Company Valuation: CEZ,

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 442,837 413,283 514,533 513,727 695,169 637,731 - -
Change - -6.67% 24.5% -0.16% 35.32% -8.26% - -
Enterprise Value (EV) 1 553,537 413,283 672,551 719,552 926,659 859,741 868,154 866,331
Change - -25.34% 62.73% 6.99% 28.78% -7.22% 0.98% -0.21%
P/E 45.2x 5.12x 17.4x 17.2x 24.7x 18.2x 19.9x 22.7x
PBR 2.76x - 2.11x 2.15x 2.88x 2.51x 2.43x 2.43x
PEG - 0x -0.3x 11.83x -4.05x 0.7x -2.35x -1.8x
Capitalization / Revenue 1.94x 1.43x 1.51x 1.49x 2.09x 2.08x 2.15x 2.22x
EV / Revenue 2.43x 1.43x 1.97x 2.09x 2.78x 2.8x 2.93x 3.01x
EV / EBITDA 8.75x 3.14x 5.39x 5.23x 6.76x 7.69x 8.19x 8.41x
EV / EBIT 34.4x 4.05x 7.96x 7.7x 11.6x 14.9x 16x 16.8x
EV / FCF 20.2x - 7.25x 10.2x 36.7x 25.5x 47.4x 28.8x
FCF Yield 4.95% - 13.8% 9.77% 2.72% 3.93% 2.11% 3.47%
Dividend per Share 2 44 - 52 47 47 51.22 44.85 39.27
Rate of return 5.32% - 5.43% 4.91% 3.63% 4.31% 3.77% 3.31%
EPS 2 18.3 150.5 55 55.8 52.4 65.38 59.85 52.34
Distribution rate 240% - 94.5% 84.2% 89.7% 78.3% 74.9% 75%
Net sales 1 227,793 288,485 340,585 344,709 333,388 306,585 296,385 287,588
EBITDA 1 63,240 131,568 124,839 137,462 137,038 111,816 105,937 102,989
EBIT 1 16,098 101,927 84,512 93,443 80,145 57,756 54,257 51,592
Net income 1 9,791 80,786 29,524 29,933 28,107 35,521 31,530 27,632
Net Debt 1 110,700 - 158,018 205,825 231,490 222,010 230,423 228,600
Reference price 2 827.00 770.00 958.50 957.00 1,295.00 1,188.00 1,188.00 1,188.00
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.($)
18.17x2.8x7.69x4.31% 30.24B
36.14x6.38x46.69x0.18% 298B
21.67x9.14x15.06x2.85% 181B
20.82x4.29x11.65x3.49% 159B
13.82x1.97x6.89x5.18% 114B
20.94x5.92x13.07x3.26% 105B
22.37x3.34x13.38x0.62% 97.87B
18.35x5.62x11.2x3.54% 96.56B
20.02x5.16x12.41x3.03% 69.48B
19x6.33x13.55x3.9% 60.17B
Average 21.13x 5.09x 15.16x 3.04% 121.22B
Weighted average by Cap. 23.79x 5.59x 20.60x 2.51%

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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