Company Valuation: CEZ,

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 442,837 413,283 514,533 513,727 695,169 748,850 - -
Change - -6.67% 24.5% -0.16% 35.32% 7.72% - -
Enterprise Value (EV) 1 553,537 413,283 672,551 719,552 926,659 976,310 981,813 986,624
Change - -25.34% 62.73% 6.99% 28.78% 5.36% 0.56% 0.49%
P/E 45.2x 5.12x 17.4x 17.2x 24.7x 21.6x 23.1x 26x
PBR 2.76x - 2.11x 2.15x 2.88x 2.94x 2.91x 2.85x
PEG - 0x -0.3x 11.83x -4.05x 0.9x -3.63x -2.3x
Capitalization / Revenue 1.94x 1.43x 1.51x 1.49x 2.09x 2.36x 2.49x 2.51x
EV / Revenue 2.43x 1.43x 1.97x 2.09x 2.78x 3.08x 3.26x 3.31x
EV / EBITDA 8.75x 3.14x 5.39x 5.23x 6.76x 8.67x 9.19x 9.51x
EV / EBIT 34.4x 4.05x 7.96x 7.7x 11.6x 16.7x 18x 18.8x
EV / FCF 20.2x - 7.25x 10.2x 36.7x 28.7x 44.2x 34.7x
FCF Yield 4.95% - 13.8% 9.77% 2.72% 3.49% 2.26% 2.88%
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% 3.32% 3.48% 3.12%
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 1,395.00 1,395.00 1,395.00
Nbr of stocks (in thousands) 535,474 536,731 536,810 536,810 536,810 536,810 - -
Announcement Date 3/15/22 3/21/23 3/21/24 3/13/25 3/12/26 - - -
1CZK in Million2CZK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.59x3.08x8.67x3.32% 35.83B
31.11x5.24x38.15x0.21% 255B
20.44x8.96x15.48x2.99% 172B
19.87x4.09x11.28x3.6% 152B
12.33x1.82x6.48x5.74% 103B
22.41x3.44x13.97x0.6% 101B
19.5x5.76x12.64x3.48% 100B
17.7x5.52x11.12x3.65% 93.11B
19.17x5.11x12.34x3.12% 67.14B
17.95x6.14x12.89x4.15% 56.61B
Average 20.21x 4.92x 14.30x 3.09% 113.55B
Weighted average by Cap. 21.73x 5.22x 17.92x 2.66%

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

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