other Electric Utilities